Account closed and no explanation!

[WorkingMum23]

Hi,
I have a ltd business banking account with TSB and I received a letter saying that they will be closing my account next month no explanation offered. I phoned up as I can't understand why they would do this and again they can't give me a explanation! I was going to close my business down anyway as I now have a young family but I'm worried about them closing the account for no reason and will this effect me opening another business account in the future? I've checked my credit history and it's all good. I have a mortgage too will this bank account closure affect anything? Any advice would be great. I'm very confused by this whole situation.

 

[paulears]

How many transactions do you have a month? Hundreds or just a few. It could be they just don’t make enough from you.

 

[WorkingMum23]

How many transactions do you have a month? Hundreds or just a few. It could be they just don’t make enough from you.

Since COVID none. Just furlough was going in.

 

[fisicx]

Since COVID none. Just furlough was going in.

That’s probably why. If you aren’t using an account the automated system will close it for you.

 

[paulears]

They need to talk to you to find out where to transfer your balance - can you not go into the local branch and speak to somebody real?

 

[Mark T Jones]

The key point from your OP is that there is no dark undercurrent and no negative repercussions

It costs a bank money to maintain dormant accounts so they automatically close them.

If you wanted to continue trading you might be able to reverse the decision. As you intend to close the business, pay any creditors, empty the account (legally) and move on

 

[Opinion87]

Hi,
I have a ltd business banking account with TSB and I received a letter saying that they will be closing my account next month no explanation offered. I phoned up as I can't understand why they would do this and again they can't give me a explanation! I was going to close my business down anyway as I now have a young family but I'm worried about them closing the account for no reason and will this effect me opening another business account in the future? I've checked my credit history and it's all good. I have a mortgage too will this bank account closure affect anything? Any advice would be great. I'm very confused by this whole situation.

I had this with TSB eight years ago. Closed my accounts without warning and I couldn't get an explanation. It took nearly a month for them to send me a cheque for the £40k~ I had in my accounts. TSB have been absolutely appalling for me, business and personal. I wouldn't recommend them to anyone.