Al Rayan enforcing minimum balance in accounts and closing immediately

pafpcg

A couple of days ago (14-May), I received a letter (dated 30-April) from Al Rayan informing me that unless I increased the balance of my two Everyday Saver accounts by 30-June, the accounts would be closed automatically and the funds sent to my nominated bank account. The minimum balance for these accounts has steadily increased and is now £10,000. It's been several years since the interest rate was attractive enough to use these accounts for instant access, so my accounts have held no more than £1 plus a few pennies. I put the letter to one side to think about whether I should close the accounts immediately or just leave Al Rayan to close the accounts at the end of June.

This morning I checked my bank account and was surprised to see credits for £1.07 & £1.21 both with the reference of "./ROC/U1HO60515H008 FROM ACCOUNT CLOSURE TRANSFER OF BALANCE". The credits match the account balances leading me to conclude that Al Rayan have not waited until 30-June and closed the accounts yesterday.

I'm thankful that I hadn't been planning to deposit £9,999 to meet the balance requirement!

qsk

My account was also closed without notice or closing statement. I only found out when I needed a tax statement but couldn't log on any more. Very bad service. Won't use again.