Back account closed no reason

Eco_Miser

funkycredit said:

The bank has a lot to answer for. Unfortunately for them I've very deep pockets and no matter how much they try to bail, I'll see them in court. 

Please keep us posted on your progress.

The more info we get, the better future posts of this nature can be answered.

eskbanker

funkycredit said:

I've had my NatWest accounts closed. No warning. Nothing. The reason? I opened too many accounts. 

There's nothing in their terms for this. There was no SAR submitted to the NCO and they're in direct breach of their own terms.

Their published terms preclude you from opening multiple accounts of certain types, such as Reward, so if you opened more than one while accepting these terms then you'd have been in breach of them.

funkycredit said:

There was no SAR submitted to the NCO and they're in direct breach of their own terms. 

I HAVE taken legal action and not only am I looking a serious compensation, but I'm suing for damages based on the whole fiasco as well as forcing them to show the security procedure in detail. Refer to Lonsdale v NatWest for case law. 

Assuming you're referring to Suspicious Activity Reports to the NCA, as opposed to data protection Subject Access Requests, these only come into play if there's any suspicion of illegal activity, so if they're just taking a simple commercial decision not to retain your business then there's no obligation for them to liaise with any other authority.

[Deleted User]

Uxb1 said:

Is the OP in the USA?
The use of the word lawyer rather than in the UK where we would use solicitor suggests they maybe.

Lawyer is used 100% by people in the UK, while they are technically solicitors, anyone working for a law firm will quite happily call themselves a lawyer, many law firms call themselves that etc

Ed-1

eskbanker said:

funkycredit said:

I've had my NatWest accounts closed. No warning. Nothing. The reason? I opened too many accounts. 

There's nothing in their terms for this. There was no SAR submitted to the NCO and they're in direct breach of their own terms.

Their published terms preclude you from opening multiple accounts of certain types, such as Reward, so if you opened more than one while accepting these terms then you'd have been in breach of them.

funkycredit said:

There was no SAR submitted to the NCO and they're in direct breach of their own terms. 

I HAVE taken legal action and not only am I looking a serious compensation, but I'm suing for damages based on the whole fiasco as well as forcing them to show the security procedure in detail. Refer to Lonsdale v NatWest for case law. 

Assuming you're referring to Suspicious Activity Reports to the NCA, as opposed to data protection Subject Access Requests, these only come into play if there's any suspicion of illegal activity, so if they're just taking a simple commercial decision not to retain your business then there's no obligation for them to liaise with any other authority.

The trouble is, what Natwest are doing is saying "we have the right to close accounts immediately in certain circumstances; however we are giving you 7/14 days to arrange alternative banking facilities". They're then blocking your access to the funds while you submit a funds claim form. They then say that once they have carried out checks on whether and how much of the funds can be released back to you which can take up to 60 working days (invariably takes more), they will transfer any authorised funds to the account you state on the claim form.

So they're deciding to revoke facilities immediately (they can only do that in certain circumstances such as if they suspect you have given them false information on an application etc.). They then make you claim back your own money while they investigate where it's all come from.

It's rather putting the cart before the horse. They're revoking facilities on an unrelated suspicion of breaching terms/fraud and then going looking for anything untoward with the funds in the account.

If they give 60 days notice on the other hand (which they can do for any reason they want) they don't restrict access to the account during the notice period.

jonesMUFCforever

funkycredit said:

Love some of the nonsense answers on here. Clearly clueless quoting terms which do not apply. 

I've had my NatWest accounts closed. No warning. Nothing. The reason? I opened too many accounts. 

There's nothing in their terms for this. There was no SAR submitted to the NCO and they're in direct breach of their own terms. 

I HAVE taken legal action and not only am I looking a serious compensation, but I'm suing for damages based on the whole fiasco as well as forcing them to show the security procedure in detail. Refer to Lonsdale v NatWest for case law. Plus I'm getting 8% interest of course. 

So yes the best advice would be to speak to a solicitor. Also find the Facebook page called "NatWest closed my account" and you'll find thousands more in the same position. 

The bank has a lot to answer for. Unfortunately for them I've very deep pockets and no matter how much they try to bail, I'll see them in court. 

You are taking legal action against Nat West - for what reason? What loss or damages have you incurred?

kaMelo

funkycredit said:

Love some of the nonsense answers on here. Clearly clueless quoting terms which do not apply. 

I've had my NatWest accounts closed. No warning. Nothing. The reason? I opened too many accounts. 

There's nothing in their terms for this. There was no SAR submitted to the NCO and they're in direct breach of their own terms. 

I HAVE taken legal action and not only am I looking a serious compensation, but I'm suing for damages based on the whole fiasco as well as forcing them to show the security procedure in detail. Refer to Lonsdale v NatWest for case law. Plus I'm getting 8% interest of course. 

So yes the best advice would be to speak to a solicitor. Also find the Facebook page called "NatWest closed my account" and you'll find thousands more in the same position. 

The bank has a lot to answer for. Unfortunately for them I've very deep pockets and no matter how much they try to bail, I'll see them in court. 

You missed a bit out there. What your post should have said is;

I've had my NatWest accounts closed. No warning. Nothing. The reason? I opened too many Solo Reward accounts in clear breach of the terms and conditions that it was offered with.

I pointed this out at the time that whilst you have been allowed to open them don't be surprised when, in a few weeks, they close them down. The bank has nothing to answer for no matter how deep your pockets are. I simply don't believe you are going to sue NatWest.

Ed-1

eskbanker said:

funkycredit said:

I've had my NatWest accounts closed. No warning. Nothing. The reason? I opened too many accounts. 

There's nothing in their terms for this. There was no SAR submitted to the NCO and they're in direct breach of their own terms.

Their published terms preclude you from opening multiple accounts of certain types, such as Reward, so if you opened more than one while accepting these terms then you'd have been in breach of them.

I've seen at least 2 reports on this forum that Natwest/RBS have withdrawn facilities immediately (and put you through the whole funds release claims process nonsense) for apparently opening "too many accounts". These are not multiple Reward accounts. They are/were invariably Select accounts.

I can also confirm that when I opened 10 Select accounts across Natwest group in 2015 (to switch to Yorkshire Bank for multiple £150s), they gave me 60 days notice of closure but that was before they brought in this new process 

eskbanker

Ed-1 said:

eskbanker said:

funkycredit said:

I've had my NatWest accounts closed. No warning. Nothing. The reason? I opened too many accounts. 

There's nothing in their terms for this. There was no SAR submitted to the NCO and they're in direct breach of their own terms.

Their published terms preclude you from opening multiple accounts of certain types, such as Reward, so if you opened more than one while accepting these terms then you'd have been in breach of them.

I've seen at least 2 reports on this forum that Natwest/RBS have withdrawn facilities immediately (and put you through the whole funds release claims process nonsense) for apparently opening "too many accounts". These are not multiple Reward accounts. They are/were invariably Select accounts.

https://forums.moneysavingexpert.com/discussion/comment/77633044#Comment_77633044

funkycredit said:

I've also opened multiple NatWest Rewards & Halifax Rewards to get the monthly reward payments up - again, only risked x2 of each with both banks and same for wife. All in we do quite well for an hour of transfers every month. 

Thrugelmir

funkycredit said:

Thrugelmir said:

funkycredit said:

Also find the Facebook page called "NatWest closed my account" and you'll find thousands more in the same position. 

Money mules unfortunately abound..........

Indeed there are - however I'm not one and no SAR was submitted to NCO. 

But anyway, if you're innocent then seek legal advice and take them to task. Best way. Vile behaviour by the bank. 

I didn't say you were. Just that there's many more "bad" guys than unfortunates that get caught in the net.  Banks have responsibilties now. They are the front line. Bettter to upset a few than incur huge fines for non compliance. 

colsten

funkycredit said:

I've had my NatWest accounts closed. 

<snip>

I HAVE taken legal action and not only am I looking a serious compensation, but I'm suing for damages

<snip>

Compensation for what?
Damages for what?

It appears you have opened more than one sole Reward account after 01/02/2020, which is in breach of the T&Cs. Why is your legal counsel advising you to sue Natwest even though it is you who is in breach of contract?



Natwest are exercising their right, under the same T&Cs, that they can close your accounts for a number of reasons. Which of these do you reckon they would refer to in Court?