What's going on here?

[DimPrawn]

What is scary is that if you have your money there for mortgage, bills etc, and they freeze your account you lose access without warning and you don't get your money back for a couple of months.

[OwlHoot]

Presumably the reason is that with interest rates being so low, these accounts are no longer profitable for them.

That sounds more likely than anti-money-laundering measures, because surely in the latter case it is better to leave the bank accounts but monitor them.

When you (or "they") are taking an interest in someones possibly dodgy dealings, it seems rather stupid and counterproductive to alert them to the fact.

[GhostofTarbera]

That sounds more likely than anti-money-laundering measures, because surely in the latter case it is better to leave the bank accounts but monitor them.

When you (or "they") are taking an interest in someones possibly dodgy dealings, it seems rather stupid and counterproductive to alert them to the fact.

They can’t it’s called “tipping off”



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[minestrone]

RBS group and the way it treats customers.

RBS has been at this sort of shizzle for years. Does anyone remember the despotic GRG and West Register? Does anyone remember the damage they did?

RBS dosen't care one jot about any customer.

If they cannot squeeze the customer they don't care. Get rid of the customer.
I do feel sorry in a way for customers affected but on the other hand these customers really should have gone to a better bank in the first place.

I read that and I completely agree, but they wear you down to the point you dont have the energy. Ive got 2 business accounts with them, multiple clients, adding a signatory to one of them broke me. It's like having a WW2 bomb under your house you're not brave enough to get rid of.

[cojak]

I read that and I completely agree, but they wear you down to the point you dont have the energy. Ive got 2 business accounts with them, multiple clients, adding a signatory to one of them broke me. It's like having a WW2 bomb under your house you're not brave enough to get rid off.

Yep, switching banks is NOT as easy as people make out. I tried moving to FirstDirect and they wanted me to ask a verified safe person from very narrow number safe professions to write a half-page script on the back of an original bill addressed to me in the last three months.

I wouldn't ask a good mate to put up with that, let alone a stranger.

[Hobosapien]

I presume it's still relatively simple to open a new account at a different bank rather than the aggro of trying to transfer?

Several challenger banks (e.g. Starling which is app based) must be offering a pain free (as possible within the regulations) process to attract those looking for something more modern in approach than the archaic banks wanting references and the like.

Though having said that, Starling are not currently allowing new accounts for self-employed due to the verification process not being as automatable as for Ltds with public records.

Oh well, one day soon we'll all be using anonymousable distributed crypto banking.

[hairymouse]

Yep, switching banks is NOT as easy as people make out. I tried moving to FirstDirect and they wanted me to ask a verified safe person from very narrow number safe professions to write a half-page script on the back of an original bill addressed to me in the last three months.

I wouldn't ask a good mate to put up with that, let alone a stranger.

Man, there's nothing more annoying than the "security" of getting a person from a "safe" profession to vouch for you. It's like medieval times again, the auctioneer or postmaster is acceptable but not if they are married to you. But a random from off the street is fine. Last time I tried to get it done it was a massive pain as the post office wanted to charge £7 and my bank refused for no reason other than "screw you".

[darmstadt]

No ******* idea

[Mordac]

Yep, switching banks is NOT as easy as people make out. I tried moving to FirstDirect and they wanted me to ask a verified safe person from very narrow number safe professions to write a half-page script on the back of an original bill addressed to me in the last three months.

I wouldn't ask a good mate to put up with that, let alone a stranger.

I'd struggle with this, since we don't get any postal bills any more (except council tax, which is only once a year) everything else is paperless. The banks need to get a little bit more up-to-date.

[Hobosapien]

I'd struggle with this, since we don't get any postal bills any more (except council tax, which is only once a year) everything else is paperless. The banks need to get a little bit more up-to-date.

Nah, let the dinosaurs die.

Though talking of dinosaurs, it's possible to print out the online bills that will likely contain the same info as if they'd posted them.