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

WWM3 Despite these regulations being meant to apply to wealthy individuals from foreign countries having bank accounts here, these rules are being overused on people who have absolutely no criminal connections and wouldn't know how to launder money if they tried.

Despite all the measures you mention people are having difficulty finding out what has happened and why, and are having difficulty opening new accounts. Appeals to the Ombudsman take time - and what do you do in the meanwhile.

I am truly shocked by the complacency being shown by so many who usually know better.

I am glad Nigel Farage has brought this out in the open, however justified, or not his claim may be - and he disputes Coutts' claims.

Of course because he is Nigel Farage, it does not occur to anyone on GN to believe him. This thread is a wonderful exercise in unconscious bias and people not seeing they have it, even when it jumps up and down in front of them waving flags

Absolutely not. Freedom to hold an opinion is paramount.

I know this much, I won’t be doing any feedback to my bank on any subject.

But you said he had accounts closed for dodgy nefarious reasons! It seems not.

Whitewavemark2

Your third point ^complain to the Financial Ombudsman Service (Fos)

That is all well and good but as the waiting list to even have a telephone appointment is approaching a year, what is a person supposed to do.

Oreo

Interesting reading WhitewaveMark2 and it seems from that list that any of us could easily fall foul of our banks.Highly worrying in fact.
It also appears that NF hasn’t done anything more than accidentally let his account fall below a certain amount needed.

No it seems that Farage has used the issue for his own political ends.

Remember he said that his account was closed FOR POLITICAL REASONS .

Interesting reading WhitewaveMark2 and it seems from that list that any of us could easily fall foul of our banks.Highly worrying in fact.
It also appears that NF hasn’t done anything more than accidentally let his account fall below a certain amount needed.

Germanshepherdsmum

Don’t ask me, I’m not a bank manager.

Obviously, but I was thinking out loud.

M0nica

I am impressed by how many of this thread are prepared to accept the government line uncritically and say that if Big Brother says it is OK it must be OK

This arbitary cutting of bank accounts has been a cause for concern for quite a number of years, and the Onbudsman has not been providing people with the help and support they need.

Withdrawing Nigel Farage's bank account has enabled it to become headline news. But too many people who pride themselves on being non-judgmental are automatically saying in his case 'no smoke without fire'. Hmmm

No that isn’t correct. Perhaps this might help explain where I am coming from.

Which

Why are banks freezing accounts?

Banks have legal and regulatory obligations to prevent accounts from being used for Terrorist Financing and Money Laundering.

If a bank has any suspicions it must report the account to the National Crime Agency (NCA) and freeze the funds in the account until it gets clearance.

This means banks aren't always able to explain reasons for account closures to customers as it risks 'tipping off' the account holder, which is a criminal offence.

Resolver's research found reasons can include:

suspicious transactions outside of the normal range in the account
lack of use
suspected fraud
personality clashes (you've been rude to staff repeatedly)
support for unlawful activities
reputational risk.
There is also a chance automated systems make mistakes or human error might be at play, according to the complaints service.

Who's most at risk of having their bank account frozen?

Resolver found almost three-quarters of complaints about frozen bank accounts mentioned 'digital' banks, but anyone could be at risk of having their account frozen.

One person in Resolver's analysis said a £40 transfer to their account from a friend immediately caused account suspension.

Another experienced a 13-week freeze after three transactions (one of which was £50) from a relative triggered a red flag.

Other reasons Resolver picked up in its analysis included deposits of benefits like Universal Credit raising an 'alarm' with a bank, rebate payments from HMRC causing accounts to be put 'under review', and ordinary salary payments suddenly causing people to be cut off from access to their accounts.

What to do if your account has been frozen

If you believe your account has been wrongfully closed, here are some steps you can take provided by Resolver.

1) Ask your bank why your account has been frozen

If you still have access to online banking, go through your recent transactions and highlight anything that might be out of the ordinary, and note down where they come from.

2) Call your bank

Ask to speak to your bank's fraud team as they are more likely to have the power to take a pragmatic look at your account. Ask if a certain transaction has caused the problem and see if they can explain why. If the bank refuses to help then make a formal complaint there and then.

3) Complain to the Financial Ombudsman Service (FOS)

Unless you get a deadlock letter from your bank, you won't be able to escalate your case to FOS until eight weeks after you have made your complaint to your bank. This applies both if you are simply unhappy with the response or if you've had no response at all.

4) Set up a new bank account as soon as you can

You should still be able to do this despite the account freeze and switching your current account is relatively easy using the Current Account Switch Service.

Ask your new bank if you need to set up your regular payments again and make sure your cash is paid into the new account.

If you're on benefits, then ask if the provider can recall the money in the frozen account and pay it to a new one. You have a legal right to specify where your benefit money goes and in theory, the bank should not prevent you from accessing it.“

We have no idea whether this problem is getting worse or better, but investigation will sort that out.

With regards to Farage, he did not have his bank closed for any of the above reasons, but simply through lack of funds - he is NOT without a bank account simply not the one if his preference . I simply refuse to dance to his agenda, lies and fraudulent claims. He used the whole situation for his own political ends

I hope it does come back to bite him and show him up as the liar we know him to be.

Well if NF has told porkies about not being able to open an account with another bank then he’s foolish as surely this will come back to bite him in the backside?

Anyway Wimbledon calls……

Don’t ask me, I’m not a bank manager.

If market traders or any other traders have regularly used a certain bank for their account and suddenly now can’t do this, why hasn’t the bank manager called them in and worked something out if things have changed?

Blame the legislation, though it’s there for good reason.

Germanshepherdsmum

The traders don’t necessarily bank cash regularly Oreo. They may use a lot of it to pay suppliers and just pay in ‘as and when’.

If they have done this for years with no problems then why make life so hard for traders, it makes no commercial sense either.

It’s time the Ombudsman got his finger out then.

The traders don’t necessarily bank cash regularly Oreo. They may use a lot of it to pay suppliers and just pay in ‘as and when’.

I am impressed by how many of this thread are prepared to accept the government line uncritically and say that if Big Brother says it is OK it must be OK

This arbitary cutting of bank accounts has been a cause for concern for quite a number of years, and the Onbudsman has not been providing people with the help and support they need.

Withdrawing Nigel Farage's bank account has enabled it to become headline news. But too many people who pride themselves on being non-judgmental are automatically saying in his case 'no smoke without fire'. Hmmm

tickingbird

So what’s the story about 9 other banks refusing him an account? Is he lying about that too?

Probably because he has a ready made bank account with Nat West.

You must never ever take anything Farage says at face value just as you can’t take anything at face value that Johnson says.

Both have dealings with the Russians, both have only a passing association with the truth.

I do find the though that I could be disenfranchised for expressing an opinion.
Should say I do find the thought that I could be disenfranchised for expressing an opinion worrying.

Germanshepherdsmum

Banks have genuine problems with accepting cash. The anti-money laundering legislation requires them to know its provenance. It’s not where your money’s going to, it’s where it came from.

Banks have genuine problems with accepting cash!
Leave it out😂
If you’ve been a regular trader putting your cash in the bank then it’s not beyond them, they’ve been doing this forever after all.
Unexplained large amounts from a customer will raise concerns but that’s a different matter.

When Martin Lewis says 1M people are unbanked does he mean they have had their accounts closed? I assumed he simply meant they don't have an account, Perhaps I'm being naive!

I do find the though that I could be disenfranchised for expressing an opinion. I regularly fill in opinion surveys put out by my building society so maybe I should reconsider? Or by less than truthful in my responses for fear of offending?

I must warn my daughter about the issues of bringing back money from Dubai - she is about to move there for a new job!

Life is becoming far too complicated for me!

So what’s the story about 9 other banks refusing him an account? Is he lying about that too?

I thought the banks were supposed to give a service,not take one away. They make enormous profits from us all and I think a lot of them are quite disgusting and immoral so it is Pot Kettle Black as far as I’m concerned.

Whitewavemark2

So when Farage was broadcasting that his bank has withdrawn his account and that he effectively was being driven out if the U.K. because of political reasons, he was aware that his account had gone below the financial threshold, and that Coutts had offered him a Nat-west account (this offer still stands), and yet he chose to run with the ridiculous notion of it being political causing panic amongst the more gullible.

He is as I said a menace and further than that a liar and fraudster.

I’ve no idea if this latest explanation about NF and his bank accounts is true or not.
If it is ( not enough money in his account) then it’s not down to any dodgy dealings WhitewaveMark2 as you have continually implied or openly said it was.
If it is true or not, it’s got a discussion going over all the other people who have been unbanked as many posters have fiven examples of this.
There is no panic on here and neither are GN members gullible, they/me think that it’s a disgrace when banks close a customer’s account for not liking what they say or who they are or who their parents or grandparents were.
Forget Farage, it’s about far more than him.