UK Banks FREEZE People’s Accounts Due To Recession

by midnight Fri Sep 02, 2022 8:14 pm

Mahyar Tousi

https://www.youtube.com/watch?v=kLqHVKVuBaw

by flyingfish Sat Sep 03, 2022 5:05 pm

Scare mongering I think. The clause he's on about says nothing about seizing money from the account, nor freezing it (which he mentions later on, based on no particular evidence). This is the clause as sent out by Lloyds, to come into effect on 1st November ..

We've added a new condition that says if it's necessary, due to economic circumstances that affect the banking industry, we may restrict the amount you can have in your accounts either by applying a limit or by imposing a charge. If we have to do this and it applies to your account, we’ll write to you with more information.

Some comments here .. https://www.thisismoney.co.uk/money/saving/article-11139019/Changes-Halifaxs-terms-conditions-sparks-customer-backlash.html

I think I'll find out the full background before flying into a panic. Remember all the scare mongering when banks updated their terms and conditions to support the newly regulated Third Party Providers.

by **LionsShare** Sat Sep 03, 2022 5:15 pm

totally agree with FF. ATM its scaremongering. Watch out though are those 3rd party providers allowed to dip into accounts without permission? I know I've seen soemthing but can't remember where.

Did they not actually do this in Greece years back? I mean actually take from accounts where the people are the creditors?

with the sh*ite over the last 2 years it would not surprise if they actually did it? Anythings possible.

by flyingfish Mon Sep 05, 2022 2:34 pm

LionsShare wrote:... are those 3rd party providers allowed to dip into accounts without permission? ...

No.

Third Party Providers are services that you can sign up with to manage your bank account(s). The change in bank T&Cs came about when providers could become FCA regulated.

General information here .. https://www.fca.org.uk/firms/account-information-services-payment-initiation-services
And references in Lloyds T&Cs .. https://www.lloydsbank.com/legal/online-banking/internet-banking.html
And from another bank .. https://aibgb.co.uk/online-banking-security-centre/third-party-providers

Nothing to do with allowing third parties access without your consent or knowledge.

by **LionsShare** Mon Sep 05, 2022 6:21 pm

cheers FF

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