Lloyds to close my account in 65 days - advice please!!!

veryintrigued

quirkydeptless said:

eskbanker said:

PRAISETHESUN said:

For whatever reason Lloyds don't like your baking habits

Are they accusing OP of cooking the books?

They want you to take your dough somewhere else 

Seems the OP wanted his cake and to eat it too.

quirkydeptless

Today is the best day to earn some bread, it's https://www.daysoftheyear.com/days/world-baking-day/

jacobanth

Hi all,
Nice puns 

My response from CIFAS shows I have no data on their systems. Could this be added down the line? Or if it was going to be, would it be on there by now? Thanks

Ed-1

jacobanth said:

Hi all,
Nice puns 

My response from CIFAS shows I have no data on their systems. Could this be added down the line? Or if it was going to be, would it be on there by now? Thanks

Lloyds don't send that letter when they add a CIFAS. They send a different one.

GTR_King

as I said all Lloyds have done is closing your account in 60 days due to you breaking their T&C's..

You need to find out what rule you broke so it don't happen again when you open a new bank account and see if your new bank will accept what your doing etc. 

As you checked CIFAS and you clean then that's all good so need to worry

ratechaser

GTR_King said:

as I said all Lloyds have done is closing your account in 60 days due to you breaking their T&C's..

You need to find out what rule you broke so it don't happen again when you open a new bank account and see if your new bank will accept what your doing etc. 

As you checked CIFAS and you clean then that's all good so need to worry

I think it's fair to say that they are not big fans of large gambling transactions going in and out of their accounts. Not the first time this has played out on here. Their bank, their commercial decision. Not really a case of the OP having done anything 'wrong', they just don't fit within their risk appetite any longer...

Plenty of other banks... but perhaps the OP needs to consider ring fencing any future 'exotic' activity via a separate non-critical account/bank

01Username

jacobanth said:

Lloyds have sent me a letter in the post with the following below. I do a fair amount of gambling/trading, which results in a lot of fairly large transactions leaving my accounts regularly. I also set up 7 different current accounts to support my different ventures to keep it organised. 

Since getting the letter I’ve done some research, and a lot of these cases are linked to fraud. Others are linked to you costing the bank provider too much money (not being financially viable for them). If this is the case for me, then I guess I have to accept and learn from my mistakes when opening a new bank. However, I’m worried about reading all the fraud cases online. I haven’t done anything like this but the bank won’t actually offer a reason why they’ve closed my accounts. 

How do I check if I have a “CIFAS” marker on my name? My credit score is in the excellent band on Experian and I’m close to having enough for a deposit for my first home, so I’m sure you can imagine this is quite stressful for me. 

Ref: HR/KA

We often review accounts to ensure that we can continue to support our customers with their banking needs and following a review of your account, we are writing to let you know that unfortunately, we're unable to maintain a banking relationship with you. As such, we will be closing your account in 65 calendar days from the date of this letter.

After this date we will stop all regular payments from your account and you will need to contact the people you want to pay. When your account is closed, you are responsible for cancelling any direct payments into or out of your account. If someone sends a payment to your closed account, we will take reasonable steps to return the payment to the sender.

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.
When the agreement ends and your account is closed, we will pay or transfer money we hold for you or owe you under this agreement to you, or to any other person you name in writing. Funds will be paid by cheque to the above address, unless you advise otherwise or use the account switching service when funds will be transferred electronically.

Please note that we may retain sufficient funds to cover any liabilities owed to us.

You need to make alternative banking arrangements. You may wish to use the Current Account Switch Service but please note you will not be able to transfer to other members of the Lloyds Banking Group such as Lloyds Bank plc, Bank of Scotland plc and Halifax. You should destroy any cards and unused cheques, cutting them up before disposing of them.

I have just had the same letter except the reference HR:TC.

I want to find out if you had problems moving your funds to your new bank account.

I have opened a new account with Barclays successfully but the problem now is how to move my money which is more than 10k (all of which is my salary) without any problems. 

The odd thing I did was to withdraw 4K, 6k in cash within 5weeks and gave to my mrs which she was paying into her account in small bits as she wants to buy her first house & also transfer 5k to joint account I hold with my mrs. All the money is my salary, the bank can see that.
she also got the same letter asking to close her account.

What wrong did we do?
and how do I move my remaining balance(more than £10,000) to my new bank account without problems? 

sheramber

Why withdraw cash for your mrs to pay into her account in small amounts?

I would hazard a guess that money laundering was alerted.

wmb194

01Username said:

jacobanth said:

Lloyds have sent me a letter in the post with the following below. I do a fair amount of gambling/trading, which results in a lot of fairly large transactions leaving my accounts regularly. I also set up 7 different current accounts to support my different ventures to keep it organised. 

Since getting the letter I’ve done some research, and a lot of these cases are linked to fraud. Others are linked to you costing the bank provider too much money (not being financially viable for them). If this is the case for me, then I guess I have to accept and learn from my mistakes when opening a new bank. However, I’m worried about reading all the fraud cases online. I haven’t done anything like this but the bank won’t actually offer a reason why they’ve closed my accounts. 

How do I check if I have a “CIFAS” marker on my name? My credit score is in the excellent band on Experian and I’m close to having enough for a deposit for my first home, so I’m sure you can imagine this is quite stressful for me. 

Ref: HR/KA

We often review accounts to ensure that we can continue to support our customers with their banking needs and following a review of your account, we are writing to let you know that unfortunately, we're unable to maintain a banking relationship with you. As such, we will be closing your account in 65 calendar days from the date of this letter.

After this date we will stop all regular payments from your account and you will need to contact the people you want to pay. When your account is closed, you are responsible for cancelling any direct payments into or out of your account. If someone sends a payment to your closed account, we will take reasonable steps to return the payment to the sender.

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.
When the agreement ends and your account is closed, we will pay or transfer money we hold for you or owe you under this agreement to you, or to any other person you name in writing. Funds will be paid by cheque to the above address, unless you advise otherwise or use the account switching service when funds will be transferred electronically.

Please note that we may retain sufficient funds to cover any liabilities owed to us.

You need to make alternative banking arrangements. You may wish to use the Current Account Switch Service but please note you will not be able to transfer to other members of the Lloyds Banking Group such as Lloyds Bank plc, Bank of Scotland plc and Halifax. You should destroy any cards and unused cheques, cutting them up before disposing of them.

I have just had the same letter except the reference HR:TC.

I want to find out if you had problems moving your funds to your new bank account.

I have opened a new account with Barclays successfully but the problem now is how to move my money which is more than 10k (all of which is my salary) without any problems. 

The odd thing I did was to withdraw 4K, 6k in cash within 5weeks and gave to my mrs which she was paying into her account in small bits as she wants to buy her first house & also transfer 5k to joint account I hold with my mrs. All the money is my salary, the bank can see that.
she also got the same letter asking to close her account.

What wrong did we do?
and how do I move my remaining balance(more than £10,000) to my new bank account without problems? 

If the account isn't frozen in some way use the CASS current account switching service to transfer the balance, SOs and DDs to your Barclays current account. You initiate this from the Barclays side: you should be able to find details on its website.

If you think the cash withdrawals are the reason then in the future try using faster payments and not cash to make transfers to your wife.

km1500

Article on the scale of bank closures just being discovered

https://www.thisismoney.co.uk/money/markets/article-12351619/Banks-shut-1-000-accounts-day.html?ico=mol_mobile_money-newtab&molReferrerUrl=https://www.dailymail.co.uk/money/index.html