Barclays Business Account Suspension

Alfromupnorth

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I do most of my self employed as a buyer for second hand cars and machineries and sends them to clients outside EU who also banks with Barclays.

I had a barclays current business account that I've been using for the last 8 years got closed a month ago for 1 year dormancy without my knowledge. So un-aware of this, I gave the client the account number that was closed and when the money came to UK I couldnt access it. When I explained this to my business manager he suggested that the money could simply be transferred into my Business saving account that I've never used.

So the other Barclays had to send amended SWIFT to Barclays UK with new instructions (the money should simply be paid into the Business Savings)

In the meantime Barclays apologised and offered to open a new business current account which I accepted under condition that once I get the funds then I shall deal with opening a new bank account.

So far its been 4 weeks back and fourth between making calls to the international payments, sending e-mails and of course being spoken to like a kid by my business manager and branch managers.

In the end (two days ago) i found out that they were all giving me the same standard answers as to why they money isnt into my account. Apparently Barclays is withholding this money as they are investigating the source ( the gentleman works for an International Organisation in that country and banks with barlcays) and he sent the money through Barclays. So the most I could think of is money laundering, but I've received more money into my business current account that they closed than what's been sent into the savings.

So far he says he is losing £2500 per day this issue delays as I cant buy him the equipment from here in the UK. He has presented the Invoice and additional information and also has confessed that Barclays at times withholds his own salary upto 2 months for no apparent reason.

As it is, I'm aware I can easily report this to Financial Ombudsman as I'm also losing money every single day this money is withheld by Barclays and my reputation is also on the line.

Can anyone advise me on legal or otherwise options, and how best I should handle this matter.

innovate

Alfromupnorth wrote: »

.... also has confessed that Barclays at times withholds his own salary upto 2 months for no apparent reason.

May be you are dealing with a person that raises a lot of suspicion?

Barclays aren't the only bank dealing internationally - may be find yourself a bank who are easier to deal with. However, you are most unlikely to find any bank that won't do stringent money laundering checks, so you might as well stay.

Alfromupnorth wrote: »

my reputation is also on the line.

why?

thecircus

I'm actually going through the same thing with Barclays.

The little that I know is they have a compliance department that checks the origin of the funds ( for Anti Terrorism and Money Laundering). Its called Compliance department.

They have standard answers to any enquiry once they've blocked your funds.

And since the funds come from their subsidiary (who have provided all the answers in regards to the customer that sent you the money) It shouldnt take more than 24 hours.

If I were you I would walk in (if you 're in London) at the financial ombudsman and explain to them.

They should advise you accordingly while at the same time just get your lawyer to get on them.

will update soon as I'm told they will call me before 15:00 hrs today.

pmduk

The ombudsman will only take up a complaint once you have exhausted Barclays' complaints procedure, or 8 weeks has passed since the original formal complaint was made. I wouldn't make a special trip totthe ombudsman just to be told this. It isn't an unusual problem, it usually seems to resolve itself within a few days.

thecircus

pmduk wrote: »

The ombudsman will only take up a complaint once you have exhausted Barclays' complaints procedure, or 8 weeks has passed since the original formal complaint was made. I wouldn't make a special trip totthe ombudsman just to be told this. It isn't an unusual problem, it usually seems to resolve itself within a few days.

In my case its been 4 weeks as well so its quite unusual considering they were contacted by the MD of the other Barlcays where the money came from confirming the source of funds.

dalesrider

Alfromupnorth wrote: »

I do most of my self employed as a buyer for second hand cars and machineries and sends them to clients outside EU who also banks with Barclays.

I had a barclays current business account that I've been using for the last 8 years got closed a month ago for 1 year dormancy without my knowledge. So un-aware of this,

Barclays won't just close a account for dormancy. Unless it has zero balance.
So if you have been using this account for 8 years? Then what you are saying here is full of holes.

You will have recieved letters/calls from them about dormancy. I take it they do have your upto date contact details.

Alfromupnorth wrote: »

As it is, I'm aware I can easily report this to Financial Ombudsman as I'm also losing money every single day this money is withheld by Barclays and my reputation is also on the line.

Can anyone advise me on legal or otherwise options, and how best I should handle this matter.

Only once you have been through the barclays complaints procedure, can you go to FOS.

I could say a lot more about the party you are dealing with. But that would be classed as tipping off.
Clearly something is worrying barclays about this situation. So you may find that even when it does go to FOS. That you do not get any further information on the situation.

thecircus

But I read correctly the money was coming from one Barclays Banks outside EU to a Barclays UK

Barclays UK did their screening /investigations and were satisfied.

Barclays outside UK provided all the info so the funds should be cleared.

He got an e-mail confirmation from the Barclays chief stating that all the info has been provided, they dont have a problem with the individual who sent the money.

So why does Barclays UK still withholding the money?

dalesrider

thecircus wrote: »

He got an e-mail confirmation from the Barclays chief stating that all the info has been provided, they dont have a problem with the individual who sent the money.

So why does Barclays UK still withholding the money?

Because Barclays UK. Is doing their own invistigation into the matter.
Who's to say that the Local Barclays chief is not in on the scam.

Remember while they are all Barclays. Each country runs as a seperate enity. Has to adbide by each of its own countries regulations as well as ensure they do not fall foul of any worldwide regulations.
Just like HSBC usa did....

thecircus

dalesrider wrote: »

Because Barclays UK. Is doing their own invistigation into the matter.
Who's to say that the Local Barclays chief is not in on the scam.

Remember while they are all Barclays. Each country runs as a seperate enity. Has to adbide by each of its own countries regulations as well as ensure they do not fall foul of any worldwide regulations.
Just like HSBC usa did....

This is the most logical answer I can think of

You are absolutely spot on.

And if this is the case then why would they have him as a CEO?