Banks forcing the Closing of Accounts

**sunseeker** · 14th February 2006 20:27

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.

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15th February 2006 13:14

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** · 15th February 2006 14:11

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** · 15th February 2006 15:12

I don't see that they could close the loan account.
Furthermore, I believe that the are required by the Banking Code icon

to arrive at a mutually satisfactory scheme for repaying the o/d - maybe someone can jog my brain with the relevant para. ni.

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Banks forcing the Closing of Accounts