My bank of 30 years told me they were CLOSING my account – I was given days to withdraw my cash or I’d lose it all

A MAN was shocked when he received a letter from his bank informing him that they were closing his account and he could lose all his money.

Despite being a National Australia Bank customer for more than 30 years Shane Lucas was given no reason for the closure and was told he had just six weeks to withdraw his cash.

The letter arrived in early September and read: "You will have until October 14 2023, to withdraw any remaining funds in your account(s), and to repay any funds you owe us."

It added that If accounts and services have not been closed by the October 19 2023 then they would close them themselves.

It also said that any remaining funds could be transferred to the Commonwealth government as "unclaimed money", and amounts less than  £10 could be transferred to the NAB Foundation. 

The 49-year-old told how he had no idea what the letter was and was baffled upon its arrival.

He called up the NAB three times and when he explained the situation and asked what was going on the person on the phone was reportedly "stunned."

The NAB letter stated the account was being closed in accordance with section 143 of the Banking Code of Practice.

This code states that a bank "may close an account of yours under its terms and conditions if that account is in credit".

This section says the bank will give reasonable notice, "pay you the amount of the account balance" but may charge "a reasonable amount" for closing accounts.

However, if the bank was owed money the account would stay open until the debt was cleared.

At the bottom of the letter NAB states that all queries must be emailed to its  accounts closures section.

"Our branches and call centres are unable to assist in this matter," the bank advises.

Mr Lucas said he is stumped as to why his personal and business accounts are being closed.

"I am as straight as you come," he told Daily Mail Australia.

"I don't drink. I don't go to the pub. I don't gamble. 

"I am just a family man who runs a small business my bank account (and I) can't get any cleaner."

A spokesperson for NAB said that they do not comment on individual cases.

However, they clarified that any money they sent to the Commonwealth government could be claimed "by the rightful owner" at any time.

Major banks have terms and conditions which state customers may not use their services if they engage in conduct that in "the opinion" of the bank is offensive, harassing or threatening to other people.

Mr Lucas said when he read about this in a NAB brochure he complained to the local branch about why the bank should be allowed to do this but was sent away for "being silly".

He has since been told the account closure was not a punishment in response to his objection. 

According to Mr Lucas the single letter is the only communication he has from the bank about the account closure.

He was concerned as to what would happen if he was overseas and didn't receive the letter and explained there is no notifications in internet banking.

Annoyed by the poor communication, Mr Lucas went to see his local bank manager but he was also just as baffled.

But when Mr Lucas revealed that he had brought Bitcoin in the past the manager told him that this could be what prompted the letter.

NAB announced in July that it would stop "transactions made to high-risk cryptocurrency exchanges" to save customers from "a scam epidemic".

A Q&A on the announcement said: "If you attempt to make a payment using your NAB Visa credit or debit card to one of these exchanges, the transaction will be declined, and you will be shown a message which says, 'Issuer Declined Transaction'."

There was no mention of closing accounts.