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Bank Accounts Closed By Natwest and RBS
 

Hi all

I am looking for advice people who have had experienced having bank accounts closed by Natwest or RBS.

I am very worried because I have just received a text from Natwest stating the following:

IMPORTANT

Following a review of your banking arrangements, we have made the decision that we can no longer offer you banking facilities. This decision is in line with the Terms and Conditions of your account and we are unable to discuss the rationale for this in a branch or over the phone. Accounts have been blocked and a letter sent to advise this decision and the next steps. L

I have a current account with RBS and 5 saving accounts and the same with Natwest. I recently closed a few of the saver accounts and tried to open a new account with RBS last week. Unfortunately their site was very buggy and I didnt think my application had gone through and ended submitting it more than once in error. I ended up with 3 accounts instead of one - and I suspect that is why they are closing my accounts.

The accounts that I do have with both have been use to receive funds from various stealth accounts in mismatching names for many years without problems and I have never sent a lot of money through them really. Way less than £3k (probably nowhere near that) in the last 12 months and I dont withdraw funds very often.

I reckon there is currently £300 max in the accounts and my online banking has been blocked so I cant check.

I have 3 main concerns and I hope you could help me with your experience.

1. Will I be able to get the money in the accounts returned to me? If so how does this work?

2. Will Natwest and RBS leave something negative on my credit file which could stop me opening other bank accounts, getting credit or passing credit checks for a job? This is my main concern as it would ruin my life if I received a Cifas mark.

3. Will they report this as money laundering to the police?

I am really sorry to bother you but I am really, really worried and would be ever so grateful if you could please share your experience. Did you receive anything on your credit profile and have you had problems opening bank accounts and applying for credit since you had your accounts closed.

I have never had anything like this happen before and it is very concerning...

Many thanks

Delboy

Re: Bank Accounts Closed By Natwest and RBS
 

Thanks Tinsoldier. Do you know this from experience?

No 2 was the main concern. Cheers.

Re: Bank Accounts Closed By Natwest and RBS
 

I had NatWest close my current account about 5 years ago, they gave the same reason that you got

I had to go in branch with photo ID to withdraw the money that was in the account they closed, it was only about £270 and they gave me cash

Didn’t notice any other adverse affects on anything, credit rating, etc

Re: Bank Accounts Closed By Natwest and RBS
 

I have done a lot of Googling on the subject and it seems to have happened to a lot of people. I did see that article last night too.

Thank you for your feedback. It does make me feel a bit more relaxed.

If anybody has actually had their Natwest and / or RBS accounts closed I would be very grateful if you could confirm Tinsoldier's answers to put my mind at rest.

Thanks all

Re: Bank Accounts Closed By Natwest and RBS
 

Thanks James169 for making me feel much better.

I have never been so worried.

Has this happened to anybody else? Cheers

Re: Bank Accounts Closed By Natwest and RBS
 

You need to wait for the letter from bank what they says, if all your accounts is closed this means you have some mark on your file already and if you apply new account it will not get accpted, if you not heard from other banks then nothing to worry

Best to access your credit report which is free anyway and it will tell you all the story

Re: Bank Accounts Closed By Natwest and RBS
 

I have checked my Experion credit expert report and nothing is showing.

Are you talking from experience? Has this happened to you?

My bank accounts with Barclays, halifax, santander and smile all seem to be fine.

It is just Natwest and RBS - who are the same group.

Re: Bank Accounts Closed By Natwest and RBS
 

Has anybody else had their accounts closed recently please?

Re: Bank Accounts Closed By Natwest and RBS
 

My partner had an a current account closed recently with the same letter. It was attached to a Paypal but wasn't used and had no money in so just left it.

Re: Bank Accounts Closed By Natwest and RBS
 

Thanks James. And was that with Natwest or RBS?

And has she had any problems since obtaining credit or opening new bank accounts?

Re: Bank Accounts Closed By Natwest and RBS
 

You just cannot make another account with that banking group, they do not share that info with other banks and nothing will be on your credit score,
just simply open another bank account up with either barclays or lloyds group or hsbc
The lose of your bank account was nothing to worry about

you already have bank accounts with other banks? why you wanting to open more?

Re: Bank Accounts Closed By Natwest and RBS
 

Thanks Chev. I dont need to open any bank accounts elsewhere yet but I want to remortgage later this year. If my credit score is affected it would cause a big problem.

Has this happened to you? I am probably being paranoid but it just seems very concerning to have a bank decide to close your account.

I really think it is because I opened 3 savers with them accidentally a couple of weeks ago. Their site seemed to be playing up and I didnt think my application had gone through so I resubmitted it.

Re: Bank Accounts Closed By Natwest and RBS
 

They are still going with this idiotic policy i see.

It is not considered fraud so no, nothing will be left on your credit file and the police will not be notified... It's just part of Natwest's stupid risk management strategy to ban a person if someone opens what they consider to be too many accounts.

What is especially stupid about this is that unlike other banks that would simply stop you from exceeding a pre defined limit by giving you an error after reaching it Natwest simply let you keep going and ban you right after. I can't believe they haven't changed one bit in the almost 8 years since they closed my accounts.

If I remember correctly when this happened to me I just had to wait for Natwest to send me a letter informing me that I could go into a branch to collect my money.

Re: Bank Accounts Closed By Natwest and RBS
 

Stop spreading FUD. The ONLY result of this is not being able to open new accounts with banks from the same group. This kind of thing will not go on a credit file.

It's best to not post at all if you don't know what the heck you are actually talking about.

Re: Bank Accounts Closed By Natwest and RBS
 

Read my post again if you dont understand ask someone else to explain this to you
The information given 100% correct go research on it

Re: Bank Accounts Closed By Natwest and RBS
 

Nice try but it's simply not correct and makes no sense whatsoever. I don't need to research because I have experienced exactly what the OP has, while you obviously haven't experienced this as you would otherwise know that this does not leave any mark on the file and has no effect other than not allowing you to have any future accounts with banks from the same group.

Re: Bank Accounts Closed By Natwest and RBS
 

Seems like you still not understand my post
READ AGAIN
I said if op's all accounts are closed by bank this means he is got mark already on his credit file
Where this mark flag up in banking system and they send letter to close the accounts not just one bank or banking group its applies to all groups but then op explained he has accounts with other banking group which are not closed so it does not applies to him

Next time if you dont understand as i said ask someone's help

Re: Bank Accounts Closed By Natwest and RBS
 

Elijah,

I opened 3 RBS and 1 Natwest saver in the space of a few days so that is likely to be the cause of my closure. Yes I was silly to open this many so quickly...

Did Natwest tell you that they closed your account because of the number of savers you had opened in a short time or did they not confirm the reason?

Fingers crossed that nothing comes of this on my credit report. Based on what you and a couple of other people on the forum (who have experienced similar issues with Natwest in the past) have told me in PMs it seems I might be ok.

Having said that this whole situation has scared me and I am going to reduce the number of my stealth accounts and make sure that all Paypals are in my own name (if not the same address). My name is fairly common.

Re: Bank Accounts Closed By Natwest and RBS
 

That's funny. Since you keep telling me to ask for someone's help I'm going to drop all pretence with you: you can barely write a comprehensible post in English. It's hard to understand your posts, so reading them again and again would be completely fruitless.

You should work on your written English skills and not get angry when someone can't decipher one of your poorly written posts.

I'm not sure you why you would mention "op's all accounts" or the advice to check the credit report if you actually knew what you were even talking about. It just shows your lack of experience with this specific issue.

Re: Bank Accounts Closed By Natwest and RBS
 

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.

Re: Bank Accounts Closed By Natwest and RBS
 

What evidence do you have to back this up? Pure speculation. Nobody knows why the bank closed the accounts, apart from the bank themselves.

Re: Bank Accounts Closed By Natwest and RBS
 

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.

Re: Bank Accounts Closed By Natwest and RBS
 

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.

Re: Bank Accounts Closed By Natwest and RBS
 

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?

Re: Bank Accounts Closed By Natwest and RBS
 

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.

Re: Bank Accounts Closed By Natwest and RBS
 

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.

Re: Bank Accounts Closed By Natwest and RBS
 

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.

Re: Bank Accounts Closed By Natwest and RBS
 

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

Re: Bank Accounts Closed By Natwest and RBS
 

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.

Re: Bank Accounts Closed By Natwest and RBS
 

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...

Re: Bank Accounts Closed By Natwest and RBS
 

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.

Re: Bank Accounts Closed By Natwest and RBS
 

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

Re: Bank Accounts Closed By Natwest and RBS
 

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.

Re: Bank Accounts Closed By Natwest and RBS
 

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.

Re: Bank Accounts Closed By Natwest and RBS
 

...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.

Re: Bank Accounts Closed By Natwest and RBS
 

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?

Re: Bank Accounts Closed By Natwest and RBS
 

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 ?