Why can't I close my bank account?

[AngeChica]

Hi, any banking experts out there? I have a current account with a certain ethical bank. I want to close it and transfer my finances and wages to our joint account with another bank which offers similar services/perks (therefore we are paying twice for the same services). They say I can't close my account because I have a personal loan with them and the repayments must come from that account. Surely that can't be right? I'm sure in the past I have repaid loans from other banks with a different bank's account IYSWIM. Surely I have a right to close this account?

Thanks for any advice you can offer.

Need to check the small print of the loan, banks do sometimes put these clauses into loan agreements, if it is in the loan agreemetn then they are correct if not then they are not.

Ask them for a copy of the loan agreement, if they are unable to provide a copy then you should press tehm on it.

You may be able to take your account down to the very basic services, then set up a DD from the new joint account to your current one that covers the loan repayments and that alone.

Thanks folks have been to see an advisor at the bank and am going to do just that for the time being.