Help! - The bank has dumpted me!!
Discussion
Our bank has just written to us to say that after a review of our accounts they no longer wish to provide us with banking services and will be closing our three accounts and our credit card in 30 days time!
The letter goes on to say they are unwilling to enter into any discussion on the matter or provide a reason why.
I have written to them to say this is unreasonable and demanded a reason why they have taken the decision. We have been customers for 15 years and in that time have NEVER been overdrawn or had an overdraft. They have written back to say they don’t have to give a reason.
I don’t believe we have done ANYTHING wrong but I am concerned there is either a sinister reason or a mistake why they are taking this action.
We did transfer our salaries to another bank 2 years ago due to the low interest rate paid by them, their poor web site and the huge queues at the local branch. However we have continued to use the bank for transactions as and when and moving money about. I have not used the credit card because I haven’t needed to…
I have moved all the cash out of the accounts; save for one penny in each as I don’t want to do business with a bank that treats its customers in such a way. I would however like to understand why they have made the decision…
I really would like to know why they have made this decision, any one any ideas why? Also how I can force them to tell me?
The letter goes on to say they are unwilling to enter into any discussion on the matter or provide a reason why.
I have written to them to say this is unreasonable and demanded a reason why they have taken the decision. We have been customers for 15 years and in that time have NEVER been overdrawn or had an overdraft. They have written back to say they don’t have to give a reason.
I don’t believe we have done ANYTHING wrong but I am concerned there is either a sinister reason or a mistake why they are taking this action.
We did transfer our salaries to another bank 2 years ago due to the low interest rate paid by them, their poor web site and the huge queues at the local branch. However we have continued to use the bank for transactions as and when and moving money about. I have not used the credit card because I haven’t needed to…
I have moved all the cash out of the accounts; save for one penny in each as I don’t want to do business with a bank that treats its customers in such a way. I would however like to understand why they have made the decision…
I really would like to know why they have made this decision, any one any ideas why? Also how I can force them to tell me?
You're costing the bank money to operate your account. Banks have to pay for processing cheques and payments, if money isn't staying in the account then they're not making any interest in order to offset those costs.
Somewhere in the terms and conditions you first signed it will say that they have the right to terminate to agreement without giving a reason.
Somewhere in the terms and conditions you first signed it will say that they have the right to terminate to agreement without giving a reason.
Halifax did the same to me, and I expect an email/letter from Barclaycard anytime soon for the same reasons 
Perfect opportunity to invoke the data protection act 
Mark Thomas said:
Sample letter Data Protection – written information.
The Data Protection Officer
ORGANISATION ADDRESS HERE
YOUR ADDRESS
DATE
Dear Sir or Madam
My name is…SHORT DESCRIPTION OF YOURSELF AND YOUR RELATIONSHIP WITH THE ORGANISATION (eg, full name, employee number, payslip reference, date of accident, description of ongoing dispute etc.).
I am writing to request all the information to which I am entitled to under section 7(1) of the Data Protection Act 1998.
I would be particularly interested in any discussion or opinions expressed within your organisation of my person, reputation, character, history or behaviour, actual or perceived, although this request should also cover all or any other readily accessable information you may have, as prescribed by the Act.
I would hope that you will be able to comprehensively search all your records. However, to assist you with my request I would suggest that you first focus on
LIST AREAS WITHIN THE ORGANISATION OR CONTACT NAMES OF PEOPLE WHO YOU HAVE HAD DEALINGS WITH, ALONG WITH DATES AND LOCATIONS. (“I was filmed on”, “I visited your offices on”, “You visited me at “location & date, I received letters dated…etc).
As you may be aware, the definition of “personal data” under the new Act covers both facts and opinions about myself as an individual, as well as information regarding the intentions of your organisation towards myself as an individual.
This request should therefore cover any internal/external memos, emails, faxes and any other correspondence or personal data as defined under the Act.
I ENCLOSE A PHOTOCOPY OF A UTILITY BILL AS CONFIRMATION OF THE ABOVE BEING MY HOME ADDRESS AND I HAVE ALSO ENCLOSED A PHOTOCOPY OF MY PASSPORT (OR OTHER IDENTIFICATION) AND A RECENT PHOTOGRAPH OF MYSELF TO AID YOUR IDENTIFICATION.
I AM ALSO ENCLOSING A CHEQUE FOR £10 PAYABLE TO YOURSELVES WHICH IS THE PRESCRIBED MAXIMUM UNDER THE ACT. *see note below*
If you do not normally handle these requests for your organisation, please pass this letter to your Data Protection Officer or another appropriate official.
I understand that under the Act I should be entitled to a response within 40 days and I look forward to hearing from you at your earliest convenience.
Yours faithfully
Your name
It's probably just me, but I don't see the problem here. banks are a businesses that make money out of you by providing a service. if you don't use the service then they aren't making money and so will probably close the account. I bet would they offer to keep it open if you were to offer to use it again 
Sounds like your bank is merely continuing the quality of service that led you to take your salary payments elsewhere. If you aren't borrowing money from them, or depositing cash with them at a low rate of return then they aren't benefitting from your custom. So, faced with a customer who isn't generating any revenue for the bank, an entrepenurial bank might try to entice you to do with more business with them, and an unimaginative, defeatest bank would close your accounts. Nice of them to say they are not prepared to explain what they are doing ... spineless w*nkers. Counter productive too. They suceed in leaving a bitter taste in the mouth and scotching any last chance of keeping you as a profitable customer.
Many banks will not accept new customers for free banking current accounts unless you commit to deposit (salary etc) a minimum of £500 per month (or similar).
It sounds like they are being retrospective and clearing out existing accounts which wouldn't qualify under their current terms.
If you don't deposit your salary there, but put it elsewhere, what is the problem? Just use the other account.
It sounds like they are being retrospective and clearing out existing accounts which wouldn't qualify under their current terms.
If you don't deposit your salary there, but put it elsewhere, what is the problem? Just use the other account.
Years ago the "Listening Bank" (if you can remember them) treated me attrociously when I first went into business on my own. They were totally unsupportive and gave me serious grief month after month, as I was trying to get my business up and running. I never went beyond my overdraft facility, but if I even went close to the limit they'd be on the phone giving me a hard time. Despite the fact that the overdradft facility was a contractual agreement between two parties, my house was secured on it and I was paying them for this facility.
After a few years, when the business finally started making some decent profits, I went to see them and said that I was changing my account to NatWest because of the heartache and lost sleep they'd given me during the early years. I must admit that did feel nice!!
After a few years, when the business finally started making some decent profits, I went to see them and said that I was changing my account to NatWest because of the heartache and lost sleep they'd given me during the early years. I must admit that did feel nice!!
On the other hand, we don't rip people off either.
Perhaps someone could explain to me why it takes 4 days for an electronically or on-line bank transaction takes 4 days to complete.
The money is out of my account and not, for instance in my sons account during that time.
Where is it? Has it been lost? Nope. It's in the 'clearing system'.
Phhuuuwww.
I feel so sorry for banks, struggling to make money all of them.
Don't even go there please.
Rant over, well for the time being anyway...
Perhaps someone could explain to me why it takes 4 days for an electronically or on-line bank transaction takes 4 days to complete.
The money is out of my account and not, for instance in my sons account during that time.
Where is it? Has it been lost? Nope. It's in the 'clearing system'.
Phhuuuwww.
I feel so sorry for banks, struggling to make money all of them.
Don't even go there please.
Rant over, well for the time being anyway...
minimax said:
BliarOut said:
Perfect opportunity to invoke the data protection act
Grrrrrrrrrr
Banks have to balance to books too, do you work for some of your customers for free, or even at a loss?
No, thought not.
bingo!
I wouldn't disagree with that, of course. Companies are not charities. But it's a bit rich just closing the account without a good reason.
They could have written saying "thank you for your custom over the years, but unfortunately we will be closing your account because the lack of funds make it uneconomic. etc.....
The above would at least be polite and make the person concerned less likely to winge about that bank to their friends and relatives.
I have no problem with the bank dumping me…. What gets to me is that they won’t tell me why. If I am an unprofitable customer then tell me so. Let’s have a clear and transparent relationship on BOTH sides. If they had approached me in there right way I may have moved some money back, or I may have just said thanks and left. A mutual parting of the ways…
It’s the way its being done that gets to me… I have some time on my hands at the moment; I have already written to them to ask for a final decision so I can take it up with the financial ombudsman service. I will now write to them using the data protection template supplied (thanks Blair Out!!!) and waste some more of there time…
Bitter? Me? Nahhh!!!!
Chim Girl, do you work in a bank?
It’s the way its being done that gets to me… I have some time on my hands at the moment; I have already written to them to ask for a final decision so I can take it up with the financial ombudsman service. I will now write to them using the data protection template supplied (thanks Blair Out!!!) and waste some more of there time…
Bitter? Me? Nahhh!!!!
Chim Girl, do you work in a bank?
Would you do the same to a supplier of something tangible? What if said supplier decided they were withdrawing a particular product or were no longer prepared to supply to you because your order value was too small. Would you also "waste some more of their time" asking for DP information you don't need?
Sometimes I despair.
Yes banks make large profits, but they are in line with the turnover/scale of the business. Whether they operate an overdraft, loan, savings account or whatever they've still got to make a profit on it. No different to any other business, you cannot supply a service or a product at a loss.
Sometimes I despair.
Yes banks make large profits, but they are in line with the turnover/scale of the business. Whether they operate an overdraft, loan, savings account or whatever they've still got to make a profit on it. No different to any other business, you cannot supply a service or a product at a loss.
Chim_Girl said:
No different to any other business, you cannot supply a service or a product at a loss.
Indeed, free banking is a relatively recent phenomenon (25 years?). You want a service from the bank whereby they keep your money safe, print and process cheques for you, handle the administration and payment of direct debits and standing orders, and how much do they charge?
Nothing.
OK, they make a bit out of your credit balance by paying you less interest than they can make out of the balance, and make money from charging you if you go overdrawn, but that's business. There is no such thing as free banking, all you are doing is juggling where they make their profits from.
And they make some money out of you by taking n days (where n is a slowly - very slowly - decreasing number), but its either that, or you get directly charged a small sum to make a transfer.
buzzer said:
Let’s have a clear and transparent relationship on BOTH sides.
I take it you dropped them a line to say that you were moving your salary payments to another bank because your thought their rates were better?
buzzer said:
I have already written to them to ask for a final decision so I can take it up with the financial ombudsman service.
What outcome are you looking for?
buzzer said:
I will now write to them using the data protection template supplied (thanks Blair Out!!!) and waste some more of there time…
So you've availed yourself of some free banking and now you want some more of their resources for free? Please tell me why, I am clearly failing to see the what you hope to achieve by this course of action.
buzzer said:
Chim Girl, do you work in a bank?
I am indeed employed by a bank, thankfully I don't deal with members of the public in my role.
Chim_Girl said:
I am indeed employed by a bank, thankfully I don't deal with members of the public in my role.
Thing is Chim. That's exactly the sort of attitutde that gets my goat in large corporations. You clearly view the public as something to be despised - but these are your customers, who keep you in a job. In the UK there are just half a dozen large banks who have got the market sewn up. In the USA you wouldn't last five minutes with that attitude, because there are thousands of smaller banks who all have to compete with each other for the consumers business. How I wish the UK was similar! Edited to add:
>> Edited by srebbe64 on Monday 10th January 20:20
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