General Discussion and Whimsical Banter

ircE

Bridlington1 said:

Thanks for reminding me, they still haven't responded to the DSAR I submitted to them on 31st August when they told me they were closing my only account in the first place.

I thought they had to respond within one month...!

dealyboy

@Bridlington1 ... Honestly from what I know of you you will not need the chickenfeed you've been scraping 'over the coming years'  .

ToastLady

@Bridlington1 Sorry to hear about this further ban. Banks should have to tell you why they are closing your account(s).
We are hearing more and more of this happening, and it really would be good to know the reasons why. 

Thumbs_Up

@Bridlington1

I take it you're not a mature student? So basically you are just starting out in life and now you have a life time ban with 3 banking groups.

Can't say I'm a member of your fan group. I have read some of you earlier comments about this predicament you have and it did come over as a bit of a jolly jape. Back then you did seem to have the attitude, and to quote a film   "frankly my dear I don't give a dam"    

pecunianonolet

@Bridlington1 that sounds indeed like you're now missing out on quite a lot of offers, benefits and accounts due to bans by adjusting behaviour. I guess it does make banks suspicious that a student can turn such sums around when most have to turn every penny twice to get education and life going ending up with a huge debt they have to repay for many years or decades. 

However, I sincerely hope you land a high income job so there is a chance that in the future some of the banks let you back in. Perhaps regulation will change in your favour too. 

I myself also became a bit more cautious after my Halifax saga, when they closed my current account and regular saver. However, the Everyday Saver I opened but was not really interested in is still open with a NIL balance. I think that saver came with the current account. They closed the accounts with a 60 day notice so guess a simple commercial decision. I was just dumb enough to attempt to switch a Lloyds current account to halifax for the bonus, don't ask me what I was thinking. The DSAR revealed that they were holding totally incorrect info about me and put me in risk category 9, the highest. The Bank of Scotland branch manager was scratching his head, said in over 10 years with them he hasn't seen anything like that. Apologised and corrected any possible info he was able to access and made a note to the file. The date moved in to my current flat was still out by 6 years and he was unable to correct it. Copies of literally everything were taken and we filled out any possible field in there system with info. 

Never heard back from them.

Regarding phoning when moving big sums, I did this when I funded my ISA last year. I aggregated funds in my main account with HSBC, phoned them and asked over the phone to move the full 20k to Virgin. Obviously, I had to go through all the security and fraud checks, answer many questions about source of funds, had to acknowledge I understand the risk, etc. and it was moved without problem for me. I was advised that aggregating 20k in an usually empty current account within 20 minutes and moving it all straight back out would have for sure triggered a fraud and ML check or even temp freeze. 

There will always be fraud and however strict and tight procedures are, someone will attempt to circumvent or trick the system. It worked for me so as long as you can basically answer any possible question they through at you you're fine and a note is also added to your file so should you move larger sums more often it builds some sort of confidence I guess.

Barkin

pecunianonolet said:

I was advised that aggregating 20k in an usually empty current account within 20 minutes and moving it all straight back out would have for sure triggered a fraud and ML check or even temp freeze. 

Really?

I've done exactly that - though not with HSBC, admittedly - on numerous occasions, and never had any issues. 

pecunianonolet

Barkin said:

pecunianonolet said:

I was advised that aggregating 20k in an usually empty current account within 20 minutes and moving it all straight back out would have for sure triggered a fraud and ML check or even temp freeze. 

Really?

I've done exactly that - though not with HSBC, admittedly - on numerous occasions, and never had any issues. 

Yes, that's what the advisor said. Of course, some might be lucky and not trigger any checks but do you not agree that it looks a bit strange when a current account, usually at 0 balance or in interest free arranged overdraft  suddenly gets credited 20k and funds come from like 8-10 different sources within minutes, you then set up a new payee and want to move the whole lot out?

I am with HSBC for 15 years and never really had problems and if stuff didn't go to plan they have always been generous with compensation. Once I called to raise a complaint and they passed me to their complaints team, was asked what the issue is and explained. Was asked if I am happy with £50. Said yes, the money was transferred instantly and I was asked if I am happy and if I can confirm the case is settled, said yes and hung up. By the time I logged into the app the cash was already there. Got a follow up email a few minutes later with case ID, quick explanation and that it has been resolved. That was earlier this year. 

Bridlington1

ircE said:

Bridlington1 said:

Thanks for reminding me, they still haven't responded to the DSAR I submitted to them on 31st August when they told me they were closing my only account in the first place.

I thought they had to respond within one month...!

I believe they do. I shall probably have to contact Metro about the DSAR again at some point in the near future.

dealyboy said:

@Bridlington1 ... Honestly from what I know of you you will not need the chickenfeed you've been scraping 'over the coming years'  .

I appreciate the kind words but I think even if by some remarkable turn of events I ended up a millionaire I'd likely still end up chasing the best savings rates and doing the odd bank switch here and there (assuming there's any left that will accept my custom). I've just always been saving for something and I can't say I've ever had much of an urge to spend so being a rate tart has become second nature to me. As soon as I've bought my first home I will most likely be saving for my retirement, once I retire I imagine I will start saving so that any descendants can receive a decent inheritance so I can't imagine I'll ever stop trying to get a bit of extra money out of the banks here and there if I can and generally being reluctant to spend money unnecessarily as I'll probably always be able to find a reason to save.

ToastLady said:

@Bridlington1 Sorry to hear about this further ban. Banks should have to tell you why they are closing your account(s).
We are hearing more and more of this happening, and it really would be good to know the reasons why. 

It would be nice to know exactly why the banks have closed my accounts but I'm slightly torn on this one in that I can see both sides of the argument. On the one hand knowing the specific reasons behind the account closures would be useful in order to take steps to avoid being banned from other banks and the lack of a clear answer to the question "exactly why has this bank closed my account?" is pretty frustrating I've found. On the flip side though if the bank closes the account due to fraud/money laundering and the bank told the customer that this was the reason behind the closure it would give criminals the chance to destroy/cover up any evidence or warn others involved with the same crime. If a bank had to give a reason for account closures then if someone receives no explanation the implication would be that the account was closed due to suspected criminal activity and this may potentially end up tipping off criminals. 

Thumbs_Up said:

@Bridlington1

I take it you're not a mature student? So basically you are just starting out in life and now you have a life time ban with 3 banking groups.

Can't say I'm a member of your fan group. I have read some of you earlier comments about this predicament you have and it did come over as a bit of a jolly jape. Back then you did seem to have the attitude, and to quote a film   "frankly my dear I don't give a dam"    

You are correct, I'm not a mature student at all and at the age of 20 I now find myself banned from 3 banking groups, with a fourth not letting me open new accounts but allowing me to retain the accounts I currently have with them, so probably not my greatest achievement.

I admit I've probably come across as sounding a bit unsympathetic and overly harsh in some of my earlier posts in particular, this was not the intention and I can't say I've never intended to come across as a "jolly jape" in any of my posts and I do "give a damn" about this predicament and wouldn't wish it on anyone. At the same time though once you've received a lifetime ban there is precious little you can do to reverse it so I take the view that all you can do is to make the best of it and where possible take reasonable steps to prevent it happening again and attempt to minimise the potential impact that a repeat of the event can have on you.

pecunianonolet said:

@Bridlington1 that sounds indeed like you're now missing out on quite a lot of offers, benefits and accounts due to bans by adjusting behaviour. I guess it does make banks suspicious that a student can turn such sums around when most have to turn every penny twice to get education and life going ending up with a huge debt they have to repay for many years or decades. 

However, I sincerely hope you land a high income job so there is a chance that in the future some of the banks let you back in. Perhaps regulation will change in your favour too. 

I myself also became a bit more cautious after my Halifax saga, when they closed my current account and regular saver. However, the Everyday Saver I opened but was not really interested in is still open with a NIL balance. I think that saver came with the current account. They closed the accounts with a 60 day notice so guess a simple commercial decision. I was just dumb enough to attempt to switch a Lloyds current account to halifax for the bonus, don't ask me what I was thinking. The DSAR revealed that they were holding totally incorrect info about me and put me in risk category 9, the highest. The Bank of Scotland branch manager was scratching his head, said in over 10 years with them he hasn't seen anything like that. Apologised and corrected any possible info he was able to access and made a note to the file. The date moved in to my current flat was still out by 6 years and he was unable to correct it. Copies of literally everything were taken and we filled out any possible field in there system with info. 

Never heard back from them.

Yes I'm probably not a stereotypical student even if you don't take into account my attitude to money so that probably will prove to be costly, at least in financial terms when it comes to the banks. I can't help but wonder if I'd waited until after I had finished uni before becoming a rate tart I may well have been able to avoid some of the lifetime bans but it is what it is. I doubt I'll be allowed to open another account with Barclays, Metro and in particular LBG unless something pretty spectacular happens in the future though.

Ah yes, I remember you mentioning your Halifax issues in the LBG are closing my accounts thread earlier this year. I'm sorry to hear that still rumbles on.

pecunianonolet said:

Barkin said:

pecunianonolet said:

I was advised that aggregating 20k in an usually empty current account within 20 minutes and moving it all straight back out would have for sure triggered a fraud and ML check or even temp freeze. 

Really?

I've done exactly that - though not with HSBC, admittedly - on numerous occasions, and never had any issues. 

Yes, that's what the advisor said. Of course, some might be lucky and not trigger any checks but do you not agree that it looks a bit strange when a current account, usually at 0 balance or in interest free arranged overdraft  suddenly gets credited 20k and funds come from like 8-10 different sources within minutes, you then set up a new payee and want to move the whole lot out?

I am with HSBC for 15 years and never really had problems and if stuff didn't go to plan they have always been generous with compensation. Once I called to raise a complaint and they passed me to their complaints team, was asked what the issue is and explained. Was asked if I am happy with £50. Said yes, the money was transferred instantly and I was asked if I am happy and if I can confirm the case is settled, said yes and hung up. By the time I logged into the app the cash was already there. Got a follow up email a few minutes later with case ID, quick explanation and that it has been resolved. That was earlier this year. 

I tend to take the information that I get from bank staff with a pinch of salt these days. On a few occasions I've been given incorrect information, notably by Barclays who told me I would be able to switch a TSB student account to a Barclays student account using the CASS, only to be told several weeks later when I opened the account in branch that I wouldn't be able to switch in using the CASS and that I would need to close the TSB account manually and return with proof of account closure. That one ended well. On other occasions I've contacted a bank twice to ask the same question and received two completely different responses.

callum9999

Bridlington1 said:

It would be nice to know exactly why the banks have closed my accounts but I'm slightly torn on this one in that I can see both sides of the argument. On the one hand knowing the specific reasons behind the account closures would be useful in order to take steps to avoid being banned from other banks and the lack of a clear answer to the question "exactly why has this bank closed my account?" is pretty frustrating I've found. On the flip side though if the bank closes the account due to fraud/money laundering and the bank told the customer that this was the reason behind the closure it would give criminals the chance to destroy/cover up any evidence or warn others involved with the same crime. If a bank had to give a reason for account closures then if someone receives no explanation the implication would be that the account was closed due to suspected criminal activity and this may potentially end up tipping off criminals. 

This is regularly claimed but makes no sense at all. You can't seriously believe someone actively engaged in money laundering would see that their account has been closed and think "I'm currently laundering money, but the bank probably just randomly closed the account for no reason and doesn't suspect a thing"?

ToastLady

callum9999 said:

Bridlington1 said:

It would be nice to know exactly why the banks have closed my accounts but I'm slightly torn on this one in that I can see both sides of the argument. On the one hand knowing the specific reasons behind the account closures would be useful in order to take steps to avoid being banned from other banks and the lack of a clear answer to the question "exactly why has this bank closed my account?" is pretty frustrating I've found. On the flip side though if the bank closes the account due to fraud/money laundering and the bank told the customer that this was the reason behind the closure it would give criminals the chance to destroy/cover up any evidence or warn others involved with the same crime. If a bank had to give a reason for account closures then if someone receives no explanation the implication would be that the account was closed due to suspected criminal activity and this may potentially end up tipping off criminals. 

This is regularly claimed but makes no sense at all. You can't seriously believe someone actively engaged in money laundering would see that their account has been closed and think "I'm currently laundering money, but the bank probably just randomly closed the account for no reason and doesn't suspect a thing"?

I would have thought if the bank suspected money laundering, they would be more liable to freeze an account, and make appropriate investigation, rather than closing.