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

dr_adidas01

Why haven't you called Barclays to ask them what the hold up is?

GingerBob_3

Money laundering paranoia strikes again. The answer is that once it's sorted close your account with Barclays and make sure you tell them why you're doing so (not that they will give a monkeys).

I recently had over £30k put in my First Direct account and I transferred it out in two blocks of £15k to an account in another bank on two successive days. The transfers were immediate, no questions asked; which was a good thing, because in this matter I have a "one strike and you're out" clause in my T&Cs of use.

The politicians, and to some extent financial institutions, have a lot to answer for when it comes to the totally inappropriate attitude to "money laundering" which they currently display. The more people complain the better. Problem is, in this country the vast majority of people are quite happy to take all the s-h-i-t that's thrown at them, and even ask for more. S-h-i-t like having to present your passport to get a thousand euros from the travel agent.

Archi_Bald

GingerBob wrote: »

S-h-i-t like having to present your passport to get a thousand euros from the travel agent.

Complain to the drug dealers and terrorists, not to the politicians (who also have to show their passports). Not that any of them will give two hoots.

GingerBob_3

Archi_Bald wrote: »

Complain to the drug dealers and terrorists, not to the politicians (who also have to show their passports). Not that any of them will give two hoots.

Ah, I didn't realise it was the drug dealers et al. who framed legislation. Thanks for pointing it out.

Care to explain the logic behind having to present a passport when getting 1000 euro via my debit card, and not having to do so if I take out cash from the hole in the wall and swap it for euros? It's stupid pathetic legislation/regulation that serves no useful purpose.

Archi_Bald

GingerBob wrote: »

Ah, I didn't realise it was the drug dealers et al. who framed legislation. Thanks for pointing it out.

I am by no means saying all legislation makes logical sense. But it is a sad fact of life these days that the law abiding majority has to hoop through hoops for no other reason than there are serious threats from terrorists and drug barons. Do you think I enjoy being bodily searched when I want to fly from London to somewhere? Do you think I think they should somehow be able to tell I am not a terrorist? Do you think I think they should do away with those checks? Hell no, I'd rather endure the checks than get blown up in mid air.

Similar applies to people exchanging /drawing cash.

GingerBob wrote: »

Care to explain the logic behind having to present a passport when getting 1000 euro via my debit card, and not having to do so if I take out cash from the hole in the wall and swap it for euros? It's stupid pathetic legislation/regulation that serves no useful purpose.

I don't know the precise reason for having to present a passport or other ID in some places and not in others but I would be surprised if there wasn't a very good reason

jonesMUFCforever

If you go to the Post office as an example - you have to provide photo id whether you pay cash or on a debit card when you buy foreign currency over £500.

InsideInsurance

As usual the issue is interpretation of rules. The legislation as always is wooly, it talks about "appropriate" checks being made without actually specify what they are.

As time goes on guidelines are produced and evolve but these are technically not the law and you cannot defend yourself purely by saying you followed a governmental agency or quango guideline as you are still responsible for legislative adherence. As a result you get variance on how companies implement their AML processes. With the recent fine for failures in AML we can except it to get stricter rather than more lax.

Much of the checks are about "unusual activity", I see on my CRA file that Barclays do an ID/AML check every 2-3 months when over £12k comes into my current account with them. Each time though the monies havent been held up. Mine doesnt go out in one big lump though as its split between a number of saving vehicles and debt repayment etc so have no issues with the outward element

chanz4

myn went few a couple of days later, but dont mind as what if someone had hacked my bank account it would of saved my funds

Aquamania

Mother_soontobe_Teacher wrote: »

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.

What's the issue with the bank wishing to underake some checks to safegaurd your money? If it's all legit, it'll be fine.

Mother_soontobe_Teacher wrote: »

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.

Whilst FP normally occur instantly (but can take 2 hours to arrive), it can take until the end of the next working day.

If the money still hasn't arrived, I too am surprised "nothing has been done - not even a phone call" - I know I would have made one if it was me.

Of course, the question also arises as to why you didn't simply ask the bond payer to have sent the money to your Santander account in the first place if that is where you wanted the money to be. :cool: