LBG closing all my accounts on 18th May

Band7

wmb194 said:

granta said:

Does anyone know of LBG account closures affecting the closure of iweb/Lloyds Share-dealing accounts or would these be considered separate enough?

IIRC there was a thread where this happened to someone and they said they also had their iWeb account closed.

Here's one who has had their iWeb closed, too:
https://forums.moneysavingexpert.com/discussion/comment/70775987/#Comment_70775987

ForumUser7

Band7 said:

wmb194 said:

granta said:

Does anyone know of LBG account closures affecting the closure of iweb/Lloyds Share-dealing accounts or would these be considered separate enough?

IIRC there was a thread where this happened to someone and they said they also had their iWeb account closed.

Here's one who has had their iWeb closed, too:
https://forums.moneysavingexpert.com/discussion/comment/70775987/#Comment_70775987

@Bridlington1 the post has some info re mergers and banned customers 

granta

wmb194 said:

granta said:

Does anyone know of LBG account closures affecting the closure of iweb/Lloyds Share-dealing accounts or would these be considered separate enough?

IIRC there was a thread where this happened to someone and they said they also had their iWeb account closed.

Thanks. A good incentive to try and avoid account closures then

tg99

Band7 said:

wmb194 said:

granta said:

Does anyone know of LBG account closures affecting the closure of iweb/Lloyds Share-dealing accounts or would these be considered separate enough?

IIRC there was a thread where this happened to someone and they said they also had their iWeb account closed.

Here's one who has had their iWeb closed, too:
https://forums.moneysavingexpert.com/discussion/comment/70775987/#Comment_70775987

Don’t remind me!

WillPS

Just had a heart-stopping moment collecting the post. Two identical looking letters from LBG, both addressed to my fiancée.

(We'd recently opened a joint account together at Lloyds to get an extra 'Lifestyle' perk and also a Monthly Saver for her, so not inconceivable that her accounts had been reviewed. She also opened a Lloyds Siver account in Feb which was downgraded as soon as the switch had completed.)

Thankfully they were both 'Time to choose your next reward extras' letters from Halifax.

enthusiasticsaver

Do you really have 24 accounts with the same banking group?  

I would imagine that the reason for their closing the accounts is a combination of reason 1 and 2.  No doubt banks do look at customers banking habits and if they are constantly switching accounts for bonuses etc or stoozing cash from interest free credit cards and overdrafts they may decide you are not the sort of customer they want. I would make sure you don't do that with your main banking account. 

phillw

Band7 said:

 without anyone having been able to suggest anything tangible on how to avoid those closures.

Opening five accounts in one day while only using existing accounts to meet minimum requirements and exploiting bugs that allow you to have multiple profiles and open accounts when the terms don't allow it, is not tangible? 

phillw

enthusiasticsaver said:

Do you really have 24 accounts with the same banking group?  

Yes, i think including multiple accounts that the terms say you can only have one of

WillPS

phillw said:

Band7 said:

 without anyone having been able to suggest anything tangible on how to avoid those closures.

Opening five accounts in one day while only using existing accounts to meet minimum requirements and exploiting bugs that allow you to have multiple profiles and open accounts when the terms don't allow it, is not tangible? 

You've replied to a post off the last few pages so it's not easy to follow the conversation, but where did @Bridlington1 detail using a profile exploit or opening multiple accounts they're only allowed one of, please?

Bridlington1

enthusiasticsaver said:

Do you really have 24 accounts with the same banking group?  

I would imagine that the reason for their closing the accounts is a combination of reason 1 and 2.  No doubt banks do look at customers banking habits and if they are constantly switching accounts for bonuses etc or stoozing cash from interest free credit cards and overdrafts they may decide you are not the sort of customer they want. I would make sure you don't do that with your main banking account. 

As far as current accounts go I've never had that many current accounts with one banking group.

I have had close to that many in total across all banking groups prior to LBG throwing me out as I have accounts with most current account providers but have since began switching out some of the LBG accounts to prevent having a payment bounced. I'm now down to 5 accounts with LBG, the most I've ever held with LBG at any one time is 9.

As for a main banking account I'm not really sure I have one as such. My income goes into Santander's student account which has a £1.5k 0% overdraft, which I've been stoozing since December. I pay into a few regular savers with it but don't use it for much else. Nationwide, Metro and Virgin have the highest number of transactions given that most of my nominated accounts are now linked to them so are my main accounts for paying into savings account. I do all my spending on 3 credit cards, 2 of which are paid by DD from a Natwest select account that is reserved as a future donor account (I doubt it will be switched at any point in the next few years though given recent events and the fact that I hoovered up pretty much every switching offer last year), with the third credit card that I pay by faster payment from TSB. I am holding the third credit card as a spare DD that could be attached to any current account at short notice.

I would agree with you in the sense that it is likely a combination of 1 and 2 that made them close my accounts, with the opening of 5 savings accounts in January sparking the review.

phillw said:

Band7 said:

 without anyone having been able to suggest anything tangible on how to avoid those closures.

Opening five accounts in one day while only using existing accounts to meet minimum requirements and exploiting bugs that allow you to have multiple profiles and open accounts when the terms don't allow it, is not tangible? 

The 5 current accounts in one day was with TSB, which led to them closing those accounts and preventing me from opening any more. They've still let me keep one current account though. TSB create a new profile with every new current account you open so I ended up with multiple profiles from that, which didn't merge properly until January.

I have never created multiple profiles with LBG though.

phillw said:

enthusiasticsaver said:

Do you really have 24 accounts with the same banking group?  

Yes, i think including multiple accounts that the terms say you can only have one of

All of the accounts I have opened multiple of are the ones that the Ts&Cs never state you can't have multiple of, such as the BOS classic account, Halifax reward account (limited to 3 per person so I opened 3) etc. The only time I have broken any of their rules was renewing the LBG regular savers then opening new ones and briefly holding both a TSB and a Barclays student account for around half an hour in November.