Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • John Galt
    • By John Galt 9th Apr 18, 6:21 PM
    • 9Posts
    • 4Thanks
    John Galt
    Barclays terminating my account without explanation
    • #1
    • 9th Apr 18, 6:21 PM
    Barclays terminating my account without explanation 9th Apr 18 at 6:21 PM
    Hi MSE
    I have been a Barclays customer for over 30 years - they've been at the centre of my finances for virtually my entire adult life. Recently I received a letter from them telling me that they are terminating my current and savings accounts and that I had 2 months to make other arrangements. They have done this without explanation - I have complained, but the situation is that they say they have reviewed my accounts and decided to close them - assessed against guidelines which they are unable to provide information on - i.e. totally opaque.

    Has anybody else experienced this recently? I am totally bemused because:
    1) My account is sufficiently in the black and has been for as long as I can remember
    2) Nothing has changed with my personal situation that I can think of that would affect the standing with my bank (no disputes, fines, CCJ's, divorce etc., etc.)
    3) My salary is paid in every month and has been for at least 12 years - I am the model of stability of good financial hygiene
    4) I do not launder money or deal in narcotics (or anything remotely close! )

    I am in discussion with my local branch and the Barclays complaints team but they are of no value.

    Any advice or insight? Guesses? Anything!!!?

    I have been able to transfer my current account across to HSBC (and they pay me £150 for doing so - thanks for that MSE)... I still have a mortgage which is linked to my (terminating) other accounts in an offset arrangement and that has 12 years to run.

    I had wondered whether my account had been hacked or my identity stolen (i.e. getting paranoid) but there does not seem to be anything to support that theory... could it be something to do with impending GDPR? Perhaps they just don't like me... I have no idea!

    Illumination/advice required please.
Page 1
    • Xbigman
    • By Xbigman 9th Apr 18, 6:42 PM
    • 3,123 Posts
    • 1,358 Thanks
    Xbigman
    • #2
    • 9th Apr 18, 6:42 PM
    • #2
    • 9th Apr 18, 6:42 PM
    Do you have any other accounts or products with Barclays? Including insurance?

    If Barclays are not making any money out of you they can close your account for commercial reasons. Nothing you can do about it. The fact you have 60 days without your account being blocked at all would suggest this is the reason.


    Darren
    Xbigman's guide to a happy life.

    Eat properly
    Sleep properly
    Save some money
    • MABLE
    • By MABLE 9th Apr 18, 6:50 PM
    • 3,591 Posts
    • 1,883 Thanks
    MABLE
    • #3
    • 9th Apr 18, 6:50 PM
    • #3
    • 9th Apr 18, 6:50 PM
    I hardly think after 30 years they would close the OP's account because they are not making any money from this customer. Has to be another reason and as we know if they suspected anything like money laundering they would hardly give the poster 2 months notice. More like using a personal account for business purposes.
    • AnotherJoe
    • By AnotherJoe 9th Apr 18, 6:57 PM
    • 10,116 Posts
    • 11,373 Thanks
    AnotherJoe
    • #4
    • 9th Apr 18, 6:57 PM
    • #4
    • 9th Apr 18, 6:57 PM
    Have there been a lot of small transactions, from eBay and the like?
    Or foreign transfers in or out?

    Whatever the rights and wrongs of this i do think banks are in the wrong when providing no detail to their customer, as it leaves all sorts of questions about what might be going on unanswered, maybe thinsg that could be rectified but might cause an issue with another bank. is it for example a simple confusion over a name?
    • Mchambers
    • By Mchambers 9th Apr 18, 7:10 PM
    • 988 Posts
    • 309 Thanks
    Mchambers
    • #5
    • 9th Apr 18, 7:10 PM
    • #5
    • 9th Apr 18, 7:10 PM
    OP...Escalate and complain to the FOS. Ask Barclays for a final response letter before going to FOS.
    Last edited by Mchambers; 09-04-2018 at 7:23 PM.
    • 18cc
    • By 18cc 9th Apr 18, 7:20 PM
    • 667 Posts
    • 445 Thanks
    18cc
    • #6
    • 9th Apr 18, 7:20 PM
    • #6
    • 9th Apr 18, 7:20 PM
    I agree it is not going to be something like not making enough money off you or anything like that is going to be something fairly serious that's spooked them a

    Although there is a lot of bad press about banks closeling accounts, in general they don't do it unless there is something fairly serious - unless of course there is an error

    I agree that the best thing to do is to complain and then escalated to the FOS meanwhile enjoy your relationship with your new bank!

    by the way it has been said a few times on this forum that you should have several current accounts so that if this happens to you then whilst it is annoying at least you do have other accounts to easily fall back on you should think about opening a current account with a couple of other banks just in case
    • RG2015
    • By RG2015 9th Apr 18, 8:24 PM
    • 1,301 Posts
    • 766 Thanks
    RG2015
    • #7
    • 9th Apr 18, 8:24 PM
    • #7
    • 9th Apr 18, 8:24 PM
    Hi John,

    Do you check your credit history with the three credit reporting agencies, Experian, Equifax and Callcredit?

    All three offer a paid subscription service but you can get then free of charge as follows:

    Experian via the MSE Credit Club
    Equifax via Clearscore
    Callcredit via Noddle

    These will give you your full credit history and credit score (but ignore the score because banks and lenders do not see this). It is good that you have transferred to HSBC but if there is an identity theft problem it may follow you to HSBC and others.

    Barclays will have a genuine reason but if you have done nothing out of the ordinary then it may very well be someone else doing it in your name.
    • John-K
    • By John-K 9th Apr 18, 8:35 PM
    • 654 Posts
    • 1,017 Thanks
    John-K
    • #8
    • 9th Apr 18, 8:35 PM
    • #8
    • 9th Apr 18, 8:35 PM
    Interesting name for someone questioning a service being withdrawn...

    Have you been cycling money through the account, transferring everything out the day after it arrives, or anything like that?
    • John Galt
    • By John Galt 9th Apr 18, 10:27 PM
    • 9 Posts
    • 4 Thanks
    John Galt
    • #9
    • 9th Apr 18, 10:27 PM
    • #9
    • 9th Apr 18, 10:27 PM
    I did check my credit rating with Experian as a possible indicator of something seriously wrong... but the score is high.

    I have not been buying off of ebay etc... really, there's nothing suspicious I can see or out of the ordinary - and no indication from Barclays that might give me a clue... really bizarre hence the post to see if anybody else may be experiencing the same.

    I will be approaching the FOS and probably a letter to my MP too - Barclays confirm they have made the decision for good reason but wont tell me what it is... if I had been doing anything dodgy I would be foolish to be pressing for an explanation.
    • RG2015
    • By RG2015 9th Apr 18, 10:43 PM
    • 1,301 Posts
    • 766 Thanks
    RG2015
    I did check my credit rating with Experian as a possible indicator of something seriously wrong... but the score is high.
    Originally posted by John Galt
    Please check you full credit history for any anomalies. The score is meaningless.
    • 8i6daddy
    • By 8i6daddy 9th Apr 18, 10:48 PM
    • 86 Posts
    • 59 Thanks
    8i6daddy
    @John Galt - could it be anything to do with this? Can you recall ever being asked to confirm information by Barclays and you haven't done it?

    http://forums.moneysavingexpert.com/showthread.php?t=5708407
    • John Galt
    • By John Galt 9th Apr 18, 11:16 PM
    • 9 Posts
    • 4 Thanks
    John Galt
    @RG2015 - checked my full credit rating as suggested and I have a very clean bill of health (thanks for the credit club tip)

    @8i6daddy - cant recall doing anything like that but even so, surely they'd just nudge me if I was delinquent? Cancelling my account is a nuclear option - right?
    • RG2015
    • By RG2015 10th Apr 18, 6:52 AM
    • 1,301 Posts
    • 766 Thanks
    RG2015
    @RG2015 - checked my full credit rating as suggested and I have a very clean bill of health (thanks for the credit club tip)

    @8i6daddy - cant recall doing anything like that but even so, surely they'd just nudge me if I was delinquent? Cancelling my account is a nuclear option - right?
    Originally posted by John Galt
    Hi John,

    Forgive me for labouring the point but did you examine your full credit history. This is on the second tab labelled credit report. This should list all of your bank accounts, searche by the banks on you, electoral register, public information and more. Any search that you do not recognise may be a clue to fraudulent activity in your name.

    Also, your Barclays and HSBC accounts may not show owing to them being very old or very new. The HSBC account may not show for a month or two but the HSBC search should show quite soon. Crucially though, possible rogue searches may not appear immediately.

    You should also check Clearscore and Noddle as they may have different information and may be updated earlier.
    • John-K
    • By John-K 10th Apr 18, 6:57 AM
    • 654 Posts
    • 1,017 Thanks
    John-K
    I did check my credit rating with Experian as a possible indicator of something seriously wrong... but the score is high.

    I have not been buying off of ebay etc... really, there's nothing suspicious I can see or out of the ordinary - and no indication from Barclays that might give me a clue... really bizarre hence the post to see if anybody else may be experiencing the same.

    I will be approaching the FOS and probably a letter to my MP too - Barclays confirm they have made the decision for good reason but wont tell me what it is... if I had been doing anything dodgy I would be foolish to be pressing for an explanation.
    Originally posted by John Galt
    What is your complaint going to be about?

    The bank does not have to do business with you if they donít want to, you cannot force them to keep you on any more than they can force you to keep banking with them.

    May I ask again, as you avoided the question, youíve picked the name of the protagonist of Atlas Shrugged as your username, a novel about industrialists and financiers withdrawing their products from society. Are you trying to make some subtle point, or is this a real query that just happens to be in opposition with the name that you have chosen?
    • John Galt
    • By John Galt 10th Apr 18, 7:18 AM
    • 9 Posts
    • 4 Thanks
    John Galt
    What is your complaint going to be about?

    The bank does not have to do business with you if they donít want to, you cannot force them to keep you on any more than they can force you to keep banking with them.

    May I ask again, as you avoided the question, youíve picked the name of the protagonist of Atlas Shrugged as your username, a novel about industrialists and financiers withdrawing their products from society. Are you trying to make some subtle point, or is this a real query that just happens to be in opposition with the name that you have chosen?
    Originally posted by John-K
    I understand that the bank does not have to do business with me if they do not want - I merely would like to understand the reasons behind this as I feel vulnerable due to my tenure, no discernable changes in circumstances (from my end) and not knowing - the outcome is already accepted but I do need to know why and whether it is just me or a whole batch of unfortunate souls caught up in some unintended outcome of a new rule, regulation or software bug!

    Regarding Atlas Shrugged - there's nothing subtle or sinister in my choice of character from the famous novel... impressed you picked that up as it has a clique
    • John Galt
    • By John Galt 10th Apr 18, 7:25 AM
    • 9 Posts
    • 4 Thanks
    John Galt
    Hi John,

    Forgive me for labouring the point but did you examine your full credit history. This is on the second tab labelled credit report. This should list all of your bank accounts, searche by the banks on you, electoral register, public information and more. Any search that you do not recognise may be a clue to fraudulent activity in your name.

    Also, your Barclays and HSBC accounts may not show owing to them being very old or very new. The HSBC account may not show for a month or two but the HSBC search should show quite soon. Crucially though, possible rogue searches may not appear immediately.

    You should also check Clearscore and Noddle as they may have different information and may be updated earlier.
    Originally posted by RG2015
    I did examne the full credit history - in detail - all 34 pages of the download... it did throw up something I did not recognise but then reminded myself of what it was by going back thru 6 year old bank statements (it was a loan, paid without fault and to the letter of the agreement).
    I was curious to see a list of insurance companies listed which coincide with my searching for a better deal on house insurance via a popular price comparison website... but whilst that is of curious interest to me, it is not indicative of anything malicious, fraudulent or law-breaking.

    I am still baffled - if this can happen to me with my (lets call it 'impeccable') customer record, then I would expect many more to be experiencing the same.
    • RG2015
    • By RG2015 10th Apr 18, 7:43 AM
    • 1,301 Posts
    • 766 Thanks
    RG2015
    I did examne the full credit history - in detail - all 34 pages of the download.

    I am still baffled - if this can happen to me with my (lets call it 'impeccable') customer record, then I would expect many more to be experiencing the same.
    Originally posted by John Galt
    Okay, nothing obvious there then. Your credit report will be updated in 30 days so check again then to see if anything has been added.

    There are several example on this site like yours and whilst it doesn't really help you it is some small consolation to know that it is not uncommon. You can use the search function here and also on Google to find some of these others although Google often brings up examples from this forum. I have included some links below you may find useful.

    https://www.theguardian.com/money/2018/feb/03/natwest-closed-my-account-with-no-explanation

    http://forums.moneysavingexpert.com/showthread.php?t=5645944

    http://forums.moneysavingexpert.com/showthread.php?t=5494413
    • bertiewhite
    • By bertiewhite 10th Apr 18, 8:26 AM
    • 1,192 Posts
    • 1,327 Thanks
    bertiewhite
    Is it worth requesting a 1-1 with the branch manager?
    • PeacefulWaters
    • By PeacefulWaters 10th Apr 18, 9:06 AM
    • 8,318 Posts
    • 10,667 Thanks
    PeacefulWaters
    Do your credit balances tend to exceed mortgage balance?

    I wonder whether to offset mortgage is their driver.
    • tenchy
    • By tenchy 10th Apr 18, 11:12 AM
    • 360 Posts
    • 114 Thanks
    tenchy
    John,
    When all this is done and dusted, and hopefully you've got an acceptable outcome, please speak to your MP about this matter. As legislation currently stands, and as numerous posters on this site will revel in telling you, the bank does not have to do business with you. However, not doing business with you when you're not a customer, and closing your accounts when you are a customer, are two different things. You wouldn't expect your energy provider to be able to "stop doing business with you", so why should the banks be able to get away with this? At the very least they should be forced to furnish customers with a reason for closure, and ideally they should not be allowed to close an account if T&Cs contiune to be met. See if your MP is sympathetic to legislative changes that might regulate this cavalier behaviour on the part of the banks.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

453Posts Today

7,202Users online

Martin's Twitter
  • Ta ta... for now. This August, as I try and do every few yrs, I'm lucky enough to be taking a sabbatical. No work,? https://t.co/Xx4R3eLhFG

  • RT @lethalbrignull: @MartinSLewis I've been sitting here for a good while trying to decide my answer to this, feeling grateful for living i?

  • Early days but currently it's exactly 50 50 in liberality v democracy, with younger people more liberal, older more? https://t.co/YwJr4izuIj

  • Follow Martin