Account switch failed

hatman404

Good morning everyone
So I was tempted by £125 switching bonus and I've decided to switch by Lloyd's account to Natwest. They've started the switching process (Natwest team), sent me bank card, pin number, sort code, etc. excluding account number, so I've never had an access to it, they've switched off my Lloyd's account and after all of it I've got e-mail from Natwest saying after careful censiderstion (!) they've decided to close my account.
The funds I had with Lloyd's have gone to Natwest account which doesn't exist. I don't have access to my old lloyds account, at it's been switched off. Whenever I call Lloyd's, they are saying all my funds has been transferred to Natwest. When I'm calling Natwest they're claiming they've sent it back to Lloyd's. I'm really struggling with money especially in this difficult times. Can anyone help me and advice what to do please. 

jsmith9

Probably the first thing to do is open another account - you could consider Monzo or Starling as they are quick to open using their app on your smartphone (assuming you have one). I believe TSB are quick as well and give you a sort code and account number at the end of the (online) application process but others on here may confirm that.

GTR_King

Natwest won't tell you why your account was closed if it was due to CIFAS, 
Best to check your credit files for CIFAS Marker or do a DSAR Check to see if there is any marker against you, 
Also try open a basic account if they don't work/succeed then try a non credit check account 

Ed-1

GTR_King said:

Natwest won't tell you why your account was closed if it was due to CIFAS, 
Best to check your credit files for CIFAS Marker or do a DSAR Check to see if there is any marker against you, 
Also try open a basic account if they don't work/succeed then try a non credit check account 

Natwest have been closing accounts left, right and centre just after application in many cases.
https://m.facebook.com/groups/3096246600404581

gsmh

Let's hope they're trying to weed out those who are just after the money and aren't actually interested in the account!

born_again

hatman404 said:

Good morning everyone
So I was tempted by £125 switching bonus and I've decided to switch by Lloyd's account to Natwest. They've started the switching process (Natwest team), sent me bank card, pin number, sort code, etc. excluding account number, so I've never had an access to it, they've switched off my Lloyd's account and after all of it I've got e-mail from Natwest saying after careful censiderstion (!) they've decided to close my account.
The funds I had with Lloyd's have gone to Natwest account which doesn't exist. I don't have access to my old lloyds account, at it's been switched off. Whenever I call Lloyd's, they are saying all my funds has been transferred to Natwest. When I'm calling Natwest they're claiming they've sent it back to Lloyd's. I'm really struggling with money especially in this difficult times. Can anyone help me and advice what to do please. 

If NatWest say it has been sent back then you need to get to speak to the "Banking Team", not front line call center as Banking will have access to internal accounts and be able to trace the returned payment.

But unless you have another account already, then get one opened quick as Lloyds will need somewhere to send your funds.

lopsyfa

gsmh said:

Let's hope they're trying to weed out those who are just after the money and aren't actually interested in the account!

I don't understand this statement. What is bad about being after the money? NatWest actually wants the people that are after the money and hope the account offering is great that people stay with them. NatWest is now my main account but the switch to them was because of the money as you call it.
I can guarantee you that what happen to the OP is not because they are trying to weed out those just after the money. It has been happening to people that just open their account without any switch offer or even to those with longstanding account.
As already advised before, it is likely an issue with the OP credit history and/or CIFAS. The OP should check their credit history with all three CRAs and also submit a subject access request to CIFAS.

This should also serve as warning to those switching their account to always wait for the new account to be running before switching your main account to it. It is also advisable to not switch your only and main account. It is better to have different account for the switch offers.

gsmh

lopsyfa said:

I don't understand this statement. What is bad about being after the money? NatWest actually wants the people that are after the money and hope the account offering is great that people stay with them. NatWest is now my main account but the switch to them was because of the money as you call it.

Nothing. I appear to be in a minority of one on this forum in believing that if you open an account for a reward it should be an account you actually use.  I have absolutely nothing against rewards per se and have taken advantage of a couple myself, but always with a view to using the new account as my day-to-day current account. I find it distasteful just to open accounts to leach the rewards offered. There is a hard core of prolific posters on here who behave like locusts and open account after account to hoover up the money on offer. I'm not going to enter into an argument with any of them now, I just thought I ought to explain to you where I'm coming from.

jsmith9

I do think the main take-away from this is as previously said to 1. open your new account...  2. wait a bit .... 3. then switch.

eskbanker

jsmith9 said:

I do think the main take-away from this is as previously said to 1. open your new account...  2. wait a bit .... 3. then switch.

To be more specific, check that the new account is fully operational (cards working, online access proven, payments in and out tested, etc) before initiating the switch.  This still doesn't prevent a new account from being closed but should at least minimise risk by having two operational accounts overlapping....

lopsyfa

gsmh said:

lopsyfa said:

I don't understand this statement. What is bad about being after the money? NatWest actually wants the people that are after the money and hope the account offering is great that people stay with them. NatWest is now my main account but the switch to them was because of the money as you call it.

Nothing. I appear to be in a minority of one on this forum in believing that if you open an account for a reward it should be an account you actually use.  I have absolutely nothing against rewards per se and have taken advantage of a couple myself, but always with a view to using the new account as my day-to-day current account. I find it distasteful just to open accounts to leach the rewards offered. There is a hard core of prolific posters on here who behave like locusts and open account after account to hoover up the money on offer. I'm not going to enter into an argument with any of them now, I just thought I ought to explain to you where I'm coming from.

You are entitled to your view but the OP's problem is not because Natwest wants to "weed out those just after the money". That is a different topic entirely and it will be nice if we stick to the subject of the original post.