Bank has closed my current account

MacSue

sheramber said:

Since it is their error, would they let  you open a new account  to deposit the  cheque while they investigate.

You could switch the new account to another bank and get a switch payment if you did not want to stay with them.

I think this is what the helpful woman in complaints is trying to achieve. 

MacSue

Thanks all for your very helpful comments, it has made me feel less alone with this problem!

My current thinking is to wait a couple of working days hoping to reinstate my current account activities with Santander, let that settle and then switch and earn some money! And keep my Chase account for the convenience and savings. 

Alternatively to open a current account with Halifax as I also have a credit card with them and an instant saver with 1p in it. I'm going to check out whether that's a better solution. 

But I do think this is a good moment to shake things up and get a different current account and make some money doing the switch thing. I haven't in the past because of a stupid reluctance as I had had the same account for 50 years! I knew this was mindless sentimentalism but couldn't quite push myself to move. Now they have rather rudely pushed me away!

I do wonder if there is any effect on my profile/credit report if I have too many accounts? Or open and then close accounts quickly. Any thoughts on that?

Or any other thoughts on my way forward? I can manage with my Chase account for now and have savings there that I can draw on so I don't actually need to get hold of the cheque amount instantly as I at first thought, though that's clearly preferable as I'll be losing interest drawing on my savings instead.

MacSue

dealyboy said:

If there was a suspected issue with your landlord they would block payments and probably block your account access but they notified you that they had cancelled the DD mandate as they would in the account closure process.

Thanks! 

Just for clarity it was the landlord that emailed me that the DD Mandate had been cancelled by the bank - an automated email I think as it was at 8.59pm. The bank did not let me know anything but trying to work out why it had been cancelled is what led me to discover the whole account has been closed.

GeoffTF

MacSue said:

Alternatively to open a current account with Halifax as I also have a credit card with them and an instant saver with 1p in it. I'm going to check out whether that's a better solution.

It is a good idea to have those accounts with separate banks. I have a Santander MasterCard and a Barclays Reward Card Visa. If either bank's system crashes, I can still pay. If either MasterCard or Visa is down, I can still pay. I keep short term cash with Marcus. Not the best interest payer, but they are better than Santander, and regularly increase their rates. Transfers to my current account take only a few minutes. With many "easy access" accounts it is the next working day if you are lucky.

grumbler

MacSue said:

. 

But I do think this is a good moment to shake things up and get a different current account and make some money doing the switch thing. I haven't in the past because of a stupid reluctance as I had had the same account for 50 years! I knew this was mindless sentimentalism but couldn't quite push myself to move. Now they have rather rudely pushed me away!

I do wonder if there is any effect on my profile/credit report if I have too many accounts? 

Not really, but It's good to have a long-standing account in your history. 'Serial' switchers doing this purely for rewards don't switch their main accounts. You too can open a second account with the same bank and then switch it, but in this case you'll have to change your DDs and SOs manually. The pension provider you'll have to inform anyway.

Or open and then close accounts quickly. Any thoughts on that?

The speed doesn't matter, but the frequency does. See the 'warning' in MSE article - https://www.moneysavingexpert.com/banking/multiple-bank-switching/

MacSue

grumbler said:

MacSue said:

. 

But I do think this is a good moment to shake things up and get a different current account and make some money doing the switch thing. I haven't in the past because of a stupid reluctance as I had had the same account for 50 years! I knew this was mindless sentimentalism but couldn't quite push myself to move. Now they have rather rudely pushed me away!

I do wonder if there is any effect on my profile/credit report if I have too many accounts? 

Not really, but It's good to have a long-standing account in your history. 'Serial' switchers doing this purely for rewards don't switch their main accounts. You too can open a second account with the same bank and then switch it, but in this case you'll have to change your DDs and SOs manually. The pension provider you'll have to inform anyway.

Or open and then close accounts quickly. Any thoughts on that?

The speed doesn't matter, but the frequency does. See the 'warning' in MSE article - https://www.moneysavingexpert.com/banking/multiple-bank-switching/

Can't do much about the longstanding account as it's closed!!! 

grumbler

MacSue said:

grumbler said:

MacSue said:

. 

But I do think this is a good moment to shake things up and get a different current account and make some money doing the switch thing. I haven't in the past because of a stupid reluctance as I had had the same account for 50 years! I knew this was mindless sentimentalism but couldn't quite push myself to move. Now they have rather rudely pushed me away!

I do wonder if there is any effect on my profile/credit report if I have too many accounts? 

Not really, but It's good to have a long-standing account in your history. 'Serial' switchers doing this purely for rewards don't switch their main accounts. You too can open a second account with the same bank and then switch it, but in this case you'll have to change your DDs and SOs manually. The pension provider you'll have to inform anyway.

Or open and then close accounts quickly. Any thoughts on that?

The speed doesn't matter, but the frequency does. See the 'warning' in MSE article - https://www.moneysavingexpert.com/banking/multiple-bank-switching/

Can't do much about the longstanding account as it's closed!!! 

I know, but, hopefully they will re-open it.

[Deleted User]

MacSue said:

Thanks all for your very helpful comments, it has made me feel less alone with this problem!

My current thinking is to wait a couple of working days hoping to reinstate my current account activities with Santander, let that settle and then switch and earn some money! And keep my Chase account for the convenience and savings. 

Alternatively to open a current account with Halifax as I also have a credit card with them and an instant saver with 1p in it. I'm going to check out whether that's a better solution. 

But I do think this is a good moment to shake things up and get a different current account and make some money doing the switch thing. I haven't in the past because of a stupid reluctance as I had had the same account for 50 years! I knew this was mindless sentimentalism but couldn't quite push myself to move. Now they have rather rudely pushed me away!

I do wonder if there is any effect on my profile/credit report if I have too many accounts? Or open and then close accounts quickly. Any thoughts on that?

Or any other thoughts on my way forward? I can manage with my Chase account for now and have savings there that I can draw on so I don't actually need to get hold of the cheque amount instantly as I at first thought, though that's clearly preferable as I'll be losing interest drawing on my savings instead.

The Halifax instant saver can be renewed into an Everyday Saver, you can deposit the cheque via their branch/app and even get a Link ATM card sent out to you.

MacSue

The bank has restored the account fully and is offering me £200 compensation. Do you think that is a good amount and I let it go?

"technical error"!

MacSue

I am hugely grateful for your comments which helped me feel less alone with this problem! Thank you!