Natwest wickedly closed my acc after depositing BBL!

intorycoodle

I spent the last 3 weeks applying for a business bank account and subsequently a bounce back loan, the funds arrived in my feeder acc a few days ago, since then I've used some of it to pay suppliers etc.

Today I received an sms from Natwest telling me the following;

'Following a review of your banking arrangements, we have made the decision that we can no longer offer you banking facilities. This decision is in line with the Terms and Conditions of your account and we are unable to discuss the rationale for this in a branch or over the phone. Accounts have been blocked and a letter sent to advise this decision and the next steps. Please note due to the current situation, the distribution of mail is taking longer than usual.'

I'm baffled, and incredibly upset, how can they do this to me?? They dangled the carrot, then snatched it away, at a terrible time too!

My concern now is that they'll demand either the return of the money I've already used from the loan, or the whole loan amount including interest, what am I supposed to do now??

k3lvc

intorycoodle said:

I spent the last 3 weeks applying for a business bank account and subsequently a bounce back loan, the funds arrived in my feeder acc a few days ago, since then I've used some of it to pay suppliers etc.

Today I received an sms from Natwest telling me the following;

'Following a review of your banking arrangements, we have made the decision that we can no longer offer you banking facilities. This decision is in line with the Terms and Conditions of your account and we are unable to discuss the rationale for this in a branch or over the phone. Accounts have been blocked and a letter sent to advise this decision and the next steps. Please note due to the current situation, the distribution of mail is taking longer than usual.'

I'm baffled, and incredibly upset, how can they do this to me?? They dangled the carrot, then snatched it away, at a terrible time too!

My concern now is that they'll demand either the return of the money I've already used from the loan, or the whole loan amount including interest, what am I supposed to do now??

So was your 'feeder acct' your personal account that you were using for business purposes and have now been found out ??

[Deleted User]

It is likely that you will be asked to repay the money immediately in the coming days, you may also find it very difficult to open a bank account again if the issue is, as I suspect the result of a CIFAS marker against your name, which is normally what causes the actions and letters. These are placed when the financial institution believes fraud has taken place. 

You will need to contact National Hunter to be sure, you can complete a SAR to find out if you have any fraud flags against your name. https://www.nhunter.co.uk/SAR.pdf

Grumpy_chap

OP received an SMS.  Did you check account is actually blocked and this is not a scam?

[Deleted User]

Grumpy_chap said:

OP received an SMS.  Did you check account is actually blocked and this is not a scam?

I think that might be in relation to the last line in which mail is taking longer than usual, I would expect a follow up snail mail as well. Unless it was specifically asking them to call a premium rate number, or transfer their money to a "new" account I would suspect it is genuine. 

Hasbeen

intorycoodle said:

I spent the last 3 weeks applying for a business bank account and subsequently a bounce back loan, the funds arrived in my feeder acc a few days ago, since then I've used some of it to pay suppliers etc.

Today I received an sms from Natwest telling me the following;

'Following a review of your banking arrangements, we have made the decision that we can no longer offer you banking facilities. This decision is in line with the Terms and Conditions of your account and we are unable to discuss the rationale for this in a branch or over the phone. Accounts have been blocked and a letter sent to advise this decision and the next steps. Please note due to the current situation, the distribution of mail is taking longer than usual.'

I'm baffled, and incredibly upset, how can they do this to me?? They dangled the carrot, then snatched it away, at a terrible time too!

My concern now is that they'll demand either the return of the money I've already used from the loan, or the whole loan amount including interest, what am I supposed to do now??

Natwest did not "Wickedly" close your account. 

It appears you have broken the T&Cs and used a personal account for business purposes? Please clarify?

Is your feeder account personal? Why did you not get the BBL put into your newly opened  business account?

intorycoodle

MadMattUK said:

It is likely that you will be asked to repay the money immediately in the coming days, you may also find it very difficult to open a bank account again if the issue is, as I suspect the result of a CIFAS marker against your name, which is normally what causes the actions and letters. These are placed when the financial institution believes fraud has taken place. 

You will need to contact National Hunter to be sure, you can complete a SAR to find out if you have any fraud flags against your name.

They can ask, but I won't be able to repay now, if I had money I wouldn't have applied for a BBL.

I'll look in to the National Hunter, thanks for the link.

intorycoodle

MadMattUK said:

Grumpy_chap said:

OP received an SMS.  Did you check account is actually blocked and this is not a scam?

I think that might be in relation to the last line in which mail is taking longer than usual, I would expect a follow up snail mail as well. Unless it was specifically asking them to call a premium rate number, or transfer their money to a "new" account I would suspect it is genuine. 

I instantly checked my account and it was inaccessible.

intorycoodle

Hasbeen, I've replied to your comment 3 times already but it's not showing up, so apologies if 4 replies show up all of a sudden...

Natwest agreed to open a business acount for me, in order to receive the loan from a newly opened feeder account, a feeder account isn't a personal account, it's purely for the function of feeding a loan into a business account.

No T& C's broken whatsoever.

unforeseen

Which of these applied? 

You can only open a feeder account if your business was established before 6 April 2019. If your business was established after this date then you are required to open a business current account before you can apply.

intorycoodle

unforeseen said:

Which of these applied? 

You can only open a feeder account if your business was established before 6 April 2019. If your business was established after this date then you are required to open a business current account before you can apply.

And that's exactly what I done, on Natwests recommendation.