Require banks to give a specific, contestable reason before closing an account

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Petition Action

Require banks to give a specific, contestable reason before closing an account

Petition Details

The law should be changed to ensure that before closing or freezing a customer's account, banks must provide:

1) A valid, specific reason for doing so

and

2) A clear and independent route of appeal.

Additional Information

Banks are currently able to close or freeze accounts without either of the above, which we believe is unaccountable and untransparent.

This situation is open to abuse, as it means banks could conceal the reasons for closure, allowing for something as trivial and discriminatory as the institution's personal dislike of the customer or their background or opinions.

The law should require transparency for banks' actions and a route of appeal in order to help prevent discrimination and denial of service.

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