Shannon Questions Bank Account Closures

Shannon raises closures of bank accounts at Westminster

Shannon raises closures of bank accounts at Westminster

Strangford MP Jim Shannon has highlighted the use of fraud legislation by some banks to close accounts and he has asked the Minister to follow up on this issue.

He said: “I had been contacted by a number of personal and banking account holders to say that their account is to be closed giving no reason other than the legislation which was introduced to prevent fraud and money laundering.

There is something unreal about personal and business bank accounts being closed down and Jim Shannon MP has raised the issue at Westminster.

“Accounts of local upstanding business people have been closed and what one highlighted to me was that when he was in his agreed overdraft and paying charges there was no issue with his account.

“And yet now when they are in the black suddenly there is a fear of money laundering.

Strangford MP Jim Shannon.

“This man supplied tax details from his accountant and all other information requested and yet the bank will not budge and proceeded to close the account.

“I spoke to the Minister before the debate and also highlighted this issue during the debate saying “Does she [the Minister] agree that some banks are being accused of using the legislation she referred to as a way of closing accounts that are not profitable?

“I have several examples from back home in Strangford… I could read out two pages of them… of businesses being given no other reason for closure than this legislation.

“Does the right hon. Lady agree that this loophole must be closed?”

“This is definitely something that I will be following through on as the banks have an obligation to provide the service and to withdraw with no good reason using this legislation is just unacceptable,” said Jim Shannon.