Bank closing bank account out of the blue

Banks like you to have credit in some form.
It shows you can be responsible and pay your dues on time. It's not enough just to have a reasonable balance, no overdraft, mortgage, regular savings, line of credit. The banks aren't making much if any money on a current account which could be withdrawn by your son at any time. I say this as a present customer of 5 major High Street banks, a building society and 2 overseas. They like activity on an account. My daughter, who has worked in banking for 33 years, would endorse my remarks.

I have savings accounts with all the banks I deal with and those interest rates vary between 5.5% and 7%. 4 of them have allowed the savings rate to roll over at the same rate of interest since 2021.

AuntieE it is entirely legal and is actually an agreed procedure with the government to clamp down on money lundering and transferring money to terrorist groups, drugs dealers and immigrant smuggers and their like.

This young man has been leaving a blameless and static life when, from the bank's point of view without any warning he starts putting through transactions in all sorts of places. The computer algorithm, will quickly flag up the problem as suspicious, and in the absence of any other informaation they bank will stop and close the account. If they do not they could be fined £ millions by the government.

This man should have spoken to the bank before he went telling them what he was doing and why and perhaps made special arrangements with them.

If there’s still time before their closing date your son could open a current account with another bank and get the new bank to transfer and close the first one. If he is now getting a monthly wage and can pay some of it into his new account he could get paid to do it too! For example Nationwide and First Direct will do this- if you have a nationwide account and recommend them you can both get an extra sum too! www.moneysavingexpert.com/banking/compare-best-bank-accounts/