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HI,
I'm asking for my son who finished uni last year and throughout had a Nat West account where he was given a £1000 overdraft to use and where all his uni money went into. Was never overdrawn apart from that separate prearranged overdraft that came with the initial opening of the account. He also had a credit card with them for £500 on which he was paying at least the min amount monthly. Out of the blue a couple of months ago he got a letter saying his account was being closed in 60 days and that he shouldn't bother asking them why as they wouldn't discuss it. We can think of no reason at all as it was run properly and his credit was good. The only thing we can think of is that 3 years ago he withdrew to cash some bitcoin he had mined since he was 17, perfectly legally in the amount of around £2000. Nothing was said at the time. It's the only out of the ordinary thing we can think of in the lifetime of the account. But i'm not sure they would wait a couple of years to stamp their feet about it. I have been told that nat west consider anyone who has withdrawn bitcoin to a bank a fraudster which in itself is disgusting. That aside though he has been given no info as to why the account is being closed.
The main problem is that although he had a prearranged contract with the bank re the credit card, once it is closed in a couple of days they say the whole amount has to be paid at once. Worse still, he has not been able to access his account online or pay any payments in for the credit card for a few weeks. Nevertheless even though they have ensured he can't have access to make payments they have continued to charge on his account charges for non payment and interest etc and it is growing. So he can't add money to it which has left him subject to charges etc. I have no idea how they can do that. It should be closed sometime this week if they stick to the timeframe but i have a feeling they will continue with no access to it but keep it open so they can keep adding charges to an account we can't pay into.
No idea what is going on or what is going to happen with the overdraft which he won't be able to suddenly pay off all at once either as that wasn't the deal.
Does anyone have any advice regarding any of the above or have experienced it with Nat West? Thanks for any help.
I'm asking for my son who finished uni last year and throughout had a Nat West account where he was given a £1000 overdraft to use and where all his uni money went into. Was never overdrawn apart from that separate prearranged overdraft that came with the initial opening of the account. He also had a credit card with them for £500 on which he was paying at least the min amount monthly. Out of the blue a couple of months ago he got a letter saying his account was being closed in 60 days and that he shouldn't bother asking them why as they wouldn't discuss it. We can think of no reason at all as it was run properly and his credit was good. The only thing we can think of is that 3 years ago he withdrew to cash some bitcoin he had mined since he was 17, perfectly legally in the amount of around £2000. Nothing was said at the time. It's the only out of the ordinary thing we can think of in the lifetime of the account. But i'm not sure they would wait a couple of years to stamp their feet about it. I have been told that nat west consider anyone who has withdrawn bitcoin to a bank a fraudster which in itself is disgusting. That aside though he has been given no info as to why the account is being closed.
The main problem is that although he had a prearranged contract with the bank re the credit card, once it is closed in a couple of days they say the whole amount has to be paid at once. Worse still, he has not been able to access his account online or pay any payments in for the credit card for a few weeks. Nevertheless even though they have ensured he can't have access to make payments they have continued to charge on his account charges for non payment and interest etc and it is growing. So he can't add money to it which has left him subject to charges etc. I have no idea how they can do that. It should be closed sometime this week if they stick to the timeframe but i have a feeling they will continue with no access to it but keep it open so they can keep adding charges to an account we can't pay into.
No idea what is going on or what is going to happen with the overdraft which he won't be able to suddenly pay off all at once either as that wasn't the deal.
Does anyone have any advice regarding any of the above or have experienced it with Nat West? Thanks for any help.
