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Bank Closed my Business Account


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Good Morning All, 

I was astonished to receive a letter from Lloyds to say that after a review they are closing my business account. I have been trading for 6 months and have maintained positive cash flow and after a long winded phone call, they were unable to give me a valid reason why they are closing my account other than i did not meet the criteria. 

Well, if i didn't met the criteria, then why give me a bank account in the first place. How are people in the UK expected to progress in their life's when the big banks knocks everyone back and trys to suppress our ambitions. 

It is so frustrating to have to go through this, although I remain more determined to succeed with my company. This is only one small set back of many i will face along my journey. 

Has anyone had similar experiences? 

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4 hours ago, shaun woolnough said:

Good Morning All, 

I was astonished to receive a letter from Lloyds to say that after a review they are closing my business account. I have been trading for 6 months and have maintained positive cash flow and after a long winded phone call, they were unable to give me a valid reason why they are closing my account other than i did not meet the criteria. 

Well, if i didn't met the criteria, then why give me a bank account in the first place. How are people in the UK expected to progress in their life's when the big banks knocks everyone back and trys to suppress our ambitions. 

It is so frustrating to have to go through this, although I remain more determined to succeed with my company. This is only one small set back of many i will face along my journey. 

Has anyone had similar experiences? 

There's your first problem, you're using Lloyds!

 

Get moved to Starling, easy, digital & most importantly free! 

 

Wouldn't recommend any other business bank.

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14 hours ago, shaun woolnough said:

Good Morning All, 

I was astonished to receive a letter from Lloyds to say that after a review they are closing my business account. I have been trading for 6 months and have maintained positive cash flow and after a long winded phone call, they were unable to give me a valid reason why they are closing my account other than i did not meet the criteria. 

Well, if i didn't met the criteria, then why give me a bank account in the first place. How are people in the UK expected to progress in their life's when the big banks knocks everyone back and trys to suppress our ambitions. 

It is so frustrating to have to go through this, although I remain more determined to succeed with my company. This is only one small set back of many i will face along my journey. 

Has anyone had similar experiences? 

I suggest you make an official complaint. This is far more likely to be fruitful than speak to the agents over the phone. Try the below link. https://www.lloydsbank.com/contact-us/how-to-complain.html

On a general point, Lloyds is crap. It's the worst bank in the UK. Followed closely by HSBC

 

_______________________________________________________________________________________________________________________________
Vin Gupta
Property Investor and Developer
UK Property Blog: https://evolutionblogger.com/article/uk-property-articles
Travel Blog: https://soulfultravelguy.com/

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15 hours ago, adamholt said:

There's your first problem, you're using Lloyds!

 

Get moved to Starling, easy, digital & most importantly free! 

 

Wouldn't recommend any other business bank.

Thanks for the recommendation. Let me have a look at Starling. 

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4 hours ago, EvolutionBlogger said:

I suggest you make an official complaint. This is far more likely to be fruitful than speak to the agents over the phone. Try the below link. https://www.lloydsbank.com/contact-us/how-to-complain.html

On a general point, Lloyds is crap. It's the worst bank in the UK. Followed closely by HSBC

 

Thanks for the link. 

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On 2/3/2021 at 8:44 AM, adamholt said:

There's your first problem, you're using Lloyds!

 

Get moved to Starling, easy, digital & most importantly free! 

 

Wouldn't recommend any other business bank.

I second this. I chose Starling when setting up my Ltd Company based on recommendations and I am very happy with the service. Very refreshing to have a bank that focuses on tech and simplicity to provide great service.

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6 hours ago, seb_rolland said:

I second this. I chose Starling when setting up my Ltd Company based on recommendations and I am very happy with the service. Very refreshing to have a bank that focuses on tech and simplicity to provide great service.

Cheers,

to make things worse, Hlaifax are now closing my current account. Something doesnt seem right here. The two banks are linked via HBOS. 

Starling it is!

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Im even more astonished now to received a letter from Halifax saying they are closing my current account. Its obviously linked but i dont know why they would do this without giving a reason. Ive been a customer with Halifax for over 20 years. 

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7 hours ago, shaun woolnough said:

Im even more astonished now to received a letter from Halifax saying they are closing my current account. Its obviously linked but i dont know why they would do this without giving a reason. Ive been a customer with Halifax for over 20 years. 

Wow, that's outrageous! I'm a big advocate for the smaller challenger banks. I moved my current account over to Monzo a couple of years ago after 20 years with the natwest and can honestly say I haven't looked back. I don't know how the big banks can get away with offering such poor service and products. If they have closed your current account I would definitely take the advice of EvolutionBlogger and raise a complaint through the official channels.

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8 hours ago, shaun woolnough said:

Im even more astonished now to received a letter from Halifax saying they are closing my current account. Its obviously linked but i dont know why they would do this without giving a reason. Ive been a customer with Halifax for over 20 years. 

As before. Just make an official complaint. Then escalate to the ombudsman

_______________________________________________________________________________________________________________________________
Vin Gupta
Property Investor and Developer
UK Property Blog: https://evolutionblogger.com/article/uk-property-articles
Travel Blog: https://soulfultravelguy.com/

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