i got that e mail also but it said i was still in the q so i cant see how i cant put money on to it
Just trying to get my head around the melting money, cool money etc
In the first picture, clicking freeze takes you to a page to save money (it doesn’t freee the card etc which might lead to some confusion)
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Not really surprising but Frost are closing all accounts in 60 days time.
No new applications being accepted.
Game over
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And so it starts. tempted to make a thread about it…
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This caught my attention. Not really ethical (perhaps not legal?)
If your account still has a balance on 08/02/2024 we will be applying a £10 closure fee (“Closure Fee”).
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What happens if the balance is less than £10?
I don’t even know if I have an account still!
I was convinced I’d spoken in this thread about opening an account and FROST in general but scrolling up I clearly dreampt it.
That’s going to be interesting to see what happens there!
No massive surprise, I never really got their USP and the whole idea always felt scammy, so much so I didn’t even bother to signup just for the card
I was right there with you until I saw the date.
That’s ample notice to get your money out of there, which invalidates the ethical/legal concern. They’ve done their duty in that respect.
This will be because for those who don’t have their money in time will cost them further in additional time and resources in admin. Because they have a responsibility to return money to their clients long after they’ve closed down.
They’ll take whatever balance you have left. It’s not a penalty or an actual fee in the usual sense. It’s to limit further admin. Easier for them to just absorb your £6.32 and have your account fully closed than to have that £6.32 in limbo somewhere for you to remember and decide you want it back now when it’s 2026. N26 still has a U.K. presence for precisely that circumstance.
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Makes sense! It would feel better if they donated the balance to charity as some other places do vs spend it on booze for a company party.
And isn’t there a dormant accounts fund somewhere (Treasury?) that people can claim from if they want to? Couldn’t they send the money there?
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It’ll most likely be going to their creditors!
Not sure if that applies to e-money institutions.
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It certainly does.
This is from a different firm but the conditions would be the same I’d imagine. Emphasis mine.
“If we or PayrNet goes into insolvency all, of your balance will be available to you subject to any charges that may be made by an insolvency practitioner/administrator”
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Is Frost going under or just exiting the current account market? If the latter then why would they need to give it to creditors when they could have a nice day out at a pub of their choice off of customer funds?
That seems to refer to insolvency process – but surely if my account is dormant and the company isn’t insolvent they shouldn’t be allowed to spend my £10 on booze but rather they should have to keep it for me or pop it into the dormant accounts fund in HMG (or BoE?).
Actually, you’re correct. I didn’t scroll down enough to see it was just a consumer shut down.
In this case this seems very disingenuous to customers to retain money in this regard. I’m not sure, legally, how that would stand.
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Will good job I saw this thread , just got my £5.01 back just in time 
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