Natwest blocked my account without explanation

asd1

I’ve had a NW acct continuously since 1970s but in May 2013 NW blocked my acct without any notice or explanation for 1week causing me distress, inconvenience and no access to any money. NW still haven’t given an explanation 1 year later even when I took up the matter with my MP Doug Alexander. I logged a complaint with the FOS which was pointless as they said banks can do this.

R.Mcewan the new chief exec of RBS pledged to make it more accessible, ‘we have a greater obligation than any other bank to build a business that supports its customers’.It appears from my experience this was just a marketing ploy as NW still haven’t even explained why they blocked my acct which isn’t supporting me.

It seems my only option now is to take legal action. Has anyone else had a similar problem?

gt94sss2

Legal action against them for what?

If you don't like Natwest, switch to a different bank.

If they blocked your account because they suspected some form of suspicious behaviour/money laundering - they are legally prevented from telling you that is why they blocked your account.

Regards
Sunil

grumbler

Be happy that it lasted just 1 week.
And if you really want to do something, get your MP to change the stupid laws that the MPs develop and pass and that give banks carte blanche for causing distress to innocent customers.

innovate

It is carte blanche but I agree with you. I wrote to my MP about these sorts of things and he said complain to the FCA. So he needs to find someone else to vote for him in future, and we are very likely to be stuck with banks playing judge and jury for a very long time to come. Unless we all stand up and demand that some sense comes into this.

Uxb

gt94sss2 wrote: »

Legal action against them for what?

If you don't like Natwest, switch to a different bank.

If they blocked your account because they suspected some form of suspicious behaviour/money laundering - they are legally prevented from telling you that is why they blocked your account.

Regards
Sunil

Unfortunately blocking an account could be viewed as tipping off the customers that the bank thought that suspicious activity was taking place.
.....and tipping off is indeed an offense.

BMN

It appears as though some activity on your account prompted an investigation into money laundering and/or terrorist financing.

The bank legally has to look out for and report any possible offences. These get reported to the National Crime Agency (NCA) - formally the Serious Organised Crime Agency (SOCA).

When the bank reports this they are not allowed to let the transactions in question to proceed and they cannot inform the customer what is happening.

The NCA then has 7 working days to reach an initial decision. Either they allow the transactions to continue (i.e. the account to be unblocked) or take more time to investigate even further.

I'm afraid I think it may be a waste of your time to complain or take any legal action.

System

If you are unfortunate enough to Douglas Alexander as your MP then you are based in or around Paisley.

I take it you know that your beloved NatWest will become Williams and Glyn bank in Scotland? If your account isn't based in Scotland then you'll no longer have a branch network?

jonesMUFCforever

.............first time post .............enough said I think.

Milarky

The elephant in the room for me is: how many 'crimes' have actually been prevented by the Natwest's of this world [when they aren't being investigated themselves for serious financial crime, like RBS Global's cannibalistic practices] routinely acting to freeze a customer's account? Come on now don't be all shy, what's the net benefit to society of having lots of 'sus' laws for current accounts and fluffy pillows for banksters?

And should a bank ever get caught with fingers in the till, a 'fine' gets levied by the 'regulator' [which pays for the nice office furniture and nibbles?] said 'fine' actually being taken out of all customer's current accounts by way of subsequently raised charges and fees.

Banking in so many ways is criminal, so will all the pishartists declaiming that 'he probably brought on himself, M'Lord' kindly do one.

slopemaster

asd1 wrote: »

Has anyone else had a similar problem?

Yes, I had this with Santander.
You can hassle them with complaints and requests for info, but at the end of the day, as others have said, there's not much you can do.
I turned down their paltry offers of compensation for poor service, and closed all my accounts with them.

What I learned from this, though, was always to have multiple accounts to be sure of having money available. (Just as I learned from having my credit card cancelled with no reason, to always have multiple cards...)

mgdavid

Milarky wrote: »

....... so will all the pishartists declaiming that 'he probably brought on himself, M'Lord' kindly do one.

1. what's it got to do with you
2. there is a Rant & Vent section elsewhere in the forum if you want to have a pop at the banks rather than replying to the OP's specific situation.
3. He probably brought it on himself...