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Santander closed my business account without notification. No reason given!

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I opened a business account at Santander a few months ago and transferred £3,000 in to it as I needed to to buy stock etc.

 

It's a new business so not talking in huge cash sums here, but even at it's lowest, funds in the account were around £500. The last payment into the account was by a client for £200+ earlier in the week so it would have been just short of £1,000 in credit.

 

Went online to check the exact balance today, but found I was locked out of the account.

A call to Santander revealed that they had closed the account. No reason given, just told blankly that I was no longer a customer and a cheque for the balance would be posted to me once authorised.

 

Absolutely fuming about this. I have direct debits due to be paid on Monday and no access to my business finance.

 

Any advice greatly appreciated! Thanks in advance.

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The bank will rely on their contractual right to close the account without explanation. However they are bound by BCOBS to to this fairly and it doesn't sound as if they are doing that.

 

I would have thought that as they have sold you the account, they would be required to close it in a way which caused no inconvenience to you or disruption to your business.

 

Is there something in your credit history which may have come to light and which has caused them to take this action?

 

Banks sometimes behave like this if they suspect that funds are arriving unlawfully - but in that case you would normally be lucky to get your money back for as long as 2 or 3 years - look up CIFAS on Google.

 

Also read this - http://www.bbc.co.uk/news/business-18540832

 

There is nothing you will be able to do about it in the short term - especially in the Christmas period. If there is any delay in getting your money back then you should take a BCOBS action. The FOS would take up to two years to give you a decision.

 

Make other arrangements to pay bills. Keep a list of what it has cost you, see if you get your money back and then consider a BCOBS action to recover any losses and also to get your money back if it is delayed.

Don't be surprised if it is delayed or doesn't appear at all. Especially if this is a CIFAS case.


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Thanks for the quick reply, BankFodder, and the link to the BBC article.

 

My credit is pretty much squeaky clean and I've still got an active personal account with Santander. In fact, after 16 years of banking with Abbey/Santander I've never once been overdrawn, had to dip into my overdraft or had any problems whatsoever.

 

I'm just gobsmacked by both their actions and their attitude, but I'm not just going to roll over and accept this treatment.

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In that case take all action to protect your payees and your business - and then work out in the new year what it has all meant to you - and come back here.

 

Do nothing on the phone without recording calls. Don't go to any meetings without a call recorder in your pocket.


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I've just had a totally sleepless night... I'm realising just how seriously this situation could damage my business.

I've two clients to meet on Monday who will need to pay deposits, and have other clients through the week. How will it look when I tell them I can't accept online payments or cheques?

I'll also have to allocate a couple of hours next week to find another bank... but what if I'm turned down? And, if Santander do the same to my personal account I'm totally screwed!

My business was on track to burst into 2013 and really fly! Santander may just have pulled the rug from under my feet!

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Well you should go to one of their branches and demand explanation and not leaving until you get one!

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It seems that Santander are a law unto themselves. We had issues with them not wanting to pay accounts like Autotrader and flagging it up as a fraudulent transaction? I am so glad that we transferred to another bank when we did otherwise we might be posting here also.

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Just use your personal account for the time being to accept payments etc.

Its not ideal, but dont stress too much about it, as long as your not vat registered.

 

Get another account open with another bank and then use that account.

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I have my personal ccount being closed reason "Due to the conduct of the account".

Nothing else.

All i done was to get my wage paid into my account.Now I dont know what to do.I did not had very good credit history and spent my last year trying to build up my basic account with them and got this account end of Nov and now this.Any Advice plz.

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