Sometimes I have to remind myself that most people don’t keep opening and closing accounts like myself and the fellow ‘bankaholics anonymous’ on here
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I found a good solution that is working for me.
Block the cards, keep a pound there. Visit like 3-4 months later. Move that pound out and send another in to show some activity. Then disappear again.
If it has a banking license, no. It shouldn’t be allowed to prevent a group of people from accessing facilities (especially those that have offers, rewards and benefits that other banks don’t have) because its restricting access to competitive products and its unfair practice.
Think about the FCA principles.
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I mean, I used to agree with this on the principle that debanking people on political opinions is cringe and that British nationals abroad aren’t even guaranteed to be able to keep a free bank account.
Now I’m more of the “if someone has no bank account we should do all we can to bank them” and “everyone who has ILR or British citizenship should be entitled to a bank account” but I don’t really get the protection of people from themselves.
What’s next, telling banks to equitably give loans to people in bankruptcy? Reality is people switching 3000 times to double and triple dip bank bribes they know they’re not eligible for + using banks as switching only accounts (spinning up accounts for switching purposes) 3-8x is a reason why any other business wouldn’t want you a customer.
Should banks have to explain why they’ve gotten rid of you? Yes. Should that mean you get a free pass to burn stakeholder money/value? No.
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I think your over-thinking it and sense a fair bit of emotion in your response. There isn’t an issue with lending. Theres tonnes of lenders available to pick from and lending criteria exists for a reason.
Banks have regulatory requirements to carry out relevant checks, including KYC. So long as someone has not failed the regulatory checks, and has no CIFA’s and has not previously been removed due to mis-use of service then you shouldnt be able to restrict someone from re-joining. Regardless. Switching accounts, chasing deals and exploring other services is a lot different to being a criminal.
If banks were concerned, they would restrict incentives. Which banks do. Banks have criterias on switching incentives to stop customers from claiming double rewards. So, I don’t agree with your point on that either to be fair. A bank can re-onboard you without offering an incentive.
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Banks can re-onboard you at the cost of redoing all those checks again - which costs money. You aren’t entitled to all of this anytime you want it, for free.
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Your missing the core point still, and I think your fuelled from a previous incident on here. The core argument is about anti-competitiveness but your entitled to your own views. It will shock you just how much banks profit from you, and other customers and especially those drowning in debt. On-boarding a customer doesn’t cost them anything near a grain of salt compared to the money that customer brings in. Hence why switching incentives are mostly over £100-150.
I wish you a better rest of your day. Now lets keep this limited to Zopa chat only. If you want to further advance on the conversation, I am happy to follow that up if you make a dedicated thread for it.
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I am sure Starling and Chase do have a banking license and do just that.
They can decline you as a business decision.
You can bank elsewhere.
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Yes, and thats the exact point I am trying to say needs to be addressed. Thanks for identifying that rather quickly.
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Banking costs money, we are lucky in the UK banking isn’t chargeable like most other countries, even dormant accounts.
Like any business, they can refuse you service for any reason they wish, providing it’s not a protective characteristic the ombudsman would frown on.
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Banks can pick and choose who they want as customers as long as it’s not a protected characteristic.
I could walk into HSBC and they could say no we aren’t going to give you an account Jo because you’re wearing a blue shirt.
(What Carl said)
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We’re all on the same page and your extra input is good to see. I appreciate you all furthering on my point of where the negative things are in the industry and whats problematic and what we can all hope will change and be better in the future.
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Does the missus know about your banking stash? 
She lost track. I keep sending her switching deals but she is never moved
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If anyone wants a freebie for switching, thinkmoney let you CASS out. Just a soft ID check to open. I don’t think you can repeatedly do this, but as a one time thing to avoid closing an account it’s worth knowing!
Isn’t this Credit?
I thought ThinkMoney was one of those EMI’s that gives you an allowance and pays your bills for you, essentially a bank for delinquents? Or perhaps I am thinking of another one.
It is the one
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I think there’s two parts to it, the money manager costs £10pm or something.
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The free plan is pay per transaction, but significantly more reasonable than MonesePockit.
Then there’s a £12.50 and a £15.95 monthly plan.