Barclays 'making checks' to a transfer of £10,000 to another account in my name.

Mother_soontobe_Teacher

Hiya,


A bond of mine had recently matured and my nominated account was my Barclays current account, so yesterday, the money was transferred to this account. However, this is not the account where I wanted the money as it is rubbish interest. So I tried to transfer the money this morning from my current account to another account (Santander) in my name, but it was saying it could not complete the process until some checks had been done.


Is this a normal procedure? All the accounts are in my name so surly everything will be ok in the end?


The amount was £10,000.


Thank you.

dr_adidas01

It probably looks a bit suspicious to barclays that £10k was transferred in on one day, then the next day it was transferred out.

Its probably triggered the banks security checks since it maybe outside your normal pattern of banking with barclays. They will also probably be checking to see that the funds aren't from a dodgy source.

They will more than likely want to speak to you regarding where the £10k has come from and if you can prove this fact. Once all checks are complete and they are happy about it then they will release the funds.

You could always call them to see if thy can speed up the process.

There has been a similar thread about this that someone did with santander and they did the exact same thing.


https://forums.moneysavingexpert.com/discussion/5043090

bengal-stripe

Mother_soontobe_Teacher wrote: »

Is this a normal procedure? All the accounts are in my name so surly everything will be ok in the end? The amount was £10,000.

That's quite normal procedure for large amounts and has to be done to comply with anti-money-laundering legislation. The computer who flagged-up the payment as needing investigation wouldn't have known that the receiving account is in your name as well.

There will be a delay of a few hours, than the payment should go through without problems.

mgdavid

it may be normal but it's not usual. I did very similar last week when a pension TFLS was paid into my Barc current a/c, I shifted it to my Santander a/c the following day with no problems. It seems to be quite random as to which get checked and which don't.

Mother_soontobe_Teacher

Thanks guys for the replies .


It still has not gone through yet which is quite frustrating. I had read the thread similar to mine, but they transferred the money to an account which was not in there name. All I am doing is putting it into a different account with higher %. I am surprised its been a whole day and nothing has been done - not even a phone call.

chanz4

when i had a 3k payment out, they did the same didnt call just delayed

PeacefulWaters

They're not going to call and say they're wondering if you're a money launderer and would be grateful if you could confirm one way or the other.

Mother_soontobe_Teacher

PeacefulWaters wrote: »

They're not going to call and say they're wondering if you're a money launderer and would be grateful if you could confirm one way or the other.

I understand that, but surly with the payment being blocked they are making it clear that there is an issue. So a phone call giving the person a chance to explain so for example "all accounts are in my name" and them then confirming that would be a better process than what they are doing.

Mother_soontobe_Teacher

chanz4 wrote: »

when i had a 3k payment out, they did the same didnt call just delayed

Thank you, do you mind me asking how long was it delayed for? thank you

meer53

Mother_soontobe_Teacher wrote: »

I understand that, but surly with the payment being blocked they are making it clear that there is an issue. So a phone call giving the person a chance to explain so for example "all accounts are in my name" and them then confirming that would be a better process than what they are doing.

Money launderers have lots of bank accounts too. All in their name.

Freezing the payment may make it clear that there's a problem but it prevents the money from being moved anywhere.

There's no set time for releasing a payment, it depends what checks are needed.

redcard

How does someone not know that anti-money laundering checks exist? There's been stories all over the news for years.