Closing and opening bank accounts

[mirza93]

I had a halifax savings account which I closed a month ago because the stealth account failed. Would it be safe opening another one. Could I close down accounts that are of no use and re-open after a while?

Same with barclays too?

Thanks!

[Play]

Yeah you can. Just don't open/close too many at the same time.

Also just because a stealth account went down, you don't need to rush to close the associated bank.

Consider spreading your eggs out, open a bank account with HSBC, they do £1 savings accounts.

Good luck

[wired]

Theres no major issue opening and closing one account with the same bank, opening more actual current bank accounts with different banks will be creating a huge credit history portfolio, and is really not a wise thing to do for various reasons.

Keep it simple, keep with one or two banks and use saving accounts that dont show up on credit searches.

[Play]

@wired makes a valid point hence why I emphasise on savings accounts - those in my experience dont run credit checks, like current accounts do.

So if you have one hsbc current account, don't open more current accounts, stick to opening/closing savings accounts.

Each time you open a current account, your credit score will drop - so be wary.

For those who want to check their credit rating without paying, noodle is always free.

Its worth keeping an eye on if you're unsure how your credit reports looking.

[USB]

Its a good topic

What you think Guys All major Uk Banking societies recycle bank accounts Numbers?

Obviously closed account have to go somewhere......

[Freakzilla]

Originally Posted by USB

Its a good topic

What you think Guys All major Uk Banking societies recycle bank accounts Numbers?

Obviously closed account have to go somewhere......

There is strong evidence online that account numbers are recycled.

[mirza93]

Originally Posted by Freakzilla

There is strong evidence online that account numbers are recycled.

That's worrying. So far, I think i only had one rejected bank from barclays(not sure why tbf) but other banks were good. If rejected banks from paypal are becoming common, there may be quite a few stealthers about than we know..

[USB]

Originally Posted by mirza93

That's worrying. So far, I think i only had one rejected bank from barclays(not sure why tbf) but other banks were good. If rejected banks from paypal are becoming common, there may be quite a few stealthers about than we know..

Lol there is nothing to worry at all it doesn't happen like that

the bank do recycle the accounts after 10 years i did research Online
(some say 5 years) Even its true

PayPal uk cannot store your data for more than five years according to Uk act of data protection

But you never know paypal they can do anything they want

[wired]

It wont be long till names and bank accounts have to match. Due to the amount of online fraud taking place, there is a campaign by the NFA to have the law changed in this respect.

Once that happens, PayPal Stealth will get a whole lot harder.

[rsot]

Originally Posted by just_smile

For those who want to check their credit rating without paying, noodle is always free.

Its worth keeping an eye on if you're unsure how your credit reports looking.

Noodle is a bank?

Originally Posted by rsot

Noodle is a bank?

Damn autocorrect!

It should say noddle

Www.noddle.co.uk for a free credit check.

[e2free]

Originally Posted by USB

Lol there is nothing to worry at all it doesn't happen like that

the bank do recycle the accounts after 10 years i did research Online
(some say 5 years) Even its true

PayPal uk cannot store your data for more than five years according to Uk act of data protection

But you never know paypal they can do anything they want

where did you read this mate? I though they keep the data forever

[Play]

I think this thread is getting really confusing.

• Do bank's recycle account numbers, yes. How often? varies. Example: Barclays saver accounts recycle numbers every 12 months. Probably why OP had their's rejected.

• How does recycled numbers affect you? When you add the bank account to PP, it will get rejected. To solve that you simply call in, they remove it from any previously associated accounts and add it on to your account for you, or atleast something to that effect.

• @USB, PayPal are a financial company, so they hold records for as long as they deem fit to combat risk of fraud.

• @wired - If PP/banks do incorporate that, people will just look for alternative cashout methods, i.e. cards, BTC etc. which could in turn amplify fraud (IMO).

[wired]

Originally Posted by Play

I think this thread is getting really confusing.

• @wired - If PP/banks do incorporate that, people will just look for alternative cashout methods, i.e. cards, BTC etc. which could in turn amplify fraud (IMO).

Lol, I am sure the Fraud Agency have weighed up the pros and cons over some guy on an anonymous 'stealth' forum falsifying legal documents to circumvent a companies security system.

How does one cash out 10k a month without a bank account, do tell, as they would work wonders for me.

[sax4]

@wired - If PP/banks do incorporate that, people will just look for alternative cashout methods, i.e. cards, BTC etc. which could in turn amplify fraud (IMO)

Exactly, a lot of people should be using some of these methods anyway

[wired]

Originally Posted by sax4

@wired - If PP/banks do incorporate that, people will just look for alternative cashout methods, i.e. cards, BTC etc. which could in turn amplify fraud (IMO)

Exactly, a lot of people should be using some of these methods anyway

You are missing the bigger picture. Do you really think the Fraud Agency is concerned about you buying some gift cards with the proceeds of your ill gotten gains on eBay when an old dear got her life savings stolen when the scammers intercepted her emails for a nice cottage she was buying in the countryside and had it diverted to their bank account? No, not in the slightest.

This WILL happen, I've read the long extension reports and applications to the courts, its only a matter of time.