LBG closing all my accounts on 18th May

RG2015

Your first comment, “I am probably not a very profitable customer” intrigues me. I believe this is the least likely, and you have even not given it a separate number.

Would any bank monitor the profitability of an individual customer, even if such an analysis was possible?

As regards the other possible causes, none really seem plausible apart from number 2.

More than one switch from a single bank in less than a year does feel like taking the  ****.

eskbanker

RG2015 said:

Would any bank monitor the profitability of an individual customer, even if such an analysis was possible?

I'm sure it would be possible - every interaction between customer and bank can be quantified, even if just with estimated values.  That's not to say that it would necessarily be done as a matter of course, or acted on other than in extreme circumstances....

Bridlington1

RG2015 said:

Your first comment, “I am probably not a very profitable customer” intrigues me. I believe this is the least likely, and you have even not given it a separate number.

Would any bank monitor the profitability of an individual customer, even if such an analysis was possible?

As regards the other possible causes, none really seem plausible apart from number 2.

More than one switch from a single bank in less than a year does feel like taking the  ****.

If my memory serves me well I've only switched 2 accounts from each of the LBG banks. I wouldn't call that taking the ****.

The reason I mention I am not a very profitable customer is because the only time I have ever borrowed from them is when they have offered me 0% ODs, which I've stoozed and have used their accounts purely for the purposes of stoozing, high paying regular savers, reward accounts and as a nominated bank account for various regular savers/EA savings accounts. I have never taken out any of the products that make them the most money or even used the debit card come to that so presume they've realised they probably won't make any money out of me.

masonic

I think the statement “I am probably not a very profitable customer” was the epitome of understatement. When I think about everything I've got out of LBG over the years... it really has been a one-way street.

RG2015

Bridlington1 said:

RG2015 said:

Your first comment, “I am probably not a very profitable customer” intrigues me. I believe this is the least likely, and you have even not given it a separate number.

Would any bank monitor the profitability of an individual customer, even if such an analysis was possible?

As regards the other possible causes, none really seem plausible apart from number 2.

More than one switch from a single bank in less than a year does feel like taking the  ****.

If my memory serves me well I've only switched 2 accounts from each of the LBG banks. I wouldn't call that taking the ****.

The reason I mention I am not a very profitable customer is because the only time I have ever borrowed from them is when they have offered me 0% ODs, which I've stoozed and have used their accounts purely for the purposes of stoozing, high paying regular savers, reward accounts and as a nominated bank account for various regular savers/EA savings accounts. I have never taken out any of the products that make them the most money or even used the debit card come to that so presume they've realised they probably won't make any money out of me.

I appreciate that it is subjective, but that is just my opinion. Is it possible that it is also the opinion of the banks?

And since all three appear to have acted in unison, this means that they are viewing you at a group level. This then could be viewed as 6 switches from the group.

Ed-1

Bridlington1 said:

RG2015 said:

Your first comment, “I am probably not a very profitable customer” intrigues me. I believe this is the least likely, and you have even not given it a separate number.

Would any bank monitor the profitability of an individual customer, even if such an analysis was possible?

As regards the other possible causes, none really seem plausible apart from number 2.

More than one switch from a single bank in less than a year does feel like taking the  ****.

If my memory serves me well I've only switched 2 accounts from each of the LBG banks. I wouldn't call that taking the ****.

The reason I mention I am not a very profitable customer is because the only time I have ever borrowed from them is when they have offered me 0% ODs, which I've stoozed and have used their accounts purely for the purposes of stoozing, high paying regular savers, reward accounts and as a nominated bank account for various regular savers/EA savings accounts. I have never taken out any of the products that make them the most money or even used the debit card come to that so presume they've realised they probably won't make any money out of me.

When did you open/close the regular savers? Could it be that that's made them review your accounts?

Bridlington1

Ed-1 said:

Bridlington1 said:

RG2015 said:

Your first comment, “I am probably not a very profitable customer” intrigues me. I believe this is the least likely, and you have even not given it a separate number.

Would any bank monitor the profitability of an individual customer, even if such an analysis was possible?

As regards the other possible causes, none really seem plausible apart from number 2.

More than one switch from a single bank in less than a year does feel like taking the  ****.

If my memory serves me well I've only switched 2 accounts from each of the LBG banks. I wouldn't call that taking the ****.

The reason I mention I am not a very profitable customer is because the only time I have ever borrowed from them is when they have offered me 0% ODs, which I've stoozed and have used their accounts purely for the purposes of stoozing, high paying regular savers, reward accounts and as a nominated bank account for various regular savers/EA savings accounts. I have never taken out any of the products that make them the most money or even used the debit card come to that so presume they've realised they probably won't make any money out of me.

When did you open/close the regular savers? Could it be that that's made them review your accounts?

I've renewed and closed a few regular savers with LBG then reopened new versions at a higher rate this past year, the last time I did this was the other week when BOS brought out a new 5.5% regular saver, followed by Halifax a week later.

I doubt this alone would be the reason they closed the accounts, but if it was then I think this raises real concerns for a number of forum users who have been doing the same for a while.

RG2015 said:

Bridlington1 said:

RG2015 said:

Your first comment, “I am probably not a very profitable customer” intrigues me. I believe this is the least likely, and you have even not given it a separate number.

Would any bank monitor the profitability of an individual customer, even if such an analysis was possible?

As regards the other possible causes, none really seem plausible apart from number 2.

More than one switch from a single bank in less than a year does feel like taking the  ****.

If my memory serves me well I've only switched 2 accounts from each of the LBG banks. I wouldn't call that taking the ****.

The reason I mention I am not a very profitable customer is because the only time I have ever borrowed from them is when they have offered me 0% ODs, which I've stoozed and have used their accounts purely for the purposes of stoozing, high paying regular savers, reward accounts and as a nominated bank account for various regular savers/EA savings accounts. I have never taken out any of the products that make them the most money or even used the debit card come to that so presume they've realised they probably won't make any money out of me.

I appreciate that it is subjective, but that is just my opinion. Is it possible that it is also the opinion of the banks?

And since all three appear to have acted in unison, this means that they are viewing you at a group level. This then could be viewed as 6 switches from the group.

Quite possibly. One thing's for certain though, I shall be spreading my donor accounts across multiple banking groups in future. 

Ed-1

Bridlington1 said:

Ed-1 said:

Bridlington1 said:

RG2015 said:

Your first comment, “I am probably not a very profitable customer” intrigues me. I believe this is the least likely, and you have even not given it a separate number.

Would any bank monitor the profitability of an individual customer, even if such an analysis was possible?

As regards the other possible causes, none really seem plausible apart from number 2.

More than one switch from a single bank in less than a year does feel like taking the  ****.

If my memory serves me well I've only switched 2 accounts from each of the LBG banks. I wouldn't call that taking the ****.

The reason I mention I am not a very profitable customer is because the only time I have ever borrowed from them is when they have offered me 0% ODs, which I've stoozed and have used their accounts purely for the purposes of stoozing, high paying regular savers, reward accounts and as a nominated bank account for various regular savers/EA savings accounts. I have never taken out any of the products that make them the most money or even used the debit card come to that so presume they've realised they probably won't make any money out of me.

When did you open/close the regular savers? Could it be that that's made them review your accounts?

I've renewed and closed a few regular savers with LBG then reopened new versions at a higher rate this past year, the last time I did this was the other week when BOS brought out a new 5.5% regular saver, followed by Halifax a week later.

I doubt this alone would be the reason they closed the accounts, but if it was then I think this raises real concerns for a number of forum users who have been doing the same for a while.

RG2015 said:

Bridlington1 said:

RG2015 said:

Your first comment, “I am probably not a very profitable customer” intrigues me. I believe this is the least likely, and you have even not given it a separate number.

Would any bank monitor the profitability of an individual customer, even if such an analysis was possible?

As regards the other possible causes, none really seem plausible apart from number 2.

More than one switch from a single bank in less than a year does feel like taking the  ****.

If my memory serves me well I've only switched 2 accounts from each of the LBG banks. I wouldn't call that taking the ****.

The reason I mention I am not a very profitable customer is because the only time I have ever borrowed from them is when they have offered me 0% ODs, which I've stoozed and have used their accounts purely for the purposes of stoozing, high paying regular savers, reward accounts and as a nominated bank account for various regular savers/EA savings accounts. I have never taken out any of the products that make them the most money or even used the debit card come to that so presume they've realised they probably won't make any money out of me.

I appreciate that it is subjective, but that is just my opinion. Is it possible that it is also the opinion of the banks?

And since all three appear to have acted in unison, this means that they are viewing you at a group level. This then could be viewed as 6 switches from the group.

Quite possibly. One thing's for certain though, I shall be spreading my donor accounts across multiple banking groups in future. 

It's generally the opening of an account that triggers a review for whatever reason. Even if it's just opening lots of savings accounts, they may take a closer interest if they see accounts being opened regularly.

Bridlington1

Ed-1 said:

Bridlington1 said:

Ed-1 said:

Bridlington1 said:

RG2015 said:

Your first comment, “I am probably not a very profitable customer” intrigues me. I believe this is the least likely, and you have even not given it a separate number.

Would any bank monitor the profitability of an individual customer, even if such an analysis was possible?

As regards the other possible causes, none really seem plausible apart from number 2.

More than one switch from a single bank in less than a year does feel like taking the  ****.

If my memory serves me well I've only switched 2 accounts from each of the LBG banks. I wouldn't call that taking the ****.

The reason I mention I am not a very profitable customer is because the only time I have ever borrowed from them is when they have offered me 0% ODs, which I've stoozed and have used their accounts purely for the purposes of stoozing, high paying regular savers, reward accounts and as a nominated bank account for various regular savers/EA savings accounts. I have never taken out any of the products that make them the most money or even used the debit card come to that so presume they've realised they probably won't make any money out of me.

When did you open/close the regular savers? Could it be that that's made them review your accounts?

I've renewed and closed a few regular savers with LBG then reopened new versions at a higher rate this past year, the last time I did this was the other week when BOS brought out a new 5.5% regular saver, followed by Halifax a week later.

I doubt this alone would be the reason they closed the accounts, but if it was then I think this raises real concerns for a number of forum users who have been doing the same for a while.

RG2015 said:

Bridlington1 said:

RG2015 said:

Your first comment, “I am probably not a very profitable customer” intrigues me. I believe this is the least likely, and you have even not given it a separate number.

Would any bank monitor the profitability of an individual customer, even if such an analysis was possible?

As regards the other possible causes, none really seem plausible apart from number 2.

More than one switch from a single bank in less than a year does feel like taking the  ****.

If my memory serves me well I've only switched 2 accounts from each of the LBG banks. I wouldn't call that taking the ****.

The reason I mention I am not a very profitable customer is because the only time I have ever borrowed from them is when they have offered me 0% ODs, which I've stoozed and have used their accounts purely for the purposes of stoozing, high paying regular savers, reward accounts and as a nominated bank account for various regular savers/EA savings accounts. I have never taken out any of the products that make them the most money or even used the debit card come to that so presume they've realised they probably won't make any money out of me.

I appreciate that it is subjective, but that is just my opinion. Is it possible that it is also the opinion of the banks?

And since all three appear to have acted in unison, this means that they are viewing you at a group level. This then could be viewed as 6 switches from the group.

Quite possibly. One thing's for certain though, I shall be spreading my donor accounts across multiple banking groups in future. 

It's generally the opening of an account that triggers a review for whatever reason. Even if it's just opening lots of savings accounts, they may take a closer interest if they see accounts being opened regularly.

That'll probably explain it then. In January I opened 5 Club Lloyds savers as well as 3 current accounts within LBG (1 with each bank) and have been bouncing £1 through them for the YouGov finance points ever since. My suspicion is now that this has tipped them over the edge. I never thought much of it at the time as I was able to open 3 Halifax reward accounts in a single day last spring but evidently LBG have taken offence by this.

masonic

Thanks for being so open about the situation. Hopefully the rest of us can avoid a similar fate.