Barclays Froze my £19k for no reason - please help !!!

PROLIANT

With all due respect to you guys, it is non of your business where the money has come from.

milfordmadness

PROLIANT wrote: »

With all due respect to you guys, it is non of your business where the money has come from.

Fair Play - about time someone else agreed with me! I've been saying this in the politest way possible for the last 2 pages of the thread!

naijapower

PROLIANT wrote: »

With all due respect to you guys, it is non of your business where the money has come from.

I disagree.
It is indeed our business where the money comes from. We shouldn't spend our time analysing or commenting if we are being fed with incomplete or incorrect info.
The source of the funds is important and i am glad the OP has since put this forward.
The long and short of this is that it is a money laundering issue. Hopefully it should clear itself very soon subject to positive verification checks etc.

Though not taking sides with the bank, Failure to Report
is an offence under the Money Laundering Act. All professionals that operate in the regulated sector are obliged to disclose information about a transaction that they know, suspect or ought reasonably have known or suspected, involves money laundering.

A failure to comply with this is now a criminal offence and is punishable up to a maximum of five years imprisonment. The primary defence to this offence is that the information came in privileged circumstances. A further defence is if the employee has not been provided with sufficient money laundering training, which is a regulatory offence for the employer.


The tipping off offence applies if the alleged offender knows or suspects that a money laundering disclosure has been made internally or externally, and informs a third party of this, when the provision of this information is likely to prejudice any investigation.

milfordmadness

naijapower wrote: »

I disagree.
It is indeed our business where the money comes from. .

Again, in your opinion, of course?

And we have been told where the majority came from, i.e. the house sale and such like but the in's and out's down to the last penny really does not matter which is what we're referring to.

At the end of the day, we're going backwards - the OP can easily sort this now by going into her bank and opening up and being honest and forthcoming - she knows this and is doing it, allegedly.....

I guess we'll have to wait for her to update the post....

TighterThanTwoCoatsOfPain

SADIA wrote: »

miamoo: i did not take the money out of Natwest and deposited into Barclays, but instead there was a BACS transfer (online trf) from Natwest to Barclays for £8k.

Who here can confirm you can do this? Banks I use dont allow internet banking transactions this large - usually have to phone

SADIA wrote: »

sutton111: it was from a sale of property overseas but it was brought over as cash as the payment over there is always in cash. I do not hold any bank accounts over there so could not carry out an online transfer..

You own a property in a country but have no bank account? lol

SADIA wrote: »

A Nice Englishman: the reason i gave to Barclays when i went to withdraw money (£17k cash) was that i was purchasing a car from a private seller who only wanted cash ...

omg, as a private seller is would NOT be taking this much Cash of a random.. I would say the complete opposite of above posts.

milfordmadness wrote: »

Again, very plausible reason - explain this to barclays! Most private sellers want cash, I certainly would if I sold my car!

What, even 17k off a stranger? Would you sign over your house for [insert correct value here] cash

Oh, and the OP also changed why they were withdrawing..

Whole post smells of poop. :money:

tishme

Bit worried now. Someone owes me under 10k and will pay it in as cash into my account and then soon after I want to withdraw it by bacs to another account. Will this cause problems or is it better for the person who is paying me to send by chaps/bacs? Thanks

rb10

tishme wrote: »

Bit worried now. Someone owes me under 10k and will pay it in as cash into my account and then soon after I want to withdraw it by bacs to another account. Will this cause problems or is it better for the person who is paying me to send by chaps/bacs? Thanks

Well it's certainly safer for them to pay by BACS, as no one needs to carry around the cash. It also provides a clear paper trail, in case there's any query between you and them later. And also, it almost certainly won't trigger any suspicion at the bank, as £10k by BACS is very much routine, £10k cash is unusual.

tishme

rb10 wrote: »

Well it's certainly safer for them to pay by BACS, as no one needs to carry around the cash. It also provides a clear paper trail, in case there's any query between you and them later. And also, it almost certainly won't trigger any suspicion at the bank, as £10k by BACS is very much routine, £10k cash is unusual.

I might suggest Chaps because it is being paid on agreed day. Chaps is guaranteed same day correct?

joolsybools

simon_templar wrote: »

Should the title thread be edited to swap 'no' for 'a' ?

lol!!!:rotfl:

demotw

kazwookie wrote: »

Sadia

There is a £10K cash limit before the bank has to report for 'possible' money laundering.

People who pay large amounts of cash into their accounts, (business or personal) are automatically highlighted to the bank. Most people pay via BACS or cheque for goods, you may need to prove how you got this money in cash.

Maybe if this money was from a business, go to your local Barclays and ask to see the local business manager, and try and sort it out with them.

Good luck with it all.

sort of true, money laundering isnt amount specific however, it could be 3000 and still reported if deemed unusual transaction for the account performance. Also was this a dormant account, if the account was not used and then all of a sudden 19k appears out of nowhere, then of course it would be considered suspicious and blocked until such time as the funds were considered okay (not saying this is the case as i dont know your personal circumstances).

Looking from an outside perspective 1) why pay the cash in and then withdraw, this does not make sense to me, infact quite the opposite and would have automatically made me think money laundering as well
2) why transfer the funds from natwest, if just to withdraw it again, as this was 7k?? wouldnt you have had to pay for the transfer (chaps) since most bacs limits sit at around 5k.

all in all, this sounds extremely odd to me, and im not suprised they are checking into it with a great amount of detail. OFC it may be nothing and just a bank error, who knows

Also the bank has a responsibility to report any unusual activities, and can be fined themselves if they dont. Hope you get this sorted soon however.