{{news.disclaimer}} Send to Your E-Mail Address Message {{news.title}} {{news.category}} - {{getTimeformat(news.pubDate)}} Most Helpful Insights Published by Fidelity Interactive Content Services Content for this page, unless otherwise indicated with a Fidelity pyramid logo, is published or selected by Fidelity Interactive Content Services LLC ("FICS"), a Fidelity company with main offices in New York, New York.All Web pages that are published by FICS will contain this legend.FICS was established to present users with objective news, information, data and guidance on personal finance topics drawn from a diverse collection of sources including affiliated and non-affiliated financial services publications and FICS-created content.Content selected and published by FICS drawn from affiliated Fidelity companies is labeled as such.FICS selected content is not intended to provide tax, legal, insurance or investment advice and should not be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by any Fidelity entity or any third-party.

Quotes are delayed unless otherwise noted.FICS is owned by FMR LLC and is an affiliate of Fidelity Brokerage Services LLC.Terms of use for Third-Party Content and Research.These links are provided by Fidelity Brokerage Services LLC ("FBS") for educational and informational purposes only.FBS is responsible for the information contained in the links.FICS and FBS are separate but affiliated companies and FICS is not involved in the preparation or selection of these links, nor does it explicitly or implicitly endorse or approve information contained in the links.Before investing, consider the funds' investment objectives, risks, charges, and expenses.Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information.What is the cost of living difference between Texas and California?Charles Bartlett, a 17-year-old student and aspiring entrepreneur, is still waiting for an explanation after being “sacked” by his bank earlier this year.Unfortunately, his is not an isolated case.

A small number of people, estimated to be in the low thousands each year, are told that their bank has made a “commercial decision” to close their account.Banks tend to offer no explanation and customers who ask for one are brushed off and told to take their grievance to the Financial Ombudsman Service (FOS).Even then, banks do not always justify their actions and Mr Bartlett is unlikely ever to find out why he became one of the youngest people in Britain to be told by his bank, Barclays, to take his business elsewhere.However, he suspects that his buying and selling of “Bitcoin”, the controversial digital currency, is behind the bank’s decision.On February 19 Mr Bartlett had his account frozen and a week later, in a letter dated February 26, Barclays told him that “we are unable to continue acting as your bankers”.The letter said he could withdraw his funds, around £400, but when he visited a branch was told the money was still frozen.He appealed against the decision and was eventually told that a £50 “fraudulent payment” to his account on February 19 was behind its freezing.

The bank told him: “The activity on the account promoted a routine review of the account and a commercial decision to close your account was made.” The decision was upheld by an internal investigation.Barclays did apologise for saying Mr Bartlett could access his funds while the investigation was taking place.It blamed a “staff error” and paid £50 for “distress” and “inconvenience”.bitcoin 1 th/s minerMr Bartlett has now withdrawn his money and set up a current account with Lloyds.ethereum 2017 outlookThe fraud traps set by your bank He started buying and selling Bitcoin through online exchanges on February 14.ethereum coin classicMr Bartlett, who hopes to study computer science when he goes to university in September, had swotted up on the currency and wanted to see whether he could make some money by trading in it.small litecoin miner

Five days later Barclays pulled the plug on his account.“The only change in how I was using my current account was when I was buying and selling Bitcoin online to try and make some money,” Mr Bartlett said.“I was doing quite well – I made a small profit of 10pc, or £40 – but then was unable to access my account online.ethereum price of gas“I know a bit about this area as I hope one day to become an entrepreneur.bitcoin derivatives optionsI didn’t think I was doing anything wrong and, if anything, I was being entrepreneurial and taking the initiative as a student.bitcoin faucet org“To sum this whole situation up, someone made a fraudulent payment into my account and from there they ‘reviewed’ my account and made ‘a commercial decision’ to close it.bitcoin mining genesis

But what I am still not happy about is that they still haven’t given me an actual reason as to why they closed the account, and I have a feeling they never will.” He accepted that the fraudulent payment was made into his account from an online Bitcoin exchange that he was using.'I lost £650 because Tesco Bank thinks I wrote down my Pin' But when Telegraph Money asked Barclays whether its decision to close the account was because of the Bitcoin transactions, a spokesman refused to provide an answer.bitcoin powered by vbulletinInstead he said: “We cannot provide any further information on this occasion regarding the reasons for closure.The decision to close an account is never taken lightly.This decision was carefully considered and subject to our strict internal review process.” The Financial Services Consumer Panel has campaigned against the practice of banks closing customer accounts without explanation.