NatWest customers say accounts were closed after they applied for Coronavirus Loans

Socajam

NatWest has shut the accounts of some small business customers who applied for government-backed loans to help them get through the pandemic, leaving them distressed and unable to access their cash.

Several customers of the 62% taxpayer-owned bank have contacted the Guardian to complain that their accounts had been suspended or closed down without explanation after they put in a loan application.

The bank said the reasons for closing the accounts were valid, but the closures came after customers had been approved for loans and were expecting to receive the money in their accounts.

https://www.theguardian.com/business/2020/jul/26/natwest-customers-say-accounts-closed-applied-for-coronavirus-bounce-back-loans

onlyfoolsandparking

Shocking but as a lot of us on here already know, Banks rarely lose! 

Brock_and_Roll

I am sure there is more to this story than meets the eye! For all we know these companies could have been insolvent when apply for the loan.

Thrugelmir

How many have been using personal accounts for business banking purposes? 

Shakin_Steve

I know one thing, and that's that we'll never know.

haras_n0sirrah

I wonder if some of these were trying to claim a 50k bb loan and their turnover was conveniently 200k plus when maybe a check with companies house and hmrc showed that this was not the reality