A bank does not have to explain why it is closing a customer's account, although in most cases banks follow good practice and give a reason. This gives the customer an opportunity to respond if the bank has misunderstood the facts of a situation or made a mistake. A bank must return all the money in a customer's account at the time it closes the account, less any interest or fees that apply.
Complaints about a bank closing an account usually involve a customer challenging the bank’s reasons for doing so. In the first situation, it can be costly for a bank to monitor an account that is in overdraft. Therefore, a bank may decide that it does not wish to continue to offer this facility to a customer. In the second situation, a bank has a duty as a good employer to protect its staff from abuse and violence.
A bank may also need to consider closing accounts if it is unable to meet regulatory requirements, such as anti-money laundering legislation or international tax compliance regulations. Such information may include the customer’s identity, place of residence, tax residence status and source of money credited to accounts. If the information is not received, the bank may cease doing business with a customer. Your account may be closed without notice if it has been used inappropriately or if your conduct towards a staff member is abusive.
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