Banks to make major changes to account closure rules – and it’s good news for thousands of households
would need to change its rules to include the changes - but this is expected to take too long.
As it stands, the banks should allow a customer a reasonable amount of time to make alternative banking arrangements before axing their account - although no specific time frame is specified.This might include sending or receiving large amounts of unexplainedIf a bank suspects a customer has been victim of a fraud - where large sums of money are sent - it will close the account.
Recent data from Which? found the Financial Ombudsman Service received more than 1,380 complaints about current account closures in the year 2022-23, of which a quarter were upheld. The Sun has previously spoken to several disgruntled customers who have been unexpectedly shut out of their accounts with no warning.of her account for weeks after receiving a large amount of money from a family member.And a few years ago,
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