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Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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Banking / Credit score QuestionI have banked with a bank

Customer Question

Banking / Credit score Question

I have banked with a bank for 18 years and have 2 accounts one which I use for personal and one which I have been using for some business activity, not my main business but property mortgages out and rents in.

They have asked me to transfer my business to a bank that has facilities that cater for business banking. I have done this but it has been a messy transaction with the new bank reinstating old payments that had been cancelled with my previous bank –

The direct debits were cancelled fairly easily with the old bank,(they I however pay 2 direct debits 1 month after they should have been transferred – therefore coming out of my new account and old)) but payments in have been inconsistent with some rents changing to the new bank and then a few payments have been paid into the new bank and then the old bank again. (Habits of tenants just paying by internet banking)

I have now received a 8 week notice from the bank advising they will be closing all my accounts.

I will be speaking to them this week and hope to persuade them otherwise as this will mean closing 2 accounts an ISA and a Credit card which would be a problem with the time limit imposed. (payment in full in 8 weeks)

I am hoping for a positive outcome even if the account is closed to which random rental payments are paid into leaving my ISA,Credit card, Savings account and one personal account trading.

If I am unsuccessful I have a couple of concerns

1, Would a bank closing an account affect my credit rating, I have several mortgages that rely on a perfect credit rating which I currently have.

2, Are credit cards normally independent from banks, could I approach visa and maintain the credit card without the bank accounts open (card is marked visa) and attaché it to my new bank.
Submitted: 4 years ago.
Category: Law
Expert:  Ash replied 4 years ago.

Alex Watts : Hello my name is Alex and I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return. There is no need to wait here, you will get an email when I reply.
Alex Watts : 1) Yes closing a bank account has no effect on your credit rating, you can simply open another one
Alex Watts : 2) The credit card is independent if the bank yes. So you can have a credit card with the bank without having a bank account
Alex Watts : Can I clarify anything for you about this today please