AIBU in asking anyone who works in Metro Bank to answer this question?

[CakesTeaCakesTea]

What does code PR18 mean?

Long story short: Bank is closing our company account but won’t tell us why. When my DH was at the bank and querying this decision he heard staff whisper this to each other and raise eyebrows towards him.

The business is completely legitimate and so are we!!! We are taking this further but I am desperate to find out what this code means......please help🙏 This will cause us so many problems and I really need to find out what’s going on!

Bump!!

Ooh that is intriguing, sorry no answer for you OP, have you tried asking by email? I usually get better answers than in a branch.

Thanks Monday. We’ve asked in branch but they won’t answer our questions and we are being met with a blank wall. Apparently they don’t need to give us a reason to close the account! So stressful!

Sorry email is also the same

They obviously have some suspicions about you or your trading activity

Yes I think so. We’ve checked our credit reports and nothing untoward has come up! We are legit so I’d like advice on what to do!

No one in their right mind is going to tell you what an internal potential money laundering/fraud related code means. They're closing you're account deal with it move on, for whatever reason they're not happy with the account.

Oh and there is nothing you can do except apply elsewhere. Banks and building societies have the right to close your account for any good reason they like and they don't have to tell you why. you can complain all day long all the way up to the ombudsmen and they still won't tell you.

*ombudsman even!

I don’t work in a bank or banking in any way but could it just mean periodic review and 18 represent the year???? Have your finances changed? Debt increased, profit reduced? Presumably not or you wouldn’t be puzzled but dammit I need to know what that code means!

(I came up with the above by googling PR18 and it came up with network rail’s published periodic review for 2018 hence my guess!)

Edith - thanks for that! But if your business faced huge potential losses with banks closing your accounts - if one bank closing then maybe the next one we open with will too! I’m pretty sure you would want to know what the hell is going on!!!!

I've heard about hsbc doing this. There were some news articles a little while back and some threads on here. I think it was to do with anti money laundering stuff, but several legitimate businesses. Were finding their accounts closed.

Our finances have become much better!

HSBC closed my DSis personal bank account very suddenly and wouldn’t tell her why. I was working for them at the time but I’d have lost my job if I’d investigated and told her why. She took it to the Ombudsman who ultimately found in HSBC’s favour as they are within their rights to withdraw banking services without providing a reason. It sucks, but I don’t think you will find out why.

Thank you for your reply Edwin! I’m Worried about the black mark that’s against his name as it means trouble with other banks in the future! I’ve applied for a CIFAS Request form which will hopefully tell us if any market has been put against his name which we can then investigate!
Has your sister had problems with accounts in the future? Did she use a lawyer? I really want to know what the code means!!!!! Argh I sympathise with your poor sister x

Have you tried googling your name and his name to see if either of you have the same name as anyone dodgy?

Also, any change in banking activity? Any large deposits? Lots of ins and outs?

If they won't tell you why they're closing the account, it's probably because your account has indicators of money laundering activity. In which case, they can't tell you without committing a crime.

Pringle - I’ve googled and nothing’s come up but I’ve just scoured through my husbands Experian report and he had a warning come up that his email and password were being sold on the illegal black market! So he is going to call them in the morning! It sounds as though his identity may have been cloned.....although how the hell we prove that and ask the banks to remove any markers against his name is the next step! I’ve asked my husband if anything had come up and he’s always thought ‘well if they haven’t emailed me and my score is high I’m fine!’ How wrong he was!!!!

Why would your business face huge losses if the bank closed your account? Just open another account elsewhere? Makes no sense.

Well I’m pretty sure a bad credit marker on our business account will affect future bank accounts. How many banks need to close our account before we query why they are being closed and try to find out if the banks have made a mistake?! Your defeatist attitude may work for you but not for me. You work for a bank? You seem to be defending them a bit too much!

It doesn't affect your credit history if you have an account closed. Yes I work for a bank so I am well informed. I'm not defending anything I'm just giving it to you straight 1) you'll never know so move on 2) open another account doesn't mean it will happen again 3) it doesn't mean it's personal it's just your business account doesn't meet their guidelines. I would love to know what kind of business it is as that might explain the closure if it's a new business as well.

OP - does any part of your business involve importing goods?

SpeckedlyHen - no importing. It’s a simple business. Yes, there is money coming in from abroad but from large reputable organisations. Our companies house is fully transparent and everything upto date.

If you've asked nicely and they won't tell you, could you make a SAR?

Yes - that’s been submitted.