Lloyds close my account without any reason, can I reopen the account after few years?

dkdhbo2

@jonesMUFCforever
So frustrating....
Sounds like I would never open any Lloyd’s accounts.....

dkdhbo2

@Katiehound
I also transfer the money between banks to achieve higher interest rate, but it turns out this behavior also would not recommended by the bank ...

Neil49

eskbanker said:

dkdhbo2 said:
Actually, I do not regularly deposit cash as I need to withdraw the money from ATM and deposit it (just to save the transaction fee...). But almost every month.

Eh?  You're withdrawing cash from ATMs and then paying it in to avoid a fee?  What fee?

So you are an international student making somewhat dubious transactions (which may or may not involve £1k cash) being withdrawn and then deposited for some strange reason on a monthly basis.

I have yet to understand the reasoning behind your actions despite all your responses and, it would appear, Lloyds are equally mystified. They, however, have seen fit to take some action. 

Thrugelmir

dkdhbo2 said:

@Browntoa
that is awful... that means the banks can close any customers’ accounts without warning... and without reason...
I just know that....

Banks are required to put in place and maintain policies and procedures to prevent and detect money-laundering. Banks are also under a regulatory obligation to establish, implement and maintain adequate policies and procedures for countering the risk that they might be used to further financial crime.

As a consequence it's easiest for banks to adopt a policy to close accounts where activity is detected/considered to be unusual or abnormal. Bluntly put, some customers aren't worth the trouble of dealing with. 

eskbanker

eskbanker said:

dkdhbo2 said:
Actually, I do not regularly deposit cash as I need to withdraw the money from ATM and deposit it (just to save the transaction fee...). But almost every month.

Eh?  You're withdrawing cash from ATMs and then paying it in to avoid a fee?  What fee?

dkdhbo2 said:

@eskbanker
haha transaction fees. I am an international student.

Were you under the impression that this answered the question?  Why would transaction fees apply for sterling withdrawals/deposits/transfers to/from a UK current account within the UK?

dkdhbo2

@Neil49
yeah .... I understand that ...
I should keep all receipts...
I can withdraw money once without fees every month. But if I need to transfer the money, I need to wait around 10 working days and pay around %2 transaction fee...

dkdhbo2

@Thrugelmir
Yes, I understand now. What I did in my home country is very usual and get used to it. But I know it is a bad habit and need to avoid such behaviour...

dkdhbo2

@eskbanker
the transaction/withdrawal fee is from foreign to the UK, not within the UK. But I can withdraw the money only once without fees every month from my foreign card and deposit them to the UK account. 
actually, my foreign card also can be used in the UK, but sometimes it would be rejected by some POS and online store. anyway, it is too inconvenient and I don't wanna pay the transaction fee. 
I know this is weird... if I am so rich, I would not hesitate to pay the transaction fee...

xlnc99

Too many people on this forum who have no idea what they are talking about and think they are experts talking about 'money laundering' when depositing 1k in cash or 'moving money' around to other accounts. 

Seriously? Why .... just why?

Gold help us

dkdhbo2

@xlnc99
thank you for the reply. 

Actually I really have no idea about money laundering as I used to deposit cash or transfer money between several accounts in my home country, and actually it is a usual thing. My classmates all have several accounts for different purposes, such as scholarships, university will designate a bank to us. But same things mean different in the UK.

Sometimes we will received red envelope within cash for celebration. Parents will collect cashes for years and deposit all of them. For my grandparents .... they have no bank accounts as they are illiterate and lived in a poor region. So they get used to use cash... If they need to send me the money, they have to deposit the money, even for a large sum of value. For the older generation in my country, is possible for them to use cash for their whole life....

anyway, I do not realize what my did are dubious in the UK. I should be more careful and smart.

Could you share some ideas about money laundering or any else? I suppose I still need to know more about UK’s “culture”.