Nat West closed our account

ksurguy75

We received a text message earlier today from Nat West telling us they have closed our accounts and frozen our funds. They won't give us any reason why though we suspect it's to do with our recent approved application for a bounce back business loan.  Has anyone else had this problem? Any advice welcome please we can't pay our suppliers or staff with no funds ☹

Ed-1

ksurguy75 said:

We received a text message earlier today from Nat West telling us they have closed our accounts and frozen our funds. They won't give us any reason why though we suspect it's to do with our recent approved application for a bounce back business loan.  Has anyone else had this problem? Any advice welcome please we can't pay our suppliers or staff with no funds ☹

Yes other people have reported similar issues with Natwest, Santander and Starling/Monzo (can't remember which) in relation to freezing accounts when receiving these self-employed business grants/loans into personal accounts.

harsh_but_fair

You didn't say, but are these business accounts that they have closed or are they personal accounts which are being used for business that they have closed

penners324

Most seem to be personal accounts being uses for business

Hasbeen

penners324 said:

Most seem to be personal accounts being uses for business

It appears that the banks do not take lightly of people breaking the T&Cs and using personal accounts for business use.

So OP was it a personal account? or a personal account used for business? or a business account they have closed?

ksurguy75

We have a business account, a current account and a savings account. They've closed them all

Hasbeen

ksurguy75 said:

We have a business account, a current account and a savings account. They've closed them all

Yes they will. And it will prove very difficult to get any bank account with others in future.

So the question that has been asked?? What account did the BBL go into, your business or current account? 

ksurguy75

It went into the business account. We're really careful to keep things separate 

intorycoodle

Hasbeen said:

ksurguy75 said:

We have a business account, a current account and a savings account. They've closed them all

Yes they will. And it will prove very difficult to get any bank account with others in future.

So the question that has been asked?? What account did the BBL go into, your business or current account? 

You don't seem to know what you're talking about, why don't you go and read about how Natwest provides BBL's before telling everybody they've done it wrong?? You've done it here, and in my thread and who knows where else too.

Natwest don't deposit BBL's into current or personal accoutns because BBL's are fur businesses, they deposit BBL's into feeder accounts and then into business accounts, do you understand this now?

harsh_but_fair

If they deposited the amount into your business account then I cannot on the face of it see why NatWest would have closed your accounts there should have been no reason to do that

The first thing you should do obviously is raise a complaint with them

colsten

intorycoodle said:

Hasbeen said:

ksurguy75 said:

We have a business account, a current account and a savings account. They've closed them all

Yes they will. And it will prove very difficult to get any bank account with others in future.

So the question that has been asked?? What account did the BBL go into, your business or current account? 

You don't seem to know what you're talking about, why don't you go and read about how Natwest provides BBL's before telling everybody they've done it wrong?? You've done it here, and in my thread and who knows where else too.

Natwest don't deposit BBL's into current or personal accoutns because BBL's are fur businesses, they deposit BBL's into feeder accounts and then into business accounts, do you understand this now?

Natwest deposit BBLs into the account the applicant has specified in their application.