FabSwingers.com forum: Is this the great banking purge??

By *astandFeisty OP Couple
over a year ago

Bournemouth

https://www.theguardian.com/business/2023/jul/30/uk-banks-closing-more-than-1000-accounts-every-day

1000 accounts a day in 2021-2022 compared to 100 a day just 5 years earlier.

By *otMe66Man
over a year ago

Terra Firma

I think most of these accounts will be setup with specific terms, such as X needs to be deposited every month, or X amount in savings and investments with the bank.

If you cast your mind back to the time that the government made the banks comply to allowing customers to easily change banks, the banks started offering incentives to keep customer loyal. I believe this is now the mop from the banks closing down as many of these accounts as it can when it can. Each account type is a product and legacy products are hard not only to manage, but also to train staff on.

That is my thoughts on this

By *0shadesOfFilthMan
over a year ago

nearby

£4.5bn sat in the dormant assets scheme ( uncontactable/deceased)

Another £19bn that UK workers have lost track of in an estimated 1.6 million workplace pension pots