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Old 22nd September 2023, 13:09   #1
WillyHeckaslike
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Cool Closing A Bank Account

I've tried to close an account which pays a pittance in interest to move away to get a much better rate. My closure request was refused. Having had the account for many years, which is not a free account and suffers a monthly fee-grab by the provider, I'm now very belatedly being hit with a retrospective demand for photo ID before they will close my account. This has irked me, were it upfront on initial application it wouldn't. But it isn't, it is retrospective and on top of all of the security details that were agreed and provided on initial application for the account many years ago. Not everyone will have photo ID, indeed there have been times when I haven't, and given its cost to obtain and maintain I don't think it unreasonable to question a retrospective demand for it.

Anyone had this problem and if so how did you resolve it?
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Old 22nd September 2023, 13:57   #2
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Select your new Bank and use the Bank Account transfer scheme offered by all banks.
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Old 22nd September 2023, 15:13   #3
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Hi Ken. After experiencing a not too dissimilar situation earlier this year I don't think that the inter-bank switching route provides a guarantee of immunity from obstruction and prevarication of the type mentioned. Earlier this year another bank delayed a closure and transfer request with a retrospective demand for a verifiable copy of my signature. I think one of its suggested options was to acquire this via a notary for which I would no doubt have had to pay. That retrospective demand too was only made after an account closure and transfer request was submitted by my new bank. That also irked me as a transfer that should have completed within a few weeks at the most took a couple of months to get sorted.

I think that the recent de-banking cases that have been in the news are just the tip of an iceberg in wayward regulation - though I have the opposite problem of not being able to get de-banked.
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Old 22nd September 2023, 16:06   #4
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Go to your old bank in person. Give them, over the counter, a typed letter to request a "Subject Access Request". Remember the name of the cashier or other employee who accepted it. It may take a couple of weeks, but you will be surprised by its contents, which will be accurate (by law). It just might prevent other customers having similar experiences.
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Old 22nd September 2023, 18:35   #5
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Hi Raymond. The bank is not local to me. In fact the account is not held with a bank per se, it is actually held with an online investment outfit. My use of the word bank though not technically correct was the best I could think of at the time to present my problem with a degree of clarity and brevity and with which more people might relate to. However I am trying to transfer the subject account to a bank and as financial services is a common denomiinator I hope that my use of the two in the same context serves for comparative purposes.

I have had email contact and quite as expected they are banging the "we are trying to protect your account" drum. That I think does not bear scrutiny. It might if they requested photo ID at the outset with their other security related stuff but, they didn't.
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Old 23rd September 2023, 10:47   #6
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Quote:
Originally Posted by WillyHeckaslike View Post
I've tried to close an account which pays a pittance in interest to move away to get a much better rate. My closure request was refused. Having had the account for many years, which is not a free account and suffers a monthly fee-grab by the provider, I'm now very belatedly being hit with a retrospective demand for photo ID before they will close my account. This has irked me, were it upfront on initial application it wouldn't. But it isn't, it is retrospective and on top of all of the security details that were agreed and provided on initial application for the account many years ago. Not everyone will have photo ID, indeed there have been times when I haven't, and given its cost to obtain and maintain I don't think it unreasonable to question a retrospective demand for it.

Anyone had this problem and if so how did you resolve it?
Had the request for photo-id on one or two instances but not with regard to a "savings" (I take it that is what you are referencing?) account. Never had to obtain one as I must have found a work-around or they have not asked.

Yes, it makes me mad as hell when one's bona fides are not good enough to pay back money but are o.k. when they receive monies from the holder of accepted bona fides of the past. As an example, I paid in money to my Nationwide account and asked for a withdrawal (much lower amount than that being paid in and one that would still leave a surplus i.e. account residue + new money in ='s larger balance). They wanted ID to withdraw but funnily enough none to pay in.

Outcome? See branch manager (yes going back a few years). Adamant about the ID. Asked him if I could close the account without ID. No, but they could post a cheque to the account holders address. My response, good go ahead. Bang lost a not millionaire customer.

As for your situation you could write to the Chief Executive officer with regard to the absurdity of the situation. Absurd, how? Well, how is photo-id going to prove the bona fides of an account holder who opened an account many moons ago? you could just slip in a mention of a Small Claims action with costs. A second option is to obtain the ID and just shrug at the stupidity of to-day's businesses having to jump through these hoops. The terrorists organisations + the fraudsters never seem to have these issues.
Kev

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Old 23rd September 2023, 10:48   #7
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Quote:
Originally Posted by KWIL View Post
Select your new Bank and use the Bank Account transfer scheme offered by all banks.
Good way. I know it was mainly set-up for easier current a/c transfers but interesting to know it also applies to savings accounts.
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Old 23rd September 2023, 10:54   #8
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Quote:
Originally Posted by wraymond View Post
Go to your old bank in person. Give them, over the counter, a typed letter to request a "Subject Access Request". Remember the name of the cashier or other employee who accepted it. It may take a couple of weeks, but you will be surprised by its contents, which will be accurate (by law). It just might prevent other customers having similar experiences.
The problem is going to your "old bank" might just be that i.e. it is an empty shell or another business is using it. My bank is closing June next year but a huge amount of people have been de-branched previously.

All to do, now I believe, with implementing a cashless society.
Kev
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Old 23rd September 2023, 10:55   #9
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Quote:
Originally Posted by WillyHeckaslike View Post
Hi Raymond. The bank is not local to me. In fact the account is not held with a bank per se, it is actually held with an online investment outfit. My use of the word bank though not technically correct was the best I could think of at the time to present my problem with a degree of clarity and brevity and with which more people might relate to. However I am trying to transfer the subject account to a bank and as financial services is a common denomiinator I hope that my use of the two in the same context serves for comparative purposes.

I have had email contact and quite as expected they are banging the "we are trying to protect your account" drum. That I think does not bear scrutiny. It might if they requested photo ID at the outset with their other security related stuff but, they didn't.
Right, ignore my reply as this new info totally changes the situation.
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Old 23rd September 2023, 11:19   #10
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So far as I am aware the rules concerning the Subject Access Requests are common to all deposit holding financial sources. However, it is a long time since I was in the business!
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