16 Dec 2021
Written by: Capital on Tap UK
It can be stressful to find out that your account has been suspended or closed when you weren’t expecting it. We, as well as other financial institutions, are regulated by the FCA (Financial Conduct Authority) and required to determine internal systems and controls around our lending and treatment of customers.
This means we have to keep an eye on all accounts, and sometimes we see information that causes us to take action. So an account suspension or closure can be part of a legal requirement of us as a lender or part of an internal policy decision and is always done with good reason.
Our mission is to help businesses grow while being as honest and transparent as possible.
Some reasons why
Our contracts are revolving credit facilities, which means they are open ended with no fixed duration, so they continue until you or we decide to close the account.
We might close your account if we believe:
- you’re in breach of your contract
- you’ve failed to make your contractual payments on time
- you provided us with false or misleading information
- your personal or business credit file no longer meets our minimum requirements for funding
- you have entered into or propose to enter into a debt management arrangement with your creditors
- you have acted fraudulently
- you have broken the law or attempted to break the law
- you’ve been abusive to anyone at Capital on Tap
If you’re a Capital on Tap business credit card customer, you can see this information in your contract with us.
Account suspensions and closures are decided through a combination of automated systems and manual reviews by people. So rest assured, our teams are there to review these decisions and make sure the right solution is reached.
Unfortunately, we aren’t always able to share the specific details on why we’ve suspended or closed your account.
If you have any questions about this, our friendly customer support team would be happy to help. You can give us a ring on 0208 962 7401.