Bank Accounts Closed By Natwest and RBS

[james_112233]

I read somebody on this forum had 60k released from a seized bank account that questioned why he was receiving so much money under a different name, he simply said something along the lines of he purchased the business ... ebay and paypal and didn't change any of the details, they released the funds.

I mean if all of your money are legitimate funds from sales and you've paid tax on it you are OK regardless of what the bank decide to do. It's when you haven't done those things.

[Freakzilla]

It you open a lot of accounts in a short period of time, banks will be more likely to shut you down. That is the more likely reason the accounts were closed.

Again, what instances of people going to court for this are you aware of? Please post the data.

So all of your accounts have the correct Date Of Birth? You have access to all the different addresses? The documents you supplied to Paypal were legit?

[Elijah]

Originally Posted by james_112233

Let's just put it this way. A bank seizing to do business with you without disclosing the reason is definitely something to worry about.

This isn't a poxy paypal or ebay account. It's the actual bank, who you trust to hold your money telling you to eff off.

Even if there isn't a visible marker on your credit rating, they definitely have another database of their own and it will stay on record.

I would say it isn't the speed you opened your accounts in because I have opened 3 halifax savers / natwest savers within the space of 2 days.

It's your previous relationship with the bank. And the fact you have been receiving payments under an alias for a long time.

This will be a non issue if all stealthers just used their real name.

It's obviously on some sort of record available to Natwest and other banks from the same group, but if It's not accessible to other banks, lenders or creditors why would anybody care?

In my case it certainly wasn't a coincidence; I had had a Natwest account for quite some time and the next day after my savings account opening spree, I was banned.

[delboy]

It seems highly coincidental that I opened 4 savings accounts with the group and then I get the message a couple of days later. Never had problems before.

[sirchris]

Originally Posted by delboy

It seems highly coincidental that I opened 4 savings accounts with the group and then I get the message a couple of days later. Never had problems before.

having worked for this banking group i can guaruntee you that a) they will not tell you why they closed them

b) it is almost 100 percent because of opening accounts too fast its classed as non standard behaviour and there are systems that flag this , as both banks belong to the same group they will close all of them. there will be no adverse marks on your credit but you wont be able to use these banks again. dont worry about it and move on. just dont open so many accounts so fast in the future!

if you want to check, ring the bank and ask them why theyve closed it, if they say "we are not allowed to discuss it, we will send you a letter within 3 weeks" you are most likely fine, you will receive a boiler plate response with no real information. they dont share the reasons accounts are flagged for the same reason ebay wont, they dont want people working out ways around it.

[e2free]

Exactly its not stealth ebay or paypal its bank accounts and some people dont take the seriously
Closing bank accounts by bank is not nornal at all

[delboy]

Thanks Sirchris.

I did not intend to open so many account at once. Unfortunately RBS's website is glitchy and I submitted more than one application in error.

I will mention this when I reply to Natwest once their letter finally arrives and hopefully that will be the end of it.

[delboy]

Originally Posted by e2free

Exactly its not stealth ebay or paypal its bank accounts and some people dont take the seriously
Closing bank accounts by bank is not nornal at all

Actually I do take it very seriously and this was just a genuine error due to their website being rubbish and as it kept timing out I assumed that my application had not been submitted. I have seen several people in our forum experience similar issues which led to a situation similar to my owne.

I have been doing stealth for 12 years so I know it pretty well. I have made a silly mistake, which is fairly costly, and will learn from it.

Other than having several accounts with a few PayPal credits (maybe 2 a month and for small amounts) I do not believe I have done anything else wrong.

I never submitted then direct debit instruction on my Paypals so I am not sure whether the bank can see the actual name of the PayPal account they the funds were sent from. It certainly is not shown on the transaction details on my bank statements - just a transaction reference number.

I am fairly sure the situation was caused through the opening of these new accounts as it would seem highly coincidental. From what people have told me from inside and outside of the forum it sounds like I will be ok hopefully with regards to my credit report but I will be closely monitoring it over the next few weeks just in case.

Unfortunately I will not be able to use the Natwest Banking Group again - which is sad but I guess there are plenty of other banks.

Never the less I will keep you updated on what happens...

[Elijah]

Originally Posted by james_112233

Sure, because banks force-ably closing accounts is something that happens to everyone on a regular basis.

The fact is this shouldn't be taken lightly which is what some of the members here are making it out as.

If you want to put your mind at ease, just remember if you can back up any of your actions with a good reason you are OK in a court of law. So start thinking of a story.

First you appear to imply that this would go on a record accessible to other entities, now that this could possibly go to court? For what exactly? No crime whatsoever has been committed just because a bank decided to follow their own idiotic risk management strategy and to cease doing business with you.

It's like you're some kind of weird fear-mongering troll.

[Elijah]

Originally Posted by e2free

Exactly its not stealth ebay or paypal its bank accounts and some people dont take the seriously
Closing bank accounts by bank is not nornal at all

The fact of the matter is that Natwest/RBS don't take measures to prevent a member opening what they consider to be too many accounts, unlike literally every. Other. Bank, meaning that this is shockingly commonplace.

The fact that they are the only bank that bans you for this says a lot more about them than it does about any users banned by them

[james_112233]

Originally Posted by Elijah

First you appear to imply that this would go on a record accessible to other entities, now that this could possibly go to court? For what exactly? No crime whatsoever has been committed just because a bank decided to follow their own idiotic risk management strategy and to cease doing business with you.

It's like you're some kind of weird fear-mongering troll.

And you speak as if you work for the bank and know for sure. You don't know anything for sure. You're telling the op exactly what he wants to hear.

Everything I have said is common sense. It's not a common occurrence to have your accounts closed by force without any explanation what so ever.

Any way Op will find out in due course.

[delboy]

I have just worked out that only about £5k has gone through my NatWest accounts in the last 5 years - £2.8k in the last 12 months. Probably a similar amount has gone through my RBS ones.

I am not a full time eBay seller and have a job. I sell on eBay as more of a hobby and to raise a few extra funds to help with bills etc. I have never really used these accounts that much.

I am convinced that the closures are because of me opening too many accounts so quickly - especially as others have had the same problem - and also because I received the message from Natwest within a day or two of opening the accounts.

As far as I am aware opening too many accounts with a bank is not a crime - and as Elijah says you would think that their website would prevent you from making applications if you have exceeded their "acceptable number of accounts". I expect that they have a robot or system that has just picked my applications up as looking a bit odd and as a precaution they have closed my accounts just in case.

Yes, the occasional Paypal withdrawals (which are almost always under £100) in several savings account all relate to Paypals in stealth names but I can't see how the bank would know unless they really looked deep into it. I never submit the direct debit instruction and so they would not know from that and the entry on my bank statements only says "Fast Payment In - Paypal" and a transaction code. There is no mention of any name. Of course I cannot see what the bank can on their systems but, having worked for several banks myself in the past, the statements that the staff can see on their screens is pretty much the same as what we see on our paper statements.

If it is not because of my stupidness in opening the accounts so quickly I can only imagine it is because they think I am running a business. If that is the case I will simply say that it is not a business and I am just selling items from my home - which I am really.

I have never sold any ⊗⊗⊗⊗ products, accepted any fraudulent payments or done anything illegal (outside of using Stealth Paypals) so I hope this will just be a case of ending my relationship with the NatWest Group and moving on. I can live with that and will learn from this experience.

I will let you know what happens but I feel a bit better about this now so thank you for all of your responses.

[sirchris]

...guess what banks dont do when they think you have done something wrong... TELL YOU ABOUT IT.

the fact that you have been notified atall says it all, they dont want to do business with you because your behaviour is outside there usual parameters (i.e. opening lots of accounts within a set time) if you have any other accounts with any other institution that are still open you are fine.

[Freakzilla]

It's because they opened so many savers quickly, how can you not see that?! Again as per my previous posts, where is all your info to backup what you say?

Originally Posted by james_112233

And you speak as if you work for the bank and know for sure. You don't know anything for sure. You're telling the op exactly what he wants to hear.

Everything I have said is common sense. It's not a common occurrence to have your accounts closed by force without any explanation what so ever.

Any way Op will find out in due course.

[james_112233]

Originally Posted by Freakzilla

It's because they opened so many savers quickly, how can you not see that?! Again as per my previous posts, where is all your info to backup what you say?

Read my response earlier in the thread.

I've opened several savers within the space of 48 hours. Nothing happened.

What country is the OP from ? who has he been transferring the money too ? or was he making too many cash withdrawals ?

[delboy]

I am British - have lived in the UK all my life.

I have never made any cash withdrawals.

All I ever used the accounts for is to receive funds from PayPal and occasionally I transfer them to one of my other bank accounts with a different bank.

I have not done anything illegal.

It surely must be because I opened too many accounts so quickly. Funny how the closures happened within a day or two of them being opened...

[Bigblackdog]

Not just you

https://www.dailymail.co.uk/money/sa...injustice.html

[delboy]

Originally Posted by Bigblackdog

Not just you

https://www.dailymail.co.uk/money/sa...injustice.html

I know mate. It seems to happen a lot.

I feel a lot better about it now but I have been worried sick all week.

I will be keeping a close eye on my credit report and will request a report from CIFAS in a couple of months time just in case.

[Freakzilla]

Is that with RBS? How many is several?

Originally Posted by james_112233

Read my response earlier in the thread.

I've opened several savers within the space of 48 hours. Nothing happened.

What country is the OP from ? who has he been transferring the money too ? or was he making too many cash withdrawals ?

[Freakzilla]

Again, you haven't answered my questions, who evidence of you got of someone being taking to court for using stealth details?

Originally Posted by james_112233

Read my response earlier in the thread.

I've opened several savers within the space of 48 hours. Nothing happened.

What country is the OP from ? who has he been transferring the money too ? or was he making too many cash withdrawals ?

[delboy]

So it's been over a month and nothing much has happened. I returned the form to Natwest but they havent yet transferred my money. I believe they have big backlogs though because of the corona virus situation. I have been told a decision will be made within 60 days. I understand that this is just a standard response.

Having spoken to a number of people in this forum and in a group on Facebook it seems that Natwest are closing lots of accounts at the moment and with the people I spoke to who had their accounts closed last year / at the start of the year they have not received any problems with their credit reports and have nothing recorded against them with CIFAS (which was my main concern).

Overall I think I will be ok as my Barclays, Halifax, Nationwide, Co-OP, HSBC and Metro Bank accounts are all still open and working fine. If there had been something serious I am sure they would have closed quickly.

I will keep you all advised...

[jdbutler331]

It may also depend on the types of accounts you have as my basic and saver accounts never have problems but any current accounts I open seem to get closed