Yorkshire Bank disaster.

xylophone

I took a chunk out some months ago, and when I returned recently to withdraw some more of my money I was told "the transaction cannot be completed at this time."

I asked why, they repeat the same line. I ask for the manager and they repeat the same line. I ask when, they repeat the same infuriating sentence.

The complaints dept and the telephone customer assistance people are also reading from the same script.

How recently is recently?

Given the history of the payment in question, it would seem very likely that money laundering checks are being done.

You might write a letter to the Manager at your branch explaining what has happened, providing a copy of all details relating to the business transaction (contract, fee note, details of the person/ company for whom the work was done etc) and requesting that your account be unfrozen.

He can then contact the department of the bank dealing with this matter and presumably you will be advised of the outcome as soon as possible.

However, YB might well take the view that such transactions should pass through a business account?

smallandcute

To the OP;

First off the bank has every right to suspend any account at any given time for any reason.

This case your account suspension is most likely due to the large sum of money entering your account and trying to withdraw funds every couple of months. Your account may have been watched from the minute those funds entered your account and when you withdrew some money it was then frozen for further investigation. Under intational banking laws the bank has to investigate within a reasonable time. Take that line as you wish but they have to go through everything with a fine tooth comb and if the other party is not being complient then i can take longer.

I would also be taking what they are saying- if the bank really did think you were a criminal than another phrase would be read to you so a big hint there.


I would personally go into branch and put a request on the account that once the outcome of the investigation is complete that you are to be formally informed of the outcome in writing and a phone call, say this verbally to the staff and also take in a written copy so that it can be scanned and added to your account for note purposes. As others have suggested i would also take in a copy of an invoice or statement etc of the payment so that this can go on record supporting your case. The bank may not actually be looking at you per say but others including companies that have very similar traites and you have been caught up in the whole mess.

I would then give the bank 8 weeks from when you first realised that your account was suspended to respond to you both formally in writing and via a phone call to advise you of what is happening even if its just an update. If you get a formal response and access to your account again then i put on a formal complaint to the bank as to why they did not comminicate to you in the first place.

If they dont contact you within 8 weeks then i would notify them that you are now taking this issue up with the FO who can then assist you further.

Be prepared to have a very minimal outcome response from the bank, it could be something as small as your accoint is now reactivated. I would also be looking to transfering the money elsewhere once this matter is resolved. Check out the savings threads and articles for options.

Thrugelmir

Jurgen_Cheese wrote: »

I have no idea.

I do not know when they blocked the account.

You knew the day that you tried to access the account. When was that?

Are the address details on the account up to date?

zolablue25

I have to admit, if a bank had £20k of mine that it wasn't letting me have and wasn't giving me any information I'd be pretty miffed and use choice language as well.

Can't offer any advice but I hope that they deal with it quickly and get you sorted but it really is ridiculous what banks are allowed to do to ordinary people's lives under the guise of anti money laundering.

Sledgehammer and nuts come to mind

Thrugelmir

zolablue25 wrote: »

Can't offer any advice but I hope that they deal with it quickly and get you sorted but it really is ridiculous what banks are allowed to do to ordinary people's lives under the guise of anti money laundering.

Sledgehammer and nuts come to mind

Open savings accounts. Leave the accounts dormant. Deposit large cash amounts (from abroad). Then undertake cash withdrawls. Money legitimised.

Money laundering in a nut shell. (Alternatively use the method to hide money from the tax authorities). Mules are well paid.

zolablue25

Thrugelmir wrote: »

Open savings accounts. Leave the accounts dormant. Deposit large cash amounts (from abroad). Then undertake cash withdrawls. Money legitimised.

Money laundering in a nut shell. (Alternatively use the method to hide money from the tax authorities). Mules are well paid.

Maybe. But this has got to be one hell of a forward thinking plan to open the accounts years ahead of needing them to launder £20k, hasn't it?

xylophone

But this has got to be one hell of a forward thinking plan to open the accounts years ahead of needing them to launder £20k, hasn't it?

The account had been opened for years and was an infrequently used savings account.

The OP did some consultancy work for a Dutch company and chose to have the fee (£20,000 which he variously regards as a considerable sum or a mere bagatelle, see post 44 above) paid into this account.

xylophone

Sledgehammer and nuts come to mind

For a really excessive reaction see https://forums.moneysavingexpert.com/discussion/5490642

http://www.sadlerswells.com/whats-on/2016/vamos-cuba/ - will poor old SW be unable to sell any tickets to visiting Americans?:eek:

Robisere

Too many people here have taken a position against the OP and are still defending that position. The facts are these:

He has been denied access to his own money without any reasonable explanation of the reasons for that denial.

If that was me, I would be absolutely incandescent. He has every right to be angry, not simply at the fact that they denied him the money, but because they gave him no reason for the denial. That is a total failure to communicate with a customer. They need to correct that.

One thing this thread has assured me of, is that I will never engage in any financial transaction with Yokshire Bank. If I were you, OP, I would take a break from this forum which has so many negative advice for you, and wait further developments. Then please return to tell us what finally happened with your money.

xylophone

One thing this thread has assured me of, is that I will never engage in any financial transaction with Yokshire Bank.

The situation that has arisen could arise with any bank.

http://www.brettwilson.co.uk/wordpress/460/

The OP's frustration is understandable.

Accusing YB of theft is not.