Barclays REDICULOUS

unluckytime

Hi guys,


I sold the property abroad and I made a transfer from my abroad account (in EU) to my British current account. Large amount over £300k. I made some payments towards my mortgage here, deposit on new car, all over the phone, and large amount I moved to my E-saving (all happened in Thursday) and yesterday I'm looking on my internet banking and what I see MONEY IS GONE!!! God! I nearly get a heart attack. I called to the Barclays CS, and what they told me is, so because of the large transfer (it was EXPRESS transfer, going from abroad to UK same day, of course is a bank transfer not a Western Union etc.), but it was from my private account abroad with my name and surname on it, to my current account in UK, they hold it for security reasons till 29th! How they can do like this. What security reasons? They left me £500 pounds on the account! Is it legal??? What should I do??? I paid deposit on the car and t will not happen but what if I loose the car and deposit because I can't pay the balance? How they can hold my money??? They didn't even inform me about it ... SHOCKED? What should I do? Sorry for my broken English.

stephane_2

If they suspect money laundering I suppose they can, it is an unusual amount coming from a foreign bank account

unluckytime

It comes from my account to my account, so where is the money laundering issue? So why do they hold it till 29th? And after it will be release. Is it not strange?

samwsmith1

HSBC Did this to me (albeit not £300k!) when I paid a cheque of £3000 into my account, they froze the account over the end of may bank holiday for nearly a week.
And said anything over a certain amount that is not in the character of the account get's flagged up, and most probably a marker stuck on it that will go off at 3:30 pm on the 29th.
I can understand them doing it though for such a large amount coming from abroad.

MoneySavingUser

If it is money laundering they are not supposed to tell you (constitutes a tipping off offence)

PNPSUKNET

have to becarefull these days, a lot of vat fraud etc

zzzLazyDaisy

The banks are legally obliged to monitor accounts for potential money-laundering activities. Just because the money came from an account in your name, doesn't mean that this cannot be potential money laundering.

It seems from your earlier posts that you have had some fairly serious financial difficulties of late, with your business going into liquidation and your lender seeking repossession of your home. It seems likely then, that you have also been operating your bank account in over-draft (and may also possibly have had some returned payments/charges?). In those circumstances a £300,000 deposit is going to be flagged up, because it is unusual activity for your account.

As the money came from the sale of a house, the deposit into your foreign account was probably made by the firm of solicitors who were acting on your behalf in the transaction? In that case it will be easy to trace and verify, so the funds should be released quite quickly.

unluckytime

Hi,

Money doesn't go from solicitors firm into seller acc if you are selling property in my country back home. It's direct transaction between buyer and seller, not same like in UK. Solicitors are only for the contract, and not always.

I found out already so my money went to reconcile to Barclays in Manchester office. How long it can take. Is there any time scale for the bank. Funny enough is so I was able to pay some bills on the day when money came into the account, and they sent it to reconcile the day after. Is already 6 working days. Any advice?

Regards

zzzLazyDaisy

unluckytime wrote: »

Hi,

Money doesn't go from solicitors firm into seller acc if you are selling property in my country back home. It's direct transaction between buyer and seller, not same like in UK.
Regards

In that case they may require evidence of where the money originated from. However, I am guessing here - the only way to be sure is to contact your bank and ask them to explain the procedure and the times scales to you. No doubt if they need any paperwork from you, they'll ask for it.

unluckytime

I think is time to use solicitors. They didn't release it. Is 14 days already, spoke with bank and they can't say why, what etc all they saying is "operational issue" ... Today I found out so they blocked my internet banking (it was working yesterday), called to call center and they said, there is some maintenance on my Internet banking, I can go to the branch to sort it out. Liars. I went to cash point to check the balance, and it retained the card. So it looks very strange now! I think, I'm nearly sure, so bank had to send SAR to SOCA, and what I found out on SOCA website they have 7 working days to respond to the bank if bank can release the funds or not, probably SOCA said no, and they want to investigate it, so now SOCA have 31 calendar days! This is sick! I asked the gentleman from Head Office Customers Relations of Barclays if I can speed it up, by sending some paper work to confirm where the funds come from, but he said so he can't say nothing and again "operational issue". I said so I know so he can't tipping me off but he isn't. I want my money back where they should be, on my account!!! I spoke last week with my solicitor and he said so it's because of Money Laundering Regulation etc. How crazy it is??!!! I sold the land and property back home, transferred money to UK because my home is here since 2003 and Im facing this???! I have a business here which I want to extend with some of this money and I don't even have an info from the bank what's going on! Any one even heard about situation like this? Can I take bank to the court? Money are 100% legit and I can easy proof it. Should I call SOCA? Or instruct solicitors? Who gonna pay for the solicitors firm?
Unreal!!!

zppp

unluckytime wrote: »

I think is time to use solicitors. They didn't release it. Is 14 days already, spoke with bank and they can't say why, what etc all they saying is "operational issue" ... Today I found out so they blocked my internet banking (it was working yesterday), called to call center and they said, there is some maintenance on my Internet banking, I can go to the branch to sort it out. Liars. I went to cash point to check the balance, and it retained the card. So it looks very strange now! I think, I'm nearly sure, so bank had to send SAR to SOCA, and what I found out on SOCA website they have 7 working days to respond to the bank if bank can release the funds or not, probably SOCA said no, and they want to investigate it, so now SOCA have 31 calendar days! This is sick! I asked the gentleman from Head Office Customers Relations of Barclays if I can speed it up, by sending some paper work to confirm where the funds come from, but he said so he can't say nothing and again "operational issue". I said so I know so he can't tipping me off but he isn't. I want my money back where they should be, on my account!!! I spoke last week with my solicitor and he said so it's because of Money Laundering Regulation etc. How crazy it is??!!! I sold the land and property back home, transferred money to UK because my home is here since 2003 and Im facing this???! I have a business here which I want to extend with some of this money and I don't even have an info from the bank what's going on! Any one even heard about situation like this? Can I take bank to the court? Money are 100% legit and I can easy proof it. Should I call SOCA? Or instruct solicitors? Who gonna pay for the solicitors firm?
Unreal!!!

You cannot call SOCA. You cannot do anything legally, as SOCA have a legal right to do this under POCA 2002. SOCA even have the ability to confiscate funds without court proceedings. They are extremely powerful, and if they suspect money laundering, they will investigate. The bank has a legal obligation to follow SOCA's instuctions now, otherwise they can be charged with criminal offences.