Halifax/Lloyds closing my account in 60 Days!! Extremely worried about CIFAS

GTR_King

Have you used your current account for business related stuff or used it for crypto currency? That’s a big no no with U.K personal current accounts!

How dose your employer pay you?

Once they have finished the investigation if they find no fraudulent stuff & you have only used your current account for crypto currency or business transactions they will let you withdraw the funds in branch with ID or send you a cheque

MiwMiwCat

https://forums.moneysavingexpert.com/discussion/comment/81864008#Comment_81864008

I’ve never used the account for crypto or anything like that, I am very much against crypto. I added my wage for January into the account and opened the savings account as I did intend to use it going forward but then changed my mind and then this whole thing started (I appreciate it’s confusing). I believe they finished the investigation as soon as they sent the 60 day notice text as the woman on the phone in the branch stated they would text the decision when it was completed. They then said on the phone when I was home (was making a complaint when I the recieved the text) that I would need to go into branch with ID to withdraw the money.

GTR_King

So, crypto currency ruled out.

Have you used your account for any business stuff at all?

Got any payments recently that might look like business transactions?

Sounds like you might have tripped one of their T&Cs without realising! Nothing You can do unless you can prove you Haven’t!

MiwMiwCat

https://forums.moneysavingexpert.com/discussion/comment/81864191#Comment_81864191

not at all! just wanted to pay in money (from my own external personal bank accounts) and try out the account but I think it was the way I moved the money that looked odd to them! I have never had one of these notices but when checking previous some do get a cifas and that is what I’m very scared of!!

GTR_King

If you break the T&Cs by using a personal account for business purposes or crypto activity, the bank can close your account. Usually, they give 60 days’ notice, and you might also get a CIFAS marker.

If your account is closed, you’ll need to check their T&Cs carefully. They’ll want to know exactly how you’ve been using the account. For example, are you self-employed or doing anything that counts as business use? For Example freelancer That matters, as personal accounts aren’t meant for that.

if you can prove to the bank you have done nothing wrong they will not put CIFAS maker on your file & may not close your accounts

MiwMiwCat

https://forums.moneysavingexpert.com/discussion/comment/81864209#Comment_81864209

I did list my employer and employment status when I opened the account and then it was accepted. guy today on the phone said he was 99.9% sure I won’t be receiving a marker but just be sure I’ll be requesting a DSAR because I don’t know what these banks will do, I’m truly scared. I am not sure what T&Cs I have broken as I just wanted to move my money back to Monzo.

GTR_King

we have no clue either!

That’s something you will need to find out but you 100% have broken a rule but that rule that’s the million dollar question which the bank won’t tell you at all!

Have a good think about if you did any self employed or freelance work recently?

we need the full honest story 😊

MiwMiwCat

https://forums.moneysavingexpert.com/discussion/comment/81864258#Comment_81864258

absolutely not lol I don’t have the time to do freelance work or anything in self employment. I work part time and even then when I finish work I’m too tired to even put something in the airfryer for dinner, let alone carry out other extensive work.

The only thing I’ve done that you could consider “freelancing” is one of those survey questionnaires that I sometimes do very infrequently in my free time (if I have any time) but I have never deposited the money (£5-7) I’ve gotten into Lloyds or Halifax for that. I deposited it into my chase and nationwide but neither accounts got shut down nor frozen.

I used to freelance for one of those data annotation companies before I went into employment again, and whilst I did use Lloyds maybe a couple of times for withdrawals.. but they never flagged it!

Aside from that, previously, I have never had an issues transferring large amounts of money (my wage from Lloyds, which I did use previously to get paid by my employer).

I get the vibes they just didn’t like the way the account was new and how I moved the money about.

Shakin_Steve

https://forums.moneysavingexpert.com/discussion/comment/81864247#Comment_81864247

You probably haven't broken any of the T&Cs that they can point to in printed form, even if they felt inclined to do so. They probably don't like the way you've been moving your money around so quickly, it seems odd. They don't have any previous pattern of behaviour to refer to, as you are a new customer. Even if a bank can't figure out if you are, or might be, doing something iffy, they'll protect themselves by removing the potential problem.
It's what all banks do, not just the one in question. I really can't see any justification for a CIFAS marker, but you are right to submit a SAR. Remember, though, it could take a couple of weeks for anything to show up.

MiwMiwCat

https://forums.moneysavingexpert.com/discussion/comment/81864449#Comment_81864449

thank you so much that’s the type of vibe I got. They said I need to go into branch to withdraw my money with some ID, but I’m wondering if there’s anything else I need to take with me if you don’t mind me asking? Again, never been in this situation before so I’m probably overthinking.