LBG closing all my accounts on 18th May

gwapenut

You've also been extremely helpful by fully disclosing your activities, it gives an extremely helpful insight into what pushes banks over the edge and your free discussion will prove invaluable for other members of this forum.

You're posting this information not because you need help or advice, but because you feel others can learn from it. That is admirable.

redux

gwapenut said:

You've also been extremely helpful by fully disclosing your activities, it gives an extremely helpful insight into what pushes banks over the edge and your free discussion will prove invaluable for other members of this forum.

You're posting this information not because you need help or advice, but because you feel others can learn from it. That is admirable.

I can't say I understand it in much detail. There seems to be several times more stuff going on than I would expect, and I'm not sure what the end product is, how much is being earned on how much.

In the past I've regarded bank switch offers as something to do just once, so not necessarily yet. Maybe I should have used the expiring Tesco bank accounts for switches, but I didn't. However I have recently applied for the first two and am considering another. If someone has made it to several times as many, and multiple applications with the same bank group, some closed not much later, I'm not surprised they might tighten things up a bit. But even in saying that, I may have some of it wrong.

WillPS

redux said:

gwapenut said:

You've also been extremely helpful by fully disclosing your activities, it gives an extremely helpful insight into what pushes banks over the edge and your free discussion will prove invaluable for other members of this forum.

You're posting this information not because you need help or advice, but because you feel others can learn from it. That is admirable.

I can't say I understand it in much detail. There seems to be several times more stuff going on than I would expect, and I'm not sure what the end product is, how much is being earned on how much.

In the past I've regarded bank switch offers as something to do just once, so not necessarily yet. Maybe I should have used the expiring Tesco bank accounts for switches, but I didn't. However I have recently applied for the first two and am considering another. If someone has made it to several times as many, and multiple applications with the same bank group, some closed not much later, I'm not surprised they might tighten things up a bit. But even in saying that, I may have some of it wrong.

My take home from all this is that timing probably matters. You can probably open as many accounts as you like (within stated product limits), just don't do them all at once. You can probably CASS out as many times as you like, so long as you leave a reasonable gap each time. Filling the periods between account open/close activity with normal banking activity is probably no bad thing.

Opening several identical accounts (even savings) then pinging a small amount account to account is probably going to appear weird to an account reviewer.
 
CASSing out multiple accounts from the same banking group at once is going to look either like you want out or that you're content with repeatedly using the bank's resources to make money on their dime. 

The golden rule remains - don't take the mickey.

[Deleted User]

I CASS’d 5 LBG accounts since late last year – all the switches went through fine and I now no longer hold any banking relationship with them. Be interesting if they’d accept me for an account in the future. 

Bridlington1

dealyboy said:

@Bridlington1 ...

Don't be too hard on yourself, you've been a trailblazer for many of us.

Qui onques rien n'enprist riens n'achieva.   

gwapenut said:

You've also been extremely helpful by fully disclosing your activities, it gives an extremely helpful insight into what pushes banks over the edge and your free discussion will prove invaluable for other members of this forum.

You're posting this information not because you need help or advice, but because you feel others can learn from it. That is admirable.

Many thanks for your kind words.

I am glad some forum users have found the thread useful and hope it continues to be useful in the weeks and months that follow.

I wouldn't say the creation of this thread is admirable though as I would imagine pretty much anyone in my shoes would've done the same surely. There would be little point in creating this thread if I had no intention of being honest and I couldn't bear the prospect of this being one of those ghastly, long drawn out affairs in which it takes pages and pages to find out the answer to a basic question.

The way I see it those who do not learn from their mistakes are destined to repeat them. It is probably best if people learn from the mistakes detailed in this thread than make them themselves.

Besides I too have benefitted from creating this thread, having used it to re-evaluate how I use my banks in order to get the maximum reward for the least risk of having my accounts closed and learned not to be too hasty and too extreme with trying to get money out of the banks.

WillPS said:

redux said:

gwapenut said:

You've also been extremely helpful by fully disclosing your activities, it gives an extremely helpful insight into what pushes banks over the edge and your free discussion will prove invaluable for other members of this forum.

You're posting this information not because you need help or advice, but because you feel others can learn from it. That is admirable.

I can't say I understand it in much detail. There seems to be several times more stuff going on than I would expect, and I'm not sure what the end product is, how much is being earned on how much.

In the past I've regarded bank switch offers as something to do just once, so not necessarily yet. Maybe I should have used the expiring Tesco bank accounts for switches, but I didn't. However I have recently applied for the first two and am considering another. If someone has made it to several times as many, and multiple applications with the same bank group, some closed not much later, I'm not surprised they might tighten things up a bit. But even in saying that, I may have some of it wrong.

My take home from all this is that timing probably matters. You can probably open as many accounts as you like (within stated product limits), just don't do them all at once. You can probably CASS out as many times as you like, so long as you leave a reasonable gap each time. Filling the periods between account open/close activity with normal banking activity is probably no bad thing.

Opening several identical accounts (even savings) then pinging a small amount account to account is probably going to appear weird to an account reviewer.
 
CASSing out multiple accounts from the same banking group at once is going to look either like you want out or that you're content with repeatedly using the bank's resources to make money on their dime. 

The golden rule remains - don't take the mickey.

Wise words indeed.

datz

masonic said:

They may only store records of searches for a limited period of time or record only the most recent search.

That seems probable. The three times I checked their database over the years it only ever returned a single search (presumably the most recent). Not conclusive at all, but I'd have expected more, given my number of banking relationships.

Ed-1

datz said:

masonic said:

They may only store records of searches for a limited period of time or record only the most recent search.

That seems probable. The three times I checked their database over the years it only ever returned a single search (presumably the most recent). Not conclusive at all, but I'd have expected more, given my number of banking relationships.

I've seen people post CIFAS reports than have more than one of these searches showing.

How about asking CIFAS how long they show for and whether they show to other members searching CIFAS?

gelato_cat

Bridlington1 said:

WillPS said:

Bridlington1 said:

I went into my local Lloyds branch today and their response was as expected. They said that I am bared from opening a LBG account for life and that it was a decision taken by head office and cannot be overturned. They also said they had no contact details for the account closure team and had a bit of a moan about how these letters always tell you to go into branch when they can do nothing about it.

Ah that is wrenching news. I wonder how 'for life' these things really are? Surely there's a right to be forgotten at some point if this is a 'no fault' closure?

I don't know but my only hope of opening a Lloyds account in the future seems to be if the bank collapses, gets taken over or splits up.

Blimey, I have just read the whole of this thread.  Thanks for sharing.  Yes, if the group gets broken up etc then you might be able to go back to some of the banks.

I was telling my bf about this, and he pointed out that the Lloyds Banking Group ban would probably work the other way too, so if they acquire / join forces with any other institutions / brands in the future it would likely cover those as well.

dealyboy

@Suzey ...

Suzey said:

Bridlington1 said:

WillPS said:

Bridlington1 said:

I went into my local Lloyds branch today and their response was as expected. They said that I am bared from opening a LBG account for life and that it was a decision taken by head office and cannot be overturned. They also said they had no contact details for the account closure team and had a bit of a moan about how these letters always tell you to go into branch when they can do nothing about it.

Ah that is wrenching news. I wonder how 'for life' these things really are? Surely there's a right to be forgotten at some point if this is a 'no fault' closure?

I don't know but my only hope of opening a Lloyds account in the future seems to be if the bank collapses, gets taken over or splits up.

Blimey, I have just read the whole of this thread.  Thanks for sharing.  Yes, if the group gets broken up etc then you might be able to go back to some of the banks.

I was telling my bf about this, and he pointed out that the Lloyds Banking Group ban would probably work the other way too, so if they acquire / join forces with any other institutions / brands in the future it would likely cover those as well.

You've read the whole thread ... ... ... Blimey! 

gelato_cat

dealyboy said:

@Suzey ...

Suzey said:

Bridlington1 said:

WillPS said:

Bridlington1 said:

I went into my local Lloyds branch today and their response was as expected. They said that I am bared from opening a LBG account for life and that it was a decision taken by head office and cannot be overturned. They also said they had no contact details for the account closure team and had a bit of a moan about how these letters always tell you to go into branch when they can do nothing about it.

Ah that is wrenching news. I wonder how 'for life' these things really are? Surely there's a right to be forgotten at some point if this is a 'no fault' closure?

I don't know but my only hope of opening a Lloyds account in the future seems to be if the bank collapses, gets taken over or splits up.

Blimey, I have just read the whole of this thread.  Thanks for sharing.  Yes, if the group gets broken up etc then you might be able to go back to some of the banks.

I was telling my bf about this, and he pointed out that the Lloyds Banking Group ban would probably work the other way too, so if they acquire / join forces with any other institutions / brands in the future it would likely cover those as well.

You've read the whole thread ... ... ... Blimey! 

Yes, I didn't want to start repeating stuff that had already been said or was no longer relevant eg because the OP had had the ban overturned etc, or ask questions that had already been answered.