If a bank closes an account for a breach of terms, does it put a 'marker' on your name?

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  • Lions_89
    Lions_89 Posts: 151 Forumite
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    Meanwhile, fraudulent individuals are moving hundreds of thousands of pounds across multiple accounts via Chase.....seems like a bit of an overreaction to your circumstances if you ask me (that;s providing you have disclosed the full details).

    I'd take my business elsewhere.

    Is there evidence Chase is allowing fraudulent payments?
  • Kim_13
    Kim_13 Posts: 2,401 Forumite
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    la531983 said:
    Surely it depends on the reason for the closure. If the bank closing the account put a lovely CIFAS marker on you, then good luck opening any account anywhere else.
    I had to Google this to find out what it was 😁
    If they do this to me because they thought I was finagling my money to get a few extra pennies each month, then I would have to ........ I don't really know what I'd do but it wouldn't be pretty.

    Loads of places pay 5% nowadays - it's not like it's that good an offer. I only do round-ups because it makes my accounting neat as everything is a round pound. 

    This is all so daft 🙄
    So £3.29 for postage and £0.71 to another account makes your accounting neat?
    I prefer to have my bank balance ending in 0 - since 5% hasn’t been a competitive rate, I have disabled these roundups and move the roundup manually to another account paying a higher rate. I would suggest the OP does the same. They not only then get a better rate on their roundup savings, but retain their Chase account for the purposes of earning cashback.

    That Chase have flagged the OP’s account at this time suggests it is done by algorithm, and that another such ping would put them at risk of closure and potentially a misuse of facility CIFAS marker. A human would realise that a) eBay purchases are legitimate transactions, either through purchasing postage or because you are more likely to make smaller purchases there, as free postage isn’t subject to a minimum order value as it is with many other retailers and b) That if someone is making a lot of small transactions, it isn’t to game the roundups as would have been worthwhile at the time of their launch. They have upped the interest rate on the Chase Saver Account some three or four times, but have never touched the roundups rate.




  • Kim_13 said:

    I prefer to have my bank balance ending in 0 - since 5% hasn’t been a competitive rate, I have disabled these roundups and move the roundup manually to another account paying a higher rate. I would suggest the OP does the same. They not only then get a better rate on their roundup savings, but retain their Chase account for the purposes of earning cashback.


    Yes, this seems like the best solution. I think I will do this.

    So £3.29 for postage and £0.71 to another account makes your accounting neat?
    Yes 😊 - may sound daft but I like everything being £XX.00. I just calculate each postage as costing me £4, like I assume each pint costs me £5 and my Uber home is always £9. It looks tidy. 
  • Lions_89 said:
    Meanwhile, fraudulent individuals are moving hundreds of thousands of pounds across multiple accounts via Chase.....seems like a bit of an overreaction to your circumstances if you ask me (that;s providing you have disclosed the full details).

    I'd take my business elsewhere.

    Is there evidence Chase is allowing fraudulent payments?
    APP fraud performance data | Payment Systems Regulator (psr.org.uk)

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  • grumbler
    grumbler Posts: 58,629 Forumite
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    edited 26 November 2023 at 2:25PM
    Kim_13 said:
    la531983 said:
    Surely it depends on the reason for the closure. If the bank closing the account put a lovely CIFAS marker on you, then good luck opening any account anywhere else.
    I had to Google this to find out what it was 😁
    If they do this to me because they thought I was finagling my money to get a few extra pennies each month, then I would have to ........ I don't really know what I'd do but it wouldn't be pretty.

    Loads of places pay 5% nowadays - it's not like it's that good an offer. I only do round-ups because it makes my accounting neat as everything is a round pound. 

    This is all so daft 🙄
    So £3.29 for postage and £0.71 to another account makes your accounting neat?

    That Chase have flagged the OP’s account at this time suggests it is done by algorithm, and that another such ping would put them at risk of closure and potentially a misuse of facility CIFAS marker. 

    It's worth saying what vague "misuse of facility" is in fact supposed to mean:
    Misuse of facility. This occurs when an account is obtained with the intent to use it for fraud


    Misuse of Facility: this is where an account or other facility is obtained, with the deliberate intent of using that facility for a fraudulent purpose. 


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