Banks.

[JennyIrish]

All of a sudden banks here in Ireland such as BOI and TSB are closing down SWs accounts, even those of us registered as LLCs or sole traders.

No legitimate reason has been given only that it might be a mistake, or staff do not understand why this decision has been made.

Anyone able to shed some light on this??

[Rooney2808]

Sorry to hear this Jen, sounds stressful.

[Waltzingmatilda]

Banks are closing down all over the place unfortunately.
They EU and UK want to bring in digital currency, No privacy…

I honestly wish this was a conspiracy theory but a quick google will verify it.

[64west]

Have you been affected?
How would they know it SW related?
And what are the ground on which they can assume and take such action?
Scum.

[JennyIrish]

Have you been affected?
How would they know it SW related?
And what are the ground on which they can assume and take such action?
Scum.

Me personally, yes, BOI contacted me back in November they are closing down my account.

I called in and spoke to staff and they couldn’t tell me why I had received this letter, they still can’t tell me why, my account hasn’t been closed down yet, but I’m okay I have other accounts, I am registered as LLC, I do pay tax, I was able to show documentation to prove this, but I’m worrying now will my other account be inexplicably closed too.

I know a lot of other SWs the exact same thing has happened to in recent months and in every case bank staff can give no good reason Other than that they are sorry that this is happening but they cannot explain why.?

[Palatine]

Me personally, yes, BOI contacted me back in November they are closing down my account.

I called in and spoke to staff and they couldn’t tell me why I had received this letter, they still can’t tell me why, my account hasn’t been closed down yet, but I’m okay I have other accounts, I am registered as LLC, I do pay tax, I was able to show documentation to prove this, but I’m worrying now will my other account be inexplicably closed too.

I know a lot of other SWs the exact same thing has happened to in recent months and in every case bank staff can give no good reason Other than that they are sorry that this is happening but they cannot explain why.?

A GDPR request might help. What digital communications or records reside within the bank refer to you regarding the decision.

In all likelihood it's triggered by cash lodgment patterns. Even real criminals use LLC's so that wouldn't be enough to protect you.

[JennyIrish]

That’s a good idea Palatine, thank you

[TommyH123]

A GDPR request might help. What digital communications or records reside within the bank refer to you regarding the decision.

In all likelihood it's triggered by cash lodgment patterns. Even real criminals use LLC's so that wouldn't be enough to protect you.

Very good point about cash lodgments and may well be the reason certain accounts are being targeted, I lodged a significant sum in cash to my account last year and got quizzed about it.

There's a limit to much cash can be deposited before the bank has to involve revenue but i guess they can act the prick over any amount if they feel like it

[EscortInspector]

NatWest decision to close Nigel Farage’s bank accounts was lawful, says report
Investigation for bank finds however that there were ‘serious failings’ in handling of Coutts move and treatment of ex-Ukip leader
By Kalyeena Makertoff Fri 27 Oct 2023

https://amp.theguardian.com/business...-report-coutts

NatWest group’s decision to close Nigel Farage’s accounts at its private bank Coutts was lawful, but there were “serious failings” in its treatment of the former Ukip leader, an independent review has found.
Lawyers hired by NatWest determined that Coutts had a “contractual right” to shut Farage’s accounts, and had done so because the bank was losing money by keeping him as a client.
While Coutts also considered that there was a reputational risk of keeping Farage as a customer, it had not discriminated against him, despite raising concerns that his views on issues including migration, race, gender or Brexit did not align with its own, the law firm said.

“Coutts considered its relationship with Mr Farage to be commercially unviable because it was significantly loss-making,” said the report by the law firm Travers Smith, and added that it was “highly probable that the exit decision would not have been made had Coutts deemed the relationship with the client to be commercially viable”.
However, Travers Smith identified “a number of shortcomings”. It condemned the tone of internal documents obtained by Farage in July, which suggested the bank was concerned about his alleged “xenophobic, chauvinistic and racist views”. Travers Smith said these excerpts, which gave the impression that the decision was driven by reputational considerations, were “inappropriate and ill advised”.
And while NatWest had acted in a “lawful” manner when deciding to shut his accounts, it had “failed to treat him fairly” by not adequately explaining why it was ending the relationship; the fact that his accounts were discussed with the BBC; and that NatWest did not take steps to address the “false impression” circulating in the media regarding Farage’s financial affairs.

The NatWest chair, Howard Davies, said: “This report sets out a number of serious failings in the treatment of Mr Farage. We apologise once again to Mr Farage for how he has been treated. His experience fell short of the standards that any customer should expect. Our job now is to make sure that does not happen again.”
Davies said the bank would implement all the law firm’s recommendations. These include ensuring that the lawfully protected beliefs or opinions of customers do not play any role in decisions to bank clients; how decisions to drop clients are made and communicated to customers; and better training for staff in how to make those decisions, handle complaints and manage client confidentiality.
NatWest has yet to confirm whether it will claw back or withhold up to £10m in potential pay from Rose. The chief executive has been receiving a £2.4m package since her resignation, but is also eligible for a maximum £2.9m annual bonus, and still holds in unvested shares that are worth around £5m based on NatWest’s current share price.

The report said Rose had made an “an honest mistake” by discussing Farage’s accounts with a BBC journalist and that she mistakenly believed his relationship with the bank was already publicly known.
Travers Smith also confirmed that Rose played no part in the decision to close Farage’s accounts and that she had not seen the internal documents that were eventually released to Farage following a subject access request in July.
Farage condemned the report on Friday, saying it “whitewashed” the decision to close his accounts. “Travers Smith has taken a very mealy-mouthed approach to this complex issue. The law firm argues that my political views ‘not aligning with those of the bank’ was not in itself a political decision. This is laughable.”
Earlier this week, the Information Commissioner’s Office ruled that Rose had breached data protection laws by discussing Farage’s accounts with the BBC.

Commenting on the report, Rose said: “This confirms everything I told the board in July was correct … Travers Smith is clear that ‘there was no leak of specific detailed financial information’. Travers Smith also confirmed I knew nothing about the comments made by Coutts staff about Mr Farage, which were deeply unpleasant and unfair.”

[64west]

😂 sorry my tone was a little aggressive earlier. I talk faster than I think, sometimes.

How do they think they can send people account suspension notices without reasonable explanation.
And on top of that you comply and provide proof of tax on your funds and still then don’t even try to confirm the problem. When you think you’ve heard it all, this Country never fails to surprise and disappoint. Wankers. 🤣