Chase UK closed account without any warning

Theleak250

I thought after the Nigel F incident the rules were changing? So that if your account was closed more info would be provided erc

i understand he eventually ended up at Lloyds bank. Perhaps that’s the place to be!

propunter99

Theleak250 said:

I thought after the Nigel F incident the rules were changing? So that if your account was closed more info would be provided erc

i understand he eventually ended up at Lloyds bank. Perhaps that’s the place to be!

I think that was his Tide account? I'm not sure if he has a Chase account closed too.

Either way the headline of this post makes me want to empty my Chase boosted saver!

eskbanker

Theleak250 said:

I thought after the Nigel F incident the rules were changing? So that if your account was closed more info would be provided erc

The government stated in July 2023 that the rules would be changed, but it's not clear to me if the proposals were ever implemented:

https://www.gov.uk/government/news/government-clamps-down-on-unfair-bank-account-closures

The industry body UK Finance responded to that announcement by highlighting the principles (published in 2019) that its members are expected to follow, which do major on communication with customers, but I suspect that little of this will resonate with those who've been informed of their accounts being closed:

https://www.ukfinance.org.uk/system/files/Principles-for-Exiting-a-Customer.pdf

born_again

blueste said:

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.

Banks go through a lengthy process, before getting to a good bye letter. Facebook group is one sided & with no actual proof that they are saying the truth.

End of the day, banks just like any other business have a right to choose to have you as a customer. Only certain protected groups are in the area, where it would cause a regulatorily issue.

As a side, wonder how many of the facebook group maybe related to a "politically exposed person" & never declared it, not realising that a local councillor falls under the banner, as well as many other groups? One easy reason to be de-banked.

Hoenir

blueste said:

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.

Having spent many years of my working life in an audit environment both in an internal and external capacity.  I rarely take anything at face value. As people make great actors. Hence why the factual detail is important. Personal banking is very simple in nature. Unusual activity is hard to disguise and impossible to hide.