Update -FairFX closes my account!

Leavemealone

Having attempted to load my $ account at the weekend and found that they no longer support The Co-Operative Bank and sending them an email, today I received Notification that they have closed my account!  No information as to what will be happening to my closing balance or indeed their reason for this action. 

Obviously I will attempt to find out this information but in the meantime I am left with no $ currency card close to my holiday. I assume a complaint to the banking ombudsman is my next step. 

eskbanker

Leavemealone said:

I assume a complaint to the banking ombudsman is my next step. 

You need to go through the financial institution's complaints process before escalating to the Financial Ombudsman Service.

elsien

You may well find you don’t get a reason for the closure of your account. They are not obliged to provide one.

Hoenir

Within the terms and conditions they will be within their rights to terminate the relationship. You'd expect them to refund any balance left most likely by cheque. If they don't hold a valid bank account for you. Unfortunately you've no grounds for complaint. 

Leavemealone

I do understand all their get out clauses and we the customers will always be the underdog but if there has never ever been any change in my status and having only recently been invited to renew my account and then to close it a few weeks later when I try and add money to said account is not very customer friendly and therefore not a good business move surely. I also feel that unless there are very extenuating circumstances they should have to give even a small amount of notice especially as there is a credit balance on the account which if nothing else should be returned with the same haste the account was terminated. 

I have applied for and been accepted for another currency card so this would I presume there is nothing nasty lurking on my financial record nor has there ever been.

Early days but given the lack of explanation and the timing I could have been already travelling and even more inconvenienced.  This is a move that needs to be brought to the attention of current and potential future customers. 

elsien

When you are travelling, it’s generally a good idea to have more than one method of payment anyway. Just to be on the safe side.

Bonhomie

Leavemealone said:

Having attempted to load my $ account at the weekend and found that they no longer support The Co-Operative Bank and sending them an email, today I received Notification that they have closed my account!  No information as to what will be happening to my closing balance or indeed their reason for this action. 

Obviously I will attempt to find out this information but in the meantime I am left with no $ currency card close to my holiday. I assume a complaint to the banking ombudsman is my next step. 

Why waste your time? Especially so close to your holiday. Which new currency card have you chosen?

HogMan

I used FairFX for a number of years. It used to be my card of choice for overseas spending. 

But with the advent of better options such as those from online banks, the use of currency cards no longer really make sense. Cards from the likes of Starling and Chase offer better ("perfect") exchange rates and also allow you to move money more easily and faster.

OP, I would seriously consider looking at other options to currency cards for future trips abroad.

Leavemealone

Thank you all for your input. I am going to look into it this evening as time is short. I will have swallowed the double loss of $ to£ then back again into new card. Will take this up upon my return.