At what stage do banks put CIFAS marker on?

PamelaW2000

wmb194 said:

Given you said that you received the letter about your accounts being immediately frozen and then closed 60 days later following a "risk assessment ... highlighting concerns" I'd say you should forget about ever opening another account with Lloyds Banking Group.

I opened a new account with them earlier this year. 

eskbanker

PamelaW2000 said:

wmb194 said:

Given you said that you received the letter about your accounts being immediately frozen and then closed 60 days later following a "risk assessment ... highlighting concerns" I'd say you should forget about ever opening another account with Lloyds Banking Group.

I opened a new account with them earlier this year. 

Are you expecting it to remain open and to be able to open further accounts?

In the event that you open other accounts during the notice period, those accounts will also be closed. Please note that this also applies to any other accounts you may open with the bank at any future point in time, where the bank reserves the right to close those accounts without further notice. 

Edit: quoted wrong letter, ignore this!

Ed-1

eskbanker said:

PamelaW2000 said:

wmb194 said:

Given you said that you received the letter about your accounts being immediately frozen and then closed 60 days later following a "risk assessment ... highlighting concerns" I'd say you should forget about ever opening another account with Lloyds Banking Group.

I opened a new account with them earlier this year. 

Are you expecting it to remain open and to be able to open further accounts?

In the event that you open other accounts during the notice period, those accounts will also be closed. Please note that this also applies to any other accounts you may open with the bank at any future point in time, where the bank reserves the right to close those accounts without further notice. 

That wasn't the letter they got. They got the other one and for the record, that one doesn't stop you opening further accounts with LBG in future (if you get approved).

eskbanker

Ed-1 said:

eskbanker said:

PamelaW2000 said:

wmb194 said:

Given you said that you received the letter about your accounts being immediately frozen and then closed 60 days later following a "risk assessment ... highlighting concerns" I'd say you should forget about ever opening another account with Lloyds Banking Group.

I opened a new account with them earlier this year. 

Are you expecting it to remain open and to be able to open further accounts?

In the event that you open other accounts during the notice period, those accounts will also be closed. Please note that this also applies to any other accounts you may open with the bank at any future point in time, where the bank reserves the right to close those accounts without further notice. 

That wasn't the letter they got. They got the other one and for the record, that one doesn't stop you opening further accounts with LBG in future (if you get approved).

Oops, apologies to OP, didn't spend enough time reading that post with the different letters, and the response!

JonMitchell

Ed-1 said:

PamelaW2000 said:

hey MSE gang. 
recently had a letta from Halifax who said they are closing my accounts in 60 days. been googling and reading tales about why this happens to peeps. my worry is about these CIFAS markers and if I get one. not expecting one btw just to make that clear!! I have done a check with CIFAS through the website and had an email to say they don't have any data on me. 
my Q is when would Halifax put a CIFAS marker on if they were going to do it? Would they do it straight away or wait until after the 60 days? my info from CIFAS is dated about 10days after the Halifax letter. Do I need to do a check with CIFAS every few weeks in the meantime?
Thanks gang

The CIFAS rules require a member to load the entry on to the database with 1 business day of the standard of proof being met.

What was the wording of your letter as there are 2 sixty day closure letters I am aware of from Halifax:

Which was yours?

Hi, may I ask what's the difference between these two letters, top one being "risk assessment" and the lower being "following a recent review". What are the detrimental impacts of both letters and are CIFAS marker, as per OP, placed?  

Ed-1

JonMitchell said:

Ed-1 said:

PamelaW2000 said:

hey MSE gang. 
recently had a letta from Halifax who said they are closing my accounts in 60 days. been googling and reading tales about why this happens to peeps. my worry is about these CIFAS markers and if I get one. not expecting one btw just to make that clear!! I have done a check with CIFAS through the website and had an email to say they don't have any data on me. 
my Q is when would Halifax put a CIFAS marker on if they were going to do it? Would they do it straight away or wait until after the 60 days? my info from CIFAS is dated about 10days after the Halifax letter. Do I need to do a check with CIFAS every few weeks in the meantime?
Thanks gang

The CIFAS rules require a member to load the entry on to the database with 1 business day of the standard of proof being met.

What was the wording of your letter as there are 2 sixty day closure letters I am aware of from Halifax:

Which was yours?

Hi, may I ask what's the difference between these two letters, top one being "risk assessment" and the lower being "following a recent review". What are the detrimental impacts of both letters and are CIFAS marker, as per OP, placed?  

Bottom one tends to be when they don't want you to bank with them anymore for good (for whatever reason).

Top one tends to be to do with meeting their criteria (mainly fraud risk related) at the moment for whatever reason, although depending on what the issue is they can decide that they won't offer you another account here too.

Neither has to come with a CIFAS loading although if it is going to it will tend to be the top letter.

JonMitchell

Ed-1 said:

 

Bottom one tends to be when they don't want you to bank with them anymore for good (for whatever reason).

Top one tends to be to do with meeting their criteria (mainly fraud risk related) at the moment for whatever reason, although depending on what the issue is they can decide that they won't offer you another account here too.

Neither has to come with a CIFAS loading although if it is going to it will tend to be the top letter.

Thanks, that's good to know.

Using the two letter template that Ed-1 exhibited. What happens if you have a existing mortgage with say Lloyds in this instance, will closing bank account by them implies they will be asking for the mortgage to be pay back soon too?

Presume if it is the top-one - there is a likelihood they will be chasing for full mortgage pay back while the bottom letter maybe/or not/same full mortgage payback?  

Ed-1

JonMitchell said:

Ed-1 said:

 

Bottom one tends to be when they don't want you to bank with them anymore for good (for whatever reason).

Top one tends to be to do with meeting their criteria (mainly fraud risk related) at the moment for whatever reason, although depending on what the issue is they can decide that they won't offer you another account here too.

Neither has to come with a CIFAS loading although if it is going to it will tend to be the top letter.

Thanks, that's good to know.

Using the two letter template that Ed-1 exhibited. What happens if you have a existing mortgage with say Lloyds in this instance, will closing bank account by them implies they will be asking for the mortgage to be pay back soon too?

Presume if it is the top-one - there is a likelihood they will be chasing for full mortgage pay back while the bottom letter maybe/or not/same full mortgage payback?  

They can't just demand a mortgage back. But they won't offer you a new fix at the end of the fixed term if they've made you ineligible to bank with them 

JonMitchell

Ed-1 said:

They can't just demand a mortgage back. But they won't offer you a new fix at the end of the fixed term if they've made you ineligible to bank with them 

Thanks Ed-1, extremely useful information!!

What about existing approved mortgage offer - pending completion of a property. Will closing bank accounts by Lloyds caused the approved mortgage eg by Royal Bank of Scotland (as these banks are under the same umbrella), to be withdrawn or would it be a case as what you highlighted, the bank will still loan the money but will not offer new mortgage at the end of the term, eg 2 or 5 yr.
 

Ed-1

JonMitchell said:

Ed-1 said:

They can't just demand a mortgage back. But they won't offer you a new fix at the end of the fixed term if they've made you ineligible to bank with them 

Thanks Ed-1, extremely useful information!!

What about existing approved mortgage offer - pending completion of a property. Will closing bank accounts by Lloyds caused the approved mortgage eg by Royal Bank of Scotland (as these banks are under the same umbrella), to be withdrawn or would it be a case as what you highlighted, the bank will still loan the money but will not offer new mortgage at the end of the term, eg 2 or 5 yr.
 

Royal Bank of Scotland (RBS) [part of Natwest Group] ≠ Bank of Scotland [part of Lloyds Banking Group]. If an application has already been made for another product within LBG and approved before the decision to close accounts was made then it may be OK, but it might be withdrawn.