Bank account being close

danjackson2021

Just had a shocking letter saying they often review accounts and have decided they can’t have a banking relationship with me anymore 


I have never heard of such a thing

why on earth would they decide this?

can I appeal?

do they not have to give a reason?

would the financial ombudsman be able to help me?

it’s a huge inconvenience as I have other investments linked to this account that I’m not sure about how to switch 

Thrugelmir

Only you know the activity that is going through your account , and whether it contravenes the terms and conditions you agreed to, or are of a more questionable nature. Banks don't arbitrarily close accounts for no reason. 

danjackson2021

Thrugelmir said:

Only you know the activity that is going through your account , and whether it contravenes the terms and conditions you agreed to, or are of a more questionable nature. Banks don't arbitrarily close accounts for no reason. 

What would be an example of something questionable?

I didn’t think you could do something questionable in your bank account?

GeordieGeorge

danjackson2021 said:

Just had a shocking letter saying they often review accounts and have decided they can’t have a banking relationship with me anymore 


I have never heard of such a thing

why on earth would they decide this?

can I appeal?

do they not have to give a reason?

would the financial ombudsman be able to help me?

it’s a huge inconvenience as I have other investments linked to this account that I’m not sure about how to switch 

No, just as you can choose to close an account and end the relationship so can the bank.

They don’t have to give you any reason, and the ombudsman will not interfere in a commercial decision such as this. 

Swoosh84

You with NatWest/RBS by any chance? They are well known for doing this sadly.

Do you still have access to the accounts? If so transfer any funds away ASAP. If the accounts have been locked already, sadly you could be in for months of waiting for any funds back.

J

colsten

danjackson2021 said:

What would be an example of something questionable?

• using your personal current account for business purposes
• cryptocurrency buying and selling
• receiving money from / sending money to people with shady dealings
• going bankrupt
• etc etc

GeordieGeorge

I see from your other thread that you’re playing extremely silly games with the receiver on your bankruptcy. If you don’t stop this U’d imagine that you may be in for a few more issues with bank accounts in the future.

Bankruptcy is a route to give you a fresh start, but you need to take it seriously. Call the receiver, and start cooperating.

dunstonh

why on earth would they decide this?

Typically not using your account in a way that the bank likes.   In the old days, that was pretty much limited to crossfiring but nowadays it can be more than that.   

can I appeal?

You can ask but don't expect them to change their mind.

do they not have to give a reason?

no.

would the financial ombudsman be able to help me?

No business is required to offer their services to you.  So, as long as its not discrimination, they can choose to withdraw their services and the FOS cannot and will not intervene.

it’s a huge inconvenience as I have other investments linked to this account that I’m not sure about how to switch 

No investments are linked to a current account other than by method of payment when you make contributions and a new bank account is not going to impact on them.

Frequentlyhere

Thrugelmir said:

Only you know the activity that is going through your account , and whether it contravenes the terms and conditions you agreed to, or are of a more questionable nature. Banks don't arbitrarily close accounts for no reason. 

Not the case here perhaps, but I had an issue once (which I raised here) where Halifax bank did exactly this. In April 2020 (great timing) they told me they were closing all of my HBOS accounts including sharedealing - no reason whatsoever.

I learned from others that they don't 'like' perfectly legitimate P2P lending. I had been lending small amounts through LendingCrowd, an FCA regulated firm.  

I wrote them an appeal letter saying that i'd be happy to furnish any detail they needed to assure themselves about my account, and they overturned the decision purely on that basis. 

I mention it because I'd say that's pretty darn close to 'arbitrarily for no reason'

[Deleted User]

Frequentlyhere said:

Thrugelmir said:

Only you know the activity that is going through your account , and whether it contravenes the terms and conditions you agreed to, or are of a more questionable nature. Banks don't arbitrarily close accounts for no reason. 

Not the case here perhaps, but I had an issue once (which I raised here) where Halifax bank did exactly this. In April 2020 (great timing) they told me they were closing all of my HBOS accounts including sharedealing - no reason whatsoever.

I learned from others that they don't 'like' perfectly legitimate P2P lending. I had been lending small amounts through LendingCrowd, an FCA regulated firm.  

I wrote them an appeal letter saying that i'd be happy to furnish any detail they needed to assure themselves about my account, and they overturned the decision purely on that basis. 

I mention it because I'd say that's pretty darn close to 'arbitrarily for no reason'

OP is going bankrupt, not a surprise the bank is closing the account

colsten

Deleted_User said:

OP is going bankrupt, not a surprise the bank is closing the account

In which case, someone like Stepchange might be able to guide them https://www.stepchange.org/debt-info/bank-accounts-after-bankruptcy.aspx#:~:text=Most banks won't allow,date of your bankruptcy order.