NatWest is closing my account in 60 days

David38473

NatWest is closing my current account in 60 days the letter is dated 23rd of August, an appeal was rejected but a merchant refunded me that I purchased a digital service web hosting in the united states on that date? Would have a card refund triggered the account closure? No physical bank transfer have been made on this account. 

[Deleted User]

No, not if it was on the same date as the letter was produced.

David38473

Deleted_User said:

No, not if it was on the same date as the letter was produced.

The refund is on the same day the letter is dated I asked NatWest if it due to anything regarding my credit file and this is fine.

Only thing that paid in to the account is DWP * PIP, Wages.

One Payment from Revolut of £740.06 was paid in and £700 from MetroBank account weeks before the notice of closure request.

NatWest closure date is 60 days from the letter reading the terms 60 days notice means,

"The bank can make commercial decisions about who it offers banking services to – they can’t unfairly discriminate against a customer, but they can decide they no longer wish to do business with individuals. That’s because they have the commercial freedom to decide who they’d like to contract with."

colsten

Banks can close accounts in line with their T&Cs. They don't have to give you a reason. Just like you can close your account without giving them a reason.

If you are quick, and if Nationwide accept your application, you can switch for £100 or even £125 . There is a long thread about the Nationwide switch offer on this board. 

David38473

colsten said:

Banks can close accounts in line with their T&Cs. They don't have to give you a reason. Just like you can close your account without giving them a reason.

If you are quick, and if Nationwide accept your application, you can switch for £100 or even £125 . There is a long thread about the Nationwide switch offer on this board. 

Yes, I am aware of this I applied to Halifax, and got an account the switch will be completed on the 08/09/2021.

Just had a text from Halifax to confirm this by the Halifax switching team.

Does the balance from NatWest get moved over by the switching system or will NatWest require me to fill out the fund form it sent in the post to transfer funds to another bank?

Brie

Like so many businesses banks can cut contact with any customer.  It may be that you are costing them too much money (too many complaints or not generating enough fees?) or that you have upset their staff (getting cranky in person, by post or over the phone) or simply that they are withdrawing a particular kind of account.  There are also regulation reasons like you live in the wrong country but normally they would explain that one.

It may be personal or maybe it isn't as long as they would treat anyone else in a similar position in the same way.   

eskbanker

David38473 said:

No physical bank transfer have been made on this account. 

Out of curiosity, what do you mean by 'physical bank transfer'?

David38473 said:

One Payment from Revolut of £740.06 was paid in and £700 from MetroBank account weeks before the notice of closure request.

It's just guesswork given how little we know, but I'd suggest that inbound transfers are probably more likely to be the root cause than a card refund, if the bank had any reason to see the source as suspicious in some way.

David38473 said:

NatWest closure date is 60 days from the letter reading the terms 60 days notice means,

"The bank can make commercial decisions about who it offers banking services to – they can’t unfairly discriminate against a customer, but they can decide they no longer wish to do business with individuals. That’s because they have the commercial freedom to decide who they’d like to contract with."

Is that just your interpretation or are you actually quoting from somewhere?  It seems a reasonable summary of the situation but the text doesn't sound like it would be the bank's own words....

David38473

eskbanker said:

David38473 said:

No physical bank transfer have been made on this account. 

Out of curiosity, what do you mean by 'physical bank transfer'?

David38473 said:

One Payment from Revolut of £740.06 was paid in and £700 from MetroBank account weeks before the notice of closure request.

It's just guesswork given how little we know, but I'd suggest that inbound transfers are probably more likely to be the root cause than a card refund, if the bank had any reason to see the source as suspicious in some way.

David38473 said:

NatWest closure date is 60 days from the letter reading the terms 60 days notice means,

"The bank can make commercial decisions about who it offers banking services to – they can’t unfairly discriminate against a customer, but they can decide they no longer wish to do business with individuals. That’s because they have the commercial freedom to decide who they’d like to contract with."

Is that just your interpretation or are you actually quoting from somewhere?  It seems a reasonable summary of the situation but the text doesn't sound like it would be the bank's own words....

No Physical Bank Transfers outbound have been made from the account.

I have digital documents from Revolut and MetroBank that confirm both deposits are legal.

The bank quoted that from the FOS guidelines. 

eskbanker

David38473 said:

I have digital documents from Revolut and MetroBank that confirm both deposits are legal.

A curious thing to say but legality isn't necessarily the threshold anyway - if the bank suspected you of handling illegally-sourced funds then they'd typically lock you out of the account immediately and close it without notice.

GTR_King

The main reasons a bank will close your account within 60 days is for example 

Using it as business account or not used it in ages.

David38473 said:

NatWest is closing my current account in 60 days the letter is dated 23rd of August, an appeal was rejected but a merchant refunded me that I purchased a digital service web hosting in the united states on that date? Would have a card refund triggered the account closure? No physical bank transfer have been made on this account. 

So what was digital service web hosting for? a business? if so that's why your account is being closed as you broke their T&C's 

Best advice is to move/switch your current account else where, and if you wanna start a digital services web hosting business then open a business account, 

David38473

eskbanker said:

David38473 said:

I have digital documents from Revolut and MetroBank that confirm both deposits are legal.

A curious thing to say but legality isn't necessarily the threshold anyway - if the bank suspected you of handling illegally-sourced funds then they'd typically lock you out of the account immediately and close it without notice.

Yes, I don't believe I have breached T&C on the account,

NatWest just parting ways because they don't make money from me as a customer? or maybe it those two deposits that are both from UK Banks.