Chase UK closed account without any warning

wmb194

SP218 said:

I know this is about Chase but I had the same thing just days ago with my Barclays Premier account, though they have given me 60 days notice for closing my account. Per the T&C they don't have to give a reason due to the risk of tipping off. My Barclays Avios card has also been closed with immediate effect.

Obviously I know I'm not money laundering but in my case I am wondering if they are closing down the account as they gaining little financially. Whilst I pay a fee for both my account and credit card, in return get Avios points and upgrade vouchers and I have used the account to aggressively acquire points meaning I keep very little money in the account but put through loads of credit card spend which I pay off immediately. I also don't have any direct debits so I can sort of understand that my account represents very little value for money.

Deposits from or sending money abroad? From third parties e.g., from someone you sold something to online? Crypto?

 No, it won't be because you think Barclays isn't making enough from you. You sound like a half decent customer compared to most people and especially me and Barclays hasn't yet closed my accounts.

Ergates

SP218 said:

I know this is about Chase but I had the same thing just days ago with my Barclays Premier account, though they have given me 60 days notice for closing my account. Per the T&C they don't have to give a reason due to the risk of tipping off. My Barclays Avios card has also been closed with immediate effect.

Obviously I know I'm not money laundering but in my case I am wondering if they are closing down the account as they gaining little financially. Whilst I pay a fee for both my account and credit card, in return get Avios points and upgrade vouchers and I have used the account to aggressively acquire points meaning I keep very little money in the account but put through loads of credit card spend which I pay off immediately. I also don't have any direct debits so I can sort of understand that my account represents very little value for money.

If they've given you 60 days notice the it's not AML or fraud trigger, in which case tipping off isn't the concern.  It's most likely that you are engaging in activity (or they suspect you are) that whilst not illegal either puts you in a high risk category, or is something they don't want to support.  Crypto, gambling sites, things like that are common.

I've had a First Direct account for 15 years and never paid them a penny.

blueste

born_again said:

steven141 said:

This is ridiculous. People being accused of money laundering. Just because some people do doesn’t mean that innocent people are. If hate for this to happen if it did. I would never bank with them again if it did happen to me. Luckily I have multiple accounts and this is another reason for not having your eggs all in one basket. 

We only get one side of a story.

Closing without warning is as serious as it gets. Something has triggered a internal investigation & a closure such as this is never taken lightly, & will be made quite high up in the bank.

Op better get a SAR into CIFAS & National Hunter to see what data has been passed to them.

If they have closed you down in this way, rest assured THEY will not let you bank with them again.

Having more than one account, with banks so long as not part of the same group. Should be everyone 1st step when starting banking.

Perhaps with Chase I agree with your assertion as this is the only case I am aware of. However I am absolutely  convinced that Nat West close accounts without good reason. This FB group has been running for some years and contains 100's of stories of people claiming their account was closed for no good reason-I cannot accept that they are all lying especially given the detail many people go into.

https://www.facebook.com/groups/3096246600404581

eskbanker

blueste said:
However I am absolutely  convinced that Nat West close accounts without good reason. This FB group has been running for some years and contains 100's of stories of people claiming their account was closed for no good reason-I cannot accept that they are all lying especially given the detail many people go into.

That's a false dichotomy - just because the affected customers don't know the reason for the closure doesn't necessarily mean either that they're lying or that the bank closed an account without good reason.

jimjames

SP218 said:

 I have used the account to aggressively acquire points 

This sounds exactly why they would close it. If you admit it was aggressive then their systems could see it in a more negative way.

blueste

eskbanker said:

blueste said:
However I am absolutely  convinced that Nat West close accounts without good reason. This FB group has been running for some years and contains 100's of stories of people claiming their account was closed for no good reason-I cannot accept that they are all lying especially given the detail many people go into.

That's a false dichotomy - just because the affected customers don't know the reason for the closure doesn't necessarily mean either that they're lying or that the bank closed an account without good reason.

It's not, educate yourself and read the FB group and the subject in general before coming to that conclusion. It all started when Covid bounce bank loans started hitting accounts and escalated from there. Other banks simply do not get anything like the same amount of closed without reason allegations.

eskbanker

blueste said:

eskbanker said:

blueste said:
However I am absolutely  convinced that Nat West close accounts without good reason. This FB group has been running for some years and contains 100's of stories of people claiming their account was closed for no good reason-I cannot accept that they are all lying especially given the detail many people go into.

That's a false dichotomy - just because the affected customers don't know the reason for the closure doesn't necessarily mean either that they're lying or that the bank closed an account without good reason.

It's not, educate yourself and read the FB group and the subject in general before coming to that conclusion. It all started when Covid bounce bank loans started hitting accounts and escalated from there. Other banks simply do not get anything like the same amount of closed without reason allegations.

I'm more than adequately educated, thanks, and haven't jumped to any conclusion - I was just pointing out the simple logic that when a customer says they don't know why a bank has closed their account, there are more explanations than the two you chose, i.e. the bank doing so without good reason or the customer lying.

Hoenir

blueste said:

eskbanker said:

blueste said:
However I am absolutely  convinced that Nat West close accounts without good reason. This FB group has been running for some years and contains 100's of stories of people claiming their account was closed for no good reason-I cannot accept that they are all lying especially given the detail many people go into.

That's a false dichotomy - just because the affected customers don't know the reason for the closure doesn't necessarily mean either that they're lying or that the bank closed an account without good reason.

It's not, educate yourself and read the FB group and the subject in general before coming to that conclusion. It all started when Covid bounce bank loans started hitting accounts and escalated from there. Other banks simply do not get anything like the same amount of closed without reason allegations.

Banks are basing their decisions on actual facts. Facebook is just heresay.  There's no verification as to what's posted. 

blueste

Hoenir said:

blueste said:

eskbanker said:

blueste said:
However I am absolutely  convinced that Nat West close accounts without good reason. This FB group has been running for some years and contains 100's of stories of people claiming their account was closed for no good reason-I cannot accept that they are all lying especially given the detail many people go into.

That's a false dichotomy - just because the affected customers don't know the reason for the closure doesn't necessarily mean either that they're lying or that the bank closed an account without good reason.

It's not, educate yourself and read the FB group and the subject in general before coming to that conclusion. It all started when Covid bounce bank loans started hitting accounts and escalated from there. Other banks simply do not get anything like the same amount of closed without reason allegations.

Banks are basing their decisions on actual facts. Facebook is just heresay.  There's no verification as to what's posted. 

I'm far from a conspiracy theorist or anti-establishment and would ordinarily agree with your sentiments but I assure you that if you were to take the time to read just 20 peoples experiences with Nat West it would raise your suspicions. If you were then to research the number of people that claim Nat West closed their account versus other banks they would be raised further.
I would also point out that Post Office LTD claimed something similar regarding sub postmasters claims that shortfalls were due to a faulty IT system, the actual fact they used was "The Horizon system is used by 60,000 people across the Post Office network, recording six million transactions every day....." but we all know the truth of that dispute now don't we?

eskbanker

blueste said:

eskbanker said:

blueste said:

eskbanker said:

blueste said:
However I am absolutely  convinced that Nat West close accounts without good reason. This FB group has been running for some years and contains 100's of stories of people claiming their account was closed for no good reason-I cannot accept that they are all lying especially given the detail many people go into.

That's a false dichotomy - just because the affected customers don't know the reason for the closure doesn't necessarily mean either that they're lying or that the bank closed an account without good reason.

It's not, educate yourself and read the FB group and the subject in general before coming to that conclusion. It all started when Covid bounce bank loans started hitting accounts and escalated from there. Other banks simply do not get anything like the same amount of closed without reason allegations.

I'm more than adequately educated, thanks, and haven't jumped to any conclusion - I was just pointing out the simple logic that when a customer says they don't know why a bank has closed their account, there are more explanations than the two you chose, i.e. the bank doing so without good reason or the customer lying.

Do you have a problem with reading and understanding? I asked you to educate yourself on the specific subject of Nat West 4 year history of closing accounts with (according to the customer) no good reason not life in general! Unless of course your claiming some sort of existing education on the subject? If so perhaps you could share your thoughts? 

I'm sure that most readers will be capable of spotting where the comprehension deficiencies lie! 🙄

It's entirely possible that NatWest has a higher closure rate than other banks - someone has to be at the top of that list - but that still doesn't mean that they don't have good reasons for doing so.

At least partly in response to the Farage debanking furore, the FCA conducted extensive research into account declines, suspensions and terminations last year and updated it this year, in which some of the reasons for closure are highlighted:
https://www.fca.org.uk/publication/corporate/uk-payment-accounts-access-and-closures.pdf
https://www.fca.org.uk/publication/corporate/uk-payment-accounts-access-closures-update.pdf

Naturally, the FCA will have sight of firm-specific data anyway, both directly and via FOS complaints statistics, so if there was any truth in the assertion that NatWest were randomly closing a disproportionate number of accounts without good reason then the relevant action would be taken.