Debanking

[Screwdriver]

So I am sure we've all heard about Coutts unilaterally cancelling Nigel Farages bank account.

What do we make of this I wonder? I have my own views (of course) but I am interested to hear what people think of it.

[Mr. Dazzle]

He hasn't got enough money? Seems pretty straightforward to me?

Does anyone actually give a shit about Farage any more? Him trying to claim it's political smells like desperation to me

[MrLongbeard]

Nope, hadn't pinged on my radar, wanders off to google, checks a couple of 'news' sites......

So either Farage is lying or the bank is lying about the circumstances of his account.
What do I make of it? Why, I can make a hat or a brooch or a pterodactyl, I don't think it concerns me any more than that.

[Horse]

So I am sure we've all heard about Coutts unilaterally cancelling Nigel Farages bank account.

What do we make of this I wonder? I have my own views (of course) but I am interested to hear what people think of it.

We read to find out. What makes you think he's correct?

A brief Google finds:

BBC:
Nigel Farage fell below the financial threshold required to hold an account at Coutts, the prestigious private bank for the wealthy, the BBC has been told.

It is understood he was subsequently offered a standard account at NatWest which owns Coutts.

Telegraph:
I clammy panic for a second last week when I saw the word “Coutts” trending on Twitter. Had I said something controversial about superyachts or labradors? Was it my turn to be cancelled? Narcissistic to assume this was related to me but there has been the odd online incident before. On further investigation, however, it turned out I was safe and the drama related to Nigel Farage. Poor old Nigel’s been thrown out by his bank and, rumour has it, the bank is Coutts. The clue came in his angry statement: “I’m with one of the subsidiaries of this big banking group, one with a very prestigious name,” Nigel ­t­­hundered, as much as a man who’s recording a YouTube video in his ­sitting room while wearing a pale pink tie can thunder.

[Mr. Dazzle]

I like the use of the word unilaterally here too...they're a private firm doing private business with a private citizen, they can WTF they like so long as it's within the terms of their contracts.

[mangocrazy]

If you fall below the liquidity requirements to hold an account with Coutts, then they can and will give you the heave-ho. Farage no longer meets the required level of liquidity/investment and so he's been dumped, and that's all there is to it.

Farage can bluster on as much as he likes about politically-motivated persecution, but it's all bollocks. He's simply not one of the reasonably rich any more. He is also a PEP (Politically Exposed Person), and Banks have to continually do due diligence on that class of customer, so they are probably glad to have a good enough reason to get shot of him.

[Cousin Jack]

I would quite like a Coutts account too, but they are quite up front about the requirements. I dont qualify either. Now if Farage got a job ........

[Mr. Dazzle]

How did this get into the public domain though?

If it's just Farage belly aching about it, it can hardly be political. No-one would have known had he not said anything? Surely Coutts are famous for discretion?

[DefTrap]

How did this get into the public domain though?

I wonder.

This sort of thing is a must-see-why-is-this-not-headline-news? for a tiny minority of bellends. It probably will end up on the News because the fairness-police will make it so.

[Horse]

How did this get into the public domain though?

It probably will end up on the News because the fairness-police will make it so.

See the BBC quote I posted. Where they noted it was funds only.

[Ditchfinder]

I don't think Coutts have actually made a statement - "The BBC has been told" does not equal "Coutts have said"

[Screwdriver]

OK. Interesting. So the common opinion appears to be "who give a shit" or "Farage deserves it" or some such. A telling one being "it's the banks money (!) they can do what they want".

OK so what happens if for example, a vicar says something like "men cannot become women"? Can their bank just close their account? Is that ok?

[Bigjawa]

OK so what happens if for example, a vicar says something like "men cannot become women"? Can their bank just close their account? Is that ok?

I'm 99.9% sure I heard something on the radio saying exactly that, that if you tweet/facebook something that "Goes against the values of the institution" they can do exactly that.


But I'm just reading this story as "Farage is skint."

[Mr. Dazzle]

I think you're probably barking up the wrong tree if you think Coutts - favoured bank of the wealthy in London - would kick Farage out for being too controversial. He's fucking kitten compared to some of their customers I bet.

They also didn't close his account, they moved him to the standard pleb bank everyone else has to use. I never said it's the bank's money, I said it's a private situation between Coutts and Farage and I'd be very surprised if Coutts were the ones to say anything in public.

[DefTrap]

If I had a business, I would absolutely kick out, or refuse to do business with, bellends that I didn't like. It's one of the perks innit? You don't have to suck up other people's shit, listen to their whinging, bother to be fair about it. Just feck off, end.

Such a non story, just Farage being a cry-baby, victim, wannabee martyr. Personally I hope he endures a tiny bit of shame when he's "forced" to pay for his Bensons and pint of bitter with a TSB card like a prole.

[Yambo]

To be contrary, I'd have to say it's a very fucking big deal and very fortunate for us plebs that it has happened to a 'celeb' like Farage who can make lots of noise about it.

Santanfuckingder closed my account last year. You cannot believe the hassle that involves (a bit more hassle for me as I don't live in the UK and didn't at the time have a UK address). I have since found out that Santanfuckingder have been closing numerous ex-pat accounts and while I was lucky (Ha!) in that I got things sorted it took the best part of six months with little or no income. Others have not been as fortunate as I was.

The more media attention that is given to this, the better. Pooh pooh it all you want because it's Farage, who cares but it's not just Farage and it may be you tomorrow. I'm quite happy to expand but I'll need a few days to cover all the issues.

But nah, it's not a big deal. Until it happens to you.

[DefTrap]

Farage! He's the people's champion inn'e?

I strongly doubt Farage only has one bank account, and the reason for him being denied further services with Coutts doesn't mean he'll be denied similar services elsewhere - so the similarities with your unfortunate situation Yambo (and one that I will no doubt trip into at some point too I imagine) isn't the same as Saint Farage.

In his case it was probably personal - good - we can do business with who we like. I told an effing cold-caller similar this morning.

[Mr. Dazzle]

And even if you say it's a good old fashioned bank-cunty-fuck-up, that doesn't make it politically motivated.

[Horse]

But nah, it's not a big deal. Until it happens to you.

They didn't throw him out, they moved his account to another part of their business.

[Yambo]

The motivation is another story though isn't it.

The banks don't have to tell you why they've closed your accounts, they may even be forbidden by law to tell you. They may put you on a list that other banks have access to and who may in turn refuse to do business with you.

Of course, nobody actually needs a bank account, do they. So fuck Farage and every other tosser that's had their accounts closed - with no explanation. I should make it clear that I don't give a monkey's spaff for Farage. There's a couple of principles involved here.