Banks forcing the Closing of Accounts

[sunseeker]

As there is a lot of questioning around banks closing accounts once action against them is taken/completed, thought I'd ask the following

 

If I take action against charges on my current account, win and the bank gets a bit narked, can they close the current account and the loan account I also have with them. Would rather continue with the monthly payments than give up all refunded costs to pay off the loan account

 

Trying to think ahead as O/D and loan will probably equate to the refunded charges.

 

Cheers all,

 

Al.

[Guest]

Yes, it's a possibility, and they do sometimes threaten that as a bullying tactic. Under certain circumstances there is legislation you can use to make it harder for them, especially if you have made an official complaint about the charging structure and made a reasonable offer instead of the one you deem unreasonable, but they do at the end of the day have the right to decide not to do business with you.

 

If you're particularly worried about this, set up an account elsewhere in advance, so that if they suddenly decide to get heavy you've got a contingency plan in place to handle it.

[Dammam]

But surely they couldn't just close the loan account if you have agreed to pay a certain amount over x amount of years? If they did, perhaps you could charge them a penalty fee - I mean administration charge

[BankFodder]

I don't see that they could close the loan account.

Furthermore, I believe that the are required by the banking code to arrive at a mutually satisfactory scheme for repaying the o/d - maybe someone can jog my brain with the relevant para. ni.

[sunseeker]

This topic was closed on 03/05/19.

If you have a problem which is similar to the issues raised in this topic, then please start a new thread and you will get help and support their.

If you would like to post up some information which is relevant to this particular topic then please flag the issue up to the site team and the thread will be reopened.

- Consumer Action Group