Nat West closed our account

colsten

Apparently there is a Facebook group for people who had their Natwest account closed: https://www.facebook.com/groups/3096246600404581/?ref=share


Some other reports of closed Natwest accounts on Twitter:

https://twitter.com/RoryCookThai/status/1275113584868110336?s=20

https://twitter.com/FacilitiesJet/status/1272965098932494338?s=20

https://twitter.com/abdenour_abden/status/1270021305128058880?s=20

https://twitter.com/abdenour_abden/status/1270009705600102407?s=20

https://twitter.com/iveve/status/1265710065018974209?s=20

Grumpy_chap

There seem to be a number of people commenting about this, or similar, thing.  I wonder how 'healthy' these accounts were to start with BC (before coronavirus)?  Some things the banks may be doing:

1. enforcing the rules against customers who used personal accounts for business?
2. recovering past overdraft / debts that were previously a hopeless case for the banks (using the BBLS funds), then closing the accounts to prevent the bank just being bled dry again.
3. fraud alerts because of unusual pattern of credits and debits (which is something the banks then need to resolve)
4. genuine fraud alerts

Obviously, we do not have the information on the state of the accounts of the businesses affected.  

jimbo6977

Maybe expect a call from the Global Recovery Group soon?????????

ksurguy75

Grumpy_chap said:

There seem to be a number of people commenting about this, or similar, thing.  I wonder how 'healthy' these accounts were to start with BC (before coronavirus)?  Some things the banks may be doing:

1. enforcing the rules against customers who used personal accounts for business?
2. recovering past overdraft / debts that were previously a hopeless case for the banks (using the BBLS funds), then closing the accounts to prevent the bank just being bled dry again.
3. fraud alerts because of unusual pattern of credits and debits (which is something the banks then need to resolve)
4. genuine fraud alerts

Obviously, we do not have the information on the state of the accounts of the businesses affected.  

Our accounts don't even have overdrafts, they are always in credit and our business is relatively successful. We have separate business and personal accounts and we don't mix them. I'm at a loss as to why they would do this

Grumpy_chap

Thanks @ksurguy75 - as I said, no information on the accounts of the businesses affected.  I was just trying to consider some reasons why this might be happening.

Sadly, I think the BBLS is subject to quite a lot of fraud in places.  There was a thread a couple of days ago where a new business started 31st January had *conveniently* forecast exactly £250k first year turnover so applied for max £50k BBLS and had *no idea at all* why they had been turned down.  I imagine the number of genuine new businesses forecasting exactly £250k turnover is very small.  Such actions will cause the clamp down net to be spread somewhat wider and capture the innocent too.

MovingForwards

Someone has posted in the Covid section that NW had closed their account after receiving the BBL too.

notveryeducated

colsten said:

Apparently there is a Facebook group for people who had their Natwest account closed: https://www.facebook.com/groups/3096246600404581/?ref=share

That group used to have about 150 members 2 months ago...they've gained a lot lol. 

Grumpy_chap

I found this (old) article about why Natwest close accounts:
https://www.consumeractiongroup.co.uk/topic/52143-natwest-why-do-we-close-bank-accounts/
It is not a very stable website, so I list the reason given:

1) Customer Request- This is where you go into the branch or post a request to close the account. The account can only be closed if the balance is at zero or brought to zero if account is overdrawn.

2) Dormant account- This is when the account has not been used for a number of years and attempt to contact the customer has been fruitless.

3) Account Opening Irregularities- This is when the identification used has not been in accordance with bank procedure or where information on the account opening form does not tie up. The account is closed within 24 hours of opening.

4) Credit Management Services- This is where the account has been incurring charges and has gone past the point in which it considered that it can be maintained by the customer. The account is transferred to them and the account is closed once the balance has been paid off.

5) Breakdown in Relationship with customer- This can include threats to staff, other customers in the branch and telephone threats.

6) Declared Bankrupt- This is bank policy that if someone who is a Bankrupt or made Bankrupt will have their account closed.

7) Dubious account activity- This includes using the account for fraudulent purposes.

8) Government Sanctions- This is my terminology, where the Government ask for account to be closed because of terrorist activities, global sanctions and the like.

9) A second Gesture of Goodwill Payment- This is a rare occurrence that after 2 gesure of goodwill refunds that the account is closed.

Hasbeen

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?

What I do understand is that BBL will be deposited into the account that is put down on the application.

If it is a business account then fair enough that is why the question was asked! If personal it opens up a can of worms as NatWest have a bad reputation for closing accounts. And where did I say "they" have done it wrong?

The question was what account did the BBL go into?

People are allowed opinions and to give advice. If it is not helpful to you then fine. Please keep your rude comments to yourself.

cymruchris

Have you tried to get hold of them to understand why?