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

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.

IT HAPPENED TO ME IN 2019
I’m a nobody, from nowhere ville - in my 60s and early 70s, very working class, and proud of it. I ran a market stall, mostly selling goods from £1.00 to £10.00. To similar people with very little disposable cash.
I received a letter from my bank (instead of a red heading, the heading was photocopied, so paper was cheaper feeling and all print was black) telling me that if I didn’t do a 30 minute survey online, then the bank would close my business account. Hot footed to bank, who said they knew nothing about it and was probably a scam, as no account number and no signature on letter and to just ignore it. My accountant said the same thing, so I did.
Then my business account was closed in December 2019. As long as I took enough to pay rent for my stall etc stock, and credit card machine and keep my nose above water, I was happy. No big undeclared profits or vast sums spent on stock. When I looked at survey online, it was all about money laundering. Anyone looking at my account would see the same outgoings every month, nothing to Russia, China, India, South America..
Bank said they used an outside company to do this, but wouldn’t reinstate my account. By then lockdown came and I just retired.
My friend (68) had this happen to her recently and so did several other market traders. Mostly retirement age, they just closed shop.
I draw out cash every week, won’t use card unless I have to. Three banks closed in my town this past two years, only one left - with reduced hours. ATM often have no cash in them. Businesses have to travel at least ten miles now to next town.
So ladies, don’t be complacent, it could happen to you or your family.

Banks, making these decisions? who are "banks" ??
people ,, who are these people!
or A1 whatever they are called.

I believe we actually have no idea why Farage has had his bank accounts turned down, only what he has claimed.

Given what we do know about him, however, it seems to me unlikely that the reasons he gave were actually the truth.

I’m not sure Coutts have said anything - that would be very unusual. More likely someone in the know blew the whistle perhaps. Odious creature, he deserves all the embarrassment that I hope this brings him.

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.

Germanshepherdsmum

If this is the reason why didn’t the ghastly man keep his big mouth shut?

I would guess that in addition to trying to make political capital out of it, he assumed that confidentiality to a customer would prevent Coutts publicly setting the record straight.

Of course, he’s no longer a customer, and Coutts/NatWest clearly believe that defending their business practices is more important than his future custom.

My son and daughter in law have been living in Dubai for the past 6 years and are in the fortunate position of being able to pay cash for a very substantial house now they are returning to the UK, it took about 3 months to convince the bank that the money wasn’t laundered, they are absolutely paranoid about it

Look how so many were lead by the nose - he really is an absolute shocker.

I feel the same about Farage as I have always felt about Johnson.

They are dangerous and never ever to be trusted or believed.

It’s backfired hasn’t it? And if he’s been offered an account with NatWest why not quietly accept? I suppose it doesn’t have the cachet of Coutts. Man of the people my a**e.

Germanshepherdsmum

If this is the reason why didn’t the ghastly man keep his big mouth shut?

Because he tried to make political capital out of it.

Germanshepherdsmum

If this is the reason why didn’t the ghastly man keep his big mouth shut?

Because it was an opportunity to get attention, no more no less

If this is the reason why didn’t the ghastly man keep his big mouth shut?

I think it's absolutely shocking if it's been closed because of his views and comments. We are a democracy and free speaking country. He isn't relaying anything that isn't true .. and what alot of people think but are frightened to say anymore. If we can't speak our minds in the UK.. I don't know what to think will happen

www.bbc.co.uk/news/business-66097039.amp

Apparently after his account with outstanding was closed because he didn't have enough money, he was then offered an account with NatWest, who own Coutts.

This is a non story.

Siope

Turns out Farage’s personal Coutts account was closed because he doesn’t have enough money. He says now that he has enough in his business account (thus, note, tacitly admitting that Coutts are telling the truth) but one can’t have a business account at Coutts without a personal account.

When they closed his Voutts account, they offered him accounts with Nat West. He added st they have done so, although disputes how quickly they did so.

So the (non) story in this instance is ‘Farage continues lifetime habit of blaming others for everything’.

Where are you reading this please?

Your post does have the right ring about it. I would just like to read it for myself somewhere.

Anniel

I was asked for links about the Vicar’s bank closure, so here are two

anglicanmainstream.org/vicar-accuses-yorkshire-building-society-of-bullying-for-closing-his-account-over-his-trans-protest/

www.thetimes.co.uk/article/building-society-closed-vicar-s-account-after-trans-protest-d0p7vmrbm

Re WWM2. It seems that newspapers, govt statements, radio,stations and social media are worried that banks can close your account if they do not like you political opinion. The government says it will act to stop this practice,
I am not a Farage supporter but I find this is a dangerous precedent. If Farage,took money in large,amounts then the Member for Swansea should make his allegation in public. Using parliamentary privilege to accuse anyone of dirty dealing but not be prepared to say so publicly is sheer cowardice and uncertainty. Will the banks treat those on the left in the same way?
P

I can't read the second link as I won't subscribe, but isn't the first one a bit pot/kettle?

Anniel if you were speaking of Chris Bryant MP, he is the MP for the Rhondda.

Banks making decisions on who can hold accounts based on political opinions is very wrong and scary. I am glad Jeremy Hunt is looking into it.

AmberSpyglass

Strange how there was never this level of concern when sex workers’ were going to the media because their bank accounts had been closed down. But boo hoo, some rich protofascist with ties to Russia is seen as a risk.

If they were soliciting in a public place that is illegal so they were earning money through criminal activities - a bank wouldn’t knowingly shelter illegal earnings.

Sorry. Coutts not Voutts and ‘He added st’ should be He agreed.

Turns out Farage’s personal Coutts account was closed because he doesn’t have enough money. He says now that he has enough in his business account (thus, note, tacitly admitting that Coutts are telling the truth) but one can’t have a business account at Coutts without a personal account.

When they closed his Voutts account, they offered him accounts with Nat West. He added st they have done so, although disputes how quickly they did so.

So the (non) story in this instance is ‘Farage continues lifetime habit of blaming others for everything’.

Strange how there was never this level of concern when sex workers’ were going to the media because their bank accounts had been closed down. But boo hoo, some rich protofascist with ties to Russia is seen as a risk.

So I am willing to accept that it is possible that it is a growing issue, particularly in these straightened times. It should never happen once of course But I still think that the panic is unnecessary.

However I absolutely will not accept Farage’s assertion that the banks are acting politically, simply to suit his agenda. And I am astonished at how easily he is able to manipulate the media. The man is a menace.