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It can be stressful to find out that your account has been suspended or closed when you weren’t expecting it. We understand this can cause immediate concern for your business operations.
As a financial institution, Capital on Tap is regulated and required to maintain robust internal systems and controls around our lending and treatment of customers. This means we have to constantly monitor all accounts for potential risks or breaches.
Our core mission is to help businesses grow, and being transparent about why we suspend or close accounts is part of that commitment. These actions are either a legal requirement placed on us as an account servicer or part of an internal policy decision designed to protect us and our customers.
Reasons we may suspend or close your account
Our contracts are revolving credit facilities, which means they are open-ended with no fixed duration; they continue until you or we decide to close the account.
Below are the most common reasons we may suspend or permanently close your Capital on Tap Business Credit Card account.
1. Failure to meet contractual obligations
We may close or suspend your account if we believe you are in breach of your contract. This typically relates to managing your credit responsibly:
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Failed to make contractual payments. You have failed to make your contractual payments on time. This includes both late or missed payments.
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Breach of contract. This includes using the card for restricted activities or operating the account outside the Terms of Use outlined in your contract.
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Serious debt markers. You have entered into or propose to enter into a debt management arrangement (such as an Individual Voluntary Arrangement) with your creditors. We may also review your account if we see new unsatisfied County Court Judgements (CCJs) against you or your business.
2. Fraud or identity concerns
To protect your business and comply with anti-money laundering regulations, we must be absolutely sure about who is using the account. We might take action if:
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Misleading information. You provided us with false or misleading information during the application process or while managing your account.
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Fraudulent activity. You have acted fraudulently or we suspect fraudulent activity on the account.
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Broken the law. You have broken the law or attempted to break the law in relation to the account.
3. Changes in financial eligibility
Your access to the card is dependent on your business continuing to meet our minimum financial and credit requirements. We may review or close your account if:
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Credit file changes. Your personal or business credit file no longer meets our minimum requirements for funding. This could be due to a significant change in your creditworthiness.
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Business status. There is a change in your business status (e.g., the company is dissolved or becomes dormant).
4. Abusive or aggressive behaviour
We are committed to providing a welcoming and professional experience, and we expect the same in return. If we find that you have been abusive, aggressive, or threatening to anyone at Capital on Tap we may decide to close your account.
How we make account decisions
Account suspensions and closures are decided through a combination of automated systems and manual reviews by people. Our teams are there to review these decisions and ensure the right outcome is reached.
We will always inform you of these decisions and, where necessary, provide details of any actions or next steps that need to be taken by you as the account holder.
Unfortunately, we aren’t always able to share the specific details on why we’ve suspended or closed your account, particularly if it relates to fraud or regulatory compliance, as sharing these details could compromise our security measures.
The bottom line
While we always strive to support your business, regulatory duties and responsible lending practices mean we sometimes have to make tough decisions.
If you are a Capital on Tap Business Credit Card customer, you can see the full terms and conditions in your contract. This can be found on ‘Your Account’ page under ‘Contracts’ within your portal or mobile app.
If you have further questions, our UK-based customer support team is here to help.
