Should Banks Be Able To Close Accounts If They Do Not Like Your Opinion

MerylStreep

DaisyAnneReturns

Surely banks are just like any other business though, be they pub or greengrocers? They may turn customers away if they choose.

I asked if anyone had been in this position because I just don't believe the reports I'm reading. It feels as if, every day that goes by, I trust fewer and fewer sources.

If that’s what you believe, why has Jeramy Hunt warned the banks?

Interestingly, the newspapers reporting Jeremy Hunt warning banks they must protect free speech seem to be The Mail, The Telegraph and The Express. A clear example of the Tory client media. Why should I believe anything they say?

It would be great if you could provide a more believable source.

Just like any other business they can't not provide a service if their decision not to provide a service is linked to a protected characteristic covered by the equality act.

MerylStreep

DaisyAnneReturns

Surely banks are just like any other business though, be they pub or greengrocers? They may turn customers away if they choose.

I asked if anyone had been in this position because I just don't believe the reports I'm reading. It feels as if, every day that goes by, I trust fewer and fewer sources.

If that’s what you believe, why has Jeramy Hunt warned the banks?

Probably because he needs to be seen to be doing something and is covering his back.

I once had a bank account closed. I hadn't used the account for years and I think I had no more than a few pence in it. The bank sent me a letter, asking me whether I intended to use the account in the future and, if I didn't, they gave me notice that they were going to close it. There was a contact number to ring. The reason they gave me was that an active bank account could be a target for scammers, especially as I never checked it. That seemed reasonable to me.

I'll let you know if my bank unbanks me after I told them their customer service was abysmal and I threatened to move my wealth (🤔) elsewhere!
🙂

I agree gsm and dar

It is an unnecessary panic. It will die a death like they all do.

DaisyAnneReturns

Surely banks are just like any other business though, be they pub or greengrocers? They may turn customers away if they choose.

I asked if anyone had been in this position because I just don't believe the reports I'm reading. It feels as if, every day that goes by, I trust fewer and fewer sources.

If that’s what you believe, why has Jeramy Hunt warned the banks?

I agree Daisy. Banks are like any other private business which may turn customers away if they wish. They also close the accounts of people who consistently overdraw without permission or who owe bank fees which they won’t or can’t pay. There are many people on GN - if there were such a widespread problem of accounts being closed for no reason it’s reasonable to assume this would have happened to a member. But it seems not.

Surely banks are just like any other business though, be they pub or greengrocers? They may turn customers away if they choose.

I asked if anyone had been in this position because I just don't believe the reports I'm reading. It feels as if, every day that goes by, I trust fewer and fewer sources.

Anyone this happens to would be in shock, so, thanks GSM for clarifying some of the legal issues, thanks also to the GNs who posted reports from reliable sources, and kudos to WWM for the long, and yes daunting, list of how to go about dealing with the situation. Hope none of you ever have to use it.

DaisyAnneReturns

So if we are transferring this thread from Farage's attempt to get publicity to "ordinary people," just how many Gnetters have actually had their bank account closed? Not people you know, or somebody someone told you about but you, yourself.

Well, hopefully, it's not so widespread as to include any Gnetters having their accounts closed.

But there's two issues here - PEPs are in one category, and mere mortals who might be conducting nefarious transactions with money being laundered in the process, in another... and possible there are those with a foot in both, who knows? We've only got the media to rely on for the information so speculation is natural.

But if banks are indeed closing accounts because they don't approve of their customer's opinions - and again, we've only go the media as a source of information at the moment, so it could all be twaddle, I do think we should take an interest - as we have and that's why this thread has meandered from Farage to 'ordinary people'.

What is the relevance of that question. I wasnt involved in the post office scandal I still was concerned about what happened there.

So if we are transferring this thread from Farage's attempt to get publicity to "ordinary people," just how many Gnetters have actually had their bank account closed? Not people you know, or somebody someone told you about but you, yourself.

maddyone

Yes, excellent post Dickens. I have said all along that this is not about Farage, although clearly it is for him, but it is for the rest of us to worry about. We should not be in the position of needing to worry about having our accounts closed and find ourselves in that very difficult position.
We regularly transfer money to New Zealand, sometimes small amounts for the children for gifts or to help out our daughter who is in the process of getting a divorce, or sometimes larger amounts as in a gift from her grandmother’s estate, not huge as far as estates go, because my mother didn’t leave a huge estate, but more than would be given as a birthday gift. Will our bank suddenly decide to debank us because of this? We’ve done absolutely nothing illegal but it all worries me and I think it should worry us all.

Transactions might look 'dodgy' on paper - but might be perfectly legal and above board, and customers should at least have the right to know if they are suspected of laundering so they have the opportunity to correct the 'information' if necessary.

It is unfortunate that Mr Farage is the driver here because he will not be trusted to be honest about it and will exploit the situation for his own political ends so, like you say, this is not about him now. Individuals on the other side of the political spectrum are also having their accounts closed, so it would seem that there really is a problem.

I would just like the reporting to be factual and not coloured by the anti 'woke' brigade's - nor the 'leftie' faction's hype.

Facts and the truth is what we need. Maybe this has been going on for some time - or maybe not, at the moment we just don't know.

Like you, I've transferred largish sums to relatives abroad for birthdays etc and to 'help-out' on occasions. My bank has never queried them - maybe because the recipients have the same surname - but I share your concern.

I agree with Dickens and maddyone I am not a Farage fan gran but I am thankful for the publicity he has brought regarding debanking

We have family scattered across the globe and it is not unusual for money to be transferred between us for various reasons. Sometimes large amounts when it comes to holidays etc.

Yes, excellent post Dickens. I have said all along that this is not about Farage, although clearly it is for him, but it is for the rest of us to worry about. We should not be in the position of needing to worry about having our accounts closed and find ourselves in that very difficult position.
We regularly transfer money to New Zealand, sometimes small amounts for the children for gifts or to help out our daughter who is in the process of getting a divorce, or sometimes larger amounts as in a gift from her grandmother’s estate, not huge as far as estates go, because my mother didn’t leave a huge estate, but more than would be given as a birthday gift. Will our bank suddenly decide to debank us because of this? We’ve done absolutely nothing illegal but it all worries me and I think it should worry us all.

Farage aside, for the moment, it appears from various media articles that bank accounts are being closed to an extent that we were not aware of until he became a victim. Unfortunately, being the contentious individual he is, the waters are being muddied.

The closure of the account with RBS of Professor Lesley Sawyers (the Equalities and Human Rights Commissioner for Scotland) and her husband Allan McKechnie, is worrying. She has, apparently, banked with them for 32 years. Allegedly, no explanation has been given and the matter is not up for discussion.

Bearing in mind that we are all reliant on our bank accounts to conduct every-day transactions, from simple shopping expeditions at the supermarket, paying our bills, etc... not to mention that we are being encouraged to become a 'cashless' society - if banks actually are conducting campaigns against individuals on the basis of their beliefs or opinions, then this is IMO seriously concerning. How much of this is hype as opposed to reality, I don't know - we only have the media to rely on and their reporting will depend on their political slant, which is also worrying.

But, considering how essential it is to have a bank account and how difficult it would be to live a normal life without one (where the hell do you put your money if no bank will take it?), then I think banks should have a duty to tell you why they are closing your account. For the majority of people, a bank account is an absolute necessity, not a 'shall-I-or-shall-I-not-bother-with-one' option.

I know banks are not obliged to give a reason for closing an account, but considering how difficult it is to function without one, perhaps that needs to change?

We don't need to know why Farage is being 'unbanked' - but he does. Or maybe he does but is exploiting the situation for political reasons - which is really not helpful if, indeed, there is a 'plague' of bank account closures.

My apologies, I have re-read your post and misunderstood. Looking at Our Duty’s accounts, it’s entirely feasible that the account was closed due to lack of funds.

Germanshepherdsmum

If you call it a bank and say you had an account with it what are people to assume Beverly? There is one officer and no assets in excess of liabilities - you don’t think that’s worrying? If it was calling itself a bank that’s extremely worrying to me, if not to you, and perhaps Metro have done you a favour.

For heaven's sake - read the words I actually wrote instead of making assumptions and making stuff up!

The organisation Our Duty is not a bank, I never called it a bank, it does not describe itself as a bank and I never said I had an account with it. I have no connection with it at all.

The bank mentioned in my post was Metro Bank, which is a bank, who decided that it did not want the Our Duty organisation as a customer. I do not and never have had an account with Metro Bank, although I could if I chose to because it is, in fact, a bank.

For anyone who’s interested in the actual subject of this thread, which is banks closing accounts of people whose opinions they don't agree with, it's happened again. RBS have apparently closed the joint account held by Professor Leslie Sawyers and her husband. She's the Equalities and Human Rights Commissioner for Scotland. There is an article in The Times about it.

Hope that's clear.

DaisyAnneReturns

Freya5

growstuff

Farage doesn't need a business account. He pays himself through a company to avoid personal income tax and is the company's only employee.

Who are you to say he doesn't need a business account.

If you are calling yourself a business you should have to show you are a business. Why should anyone not pay tax on all their income?

I'm registered with HMRC as a business and I've paid tax on all my income. However, I've never had a business account. I did contact my bank about it, but was told that my income was too low and irregular for a business account and they were happy for me to carry on using a personal account. HMRC doesn't care whether tax is paid through a personal or business account.

The issue with Farage is that he pays corporation tax rather than personal income tax, which is perfectly legal.

maddyone

Businesses do pay tax. Who thinks they don’t?

I know a minority don’t pay what is due, but it represents an enormous amount.

Germanshepherdsmum

I thought you probably didn’t. I thought he was the type to have his fingers in a few pies! 😊

One of them is Reform (the political party). He hasn't mentioned anything about it not being able to access funds, so maybe it's with another bank and isn't affected.

Businesses do pay tax. Who thinks they don’t?

Freya5

growstuff

Farage doesn't need a business account. He pays himself through a company to avoid personal income tax and is the company's only employee.

Who are you to say he doesn't need a business account.

If you are calling yourself a business you should have to show you are a business. Why should anyone not pay tax on all their income?

I thought you probably didn’t. I thought he was the type to have his fingers in a few pies! 😊