Bank withholding payment - basic account

PintorUK

I did not say the name of the company to avoid being asked further questions on the issue I have mentioned as I cannot discuss it and I would like if that was just left out of what matters in here. And to clarify that, it is not that company, It is a lot easier to guess than that.

Now, I can prove that easily because I have all the information you mentioned..and the transaction was done by this company so that should help too. However, no one has contacted me requesting anything whatsoever, so my question is, if anyone has gone through the same, how long did it take for the matter to be sorted.

Thank you!

xylophone

I think you should delete the first line of your post, don't think the op wanted that information posting online!

It was a made up name to indicate an unknown/anonymous company - I hadn't realised that there was a company of that name!

I have edited!

System

I wouldn't be surprised if Santander close the account and forward you a cheque for the balance.

xylophone

Now, I can prove that easily because I have all the information you mentioned..and the transaction was done by this company so that should help too. However, no one has contacted me requesting anything whatsoever, so my question is, if anyone has gone through the same, how long did it take for the matter to be sorted.

From other posts it would appear that "security" checks can take anything from a couple of hours to a few weeks.

That said, in your particular case, where you have documentary evidence (contract of employment/salary chit/ NI number/tax reference) of the source of the cash, and had given your bank prior warning of the imminent receipt of arrears of salary from a "household name" type company, it would seem unlikely that you will be kept waiting for more than a few days, if that?

Thrugelmir

PintorUK wrote: »

they were very clear that there wouldn't be any limits and I warned them to expect a large transaction coming in.

Doesn't matter what you said. They'll be internal policies and procedures to be followed. If they heard the same explanation as you've given above. Then it would raise questions. New account. Large sum deposited. Somethings not right.

PintorUK

xylophone wrote: »

It was a made up name to indicate an unknown/anonymous company - I hadn't realised that there was a company of that name!

I have edited!

I am sorry, I actually thought you meant that was a real company hehe

PintorUK

xylophone wrote: »

From other posts it would appear that "security" checks can take anything from a couple of hours to a few weeks.

That said, in your particular case, where you have documentary evidence (contract of employment/salary chit/ NI number/tax reference) of the source of the cash, and had given your bank prior warning of the imminent receipt of arrears of salary from a "household name" type company, it would seem unlikely that you will be kept waiting for more than a few days, if that?

That is what I want to know, and yes I have all of those documents which will be provided as soon as they are requested. I am just wondering if they will contact the company directly, hopefully they will have already done it as the first request was done on the 18th and the 2nd BACS payment was done on the 22nd.

PintorUK

Thrugelmir wrote: »

Doesn't matter what you said. They'll be internal policies and procedures to be followed. If they heard the same explanation as you've given above. Then it would raise questions. New account. Large sum deposited. Somethings not right.

Let me see if I understand. So I go to the bank, I ask to open an account, I explained why I had to open this account giving nearly the same detail as I have given in here, I have told that this money would be coming in and they agreed to all of that. In the end, when that happens, something is not right? I understand that they may need to do security checks probably to confirm everything but it shouldn't be because "something is not right".

This week I have also managed to open one normal (reward platinum) account with Natwest. I took my contract with me alongside the normal documents that you need in order to open one account and explained the same situation. They said that there would be no problem at all, this was told to me by both the branch manager and the relationship manager (?). I can't change the payments to Natwest now because it would just delay everything but should I expect the same delay with this account after what they guaranteed to me?

Edit: I am not saying you're wrong or in no way I am trying to be rude, I am sorry if it seems that way. I am just trying to understand what option would someone have if that person needs to open an account quickly and deposit a considerable amount of money if that is where £50k fits.

jjj1980

Having worked in banks, I would advise you to go to the branch with all the documentation proving the payment is valid.

This will help speed things up rather than waiting for them to reach your account in the list of accounts to be checked and then them having to issue a request for the papers.

dlk

If the branch manager and relationship manager guaranteed no problems then they need their heads banging together. They can in no way make that guarantee as it's completely out of their control. The banks fraud and anti money laundering team will make checks where they see the need, the branch and relationship manager will most certainly not be empowered to overiding these. All you can really do is keep your fingers crossed that no checks are made that delay things and make sure you give all information they request as quickly as you can. As long as your employer answers requests from the bank promptly these things don't usually drag on beyond a day or two (I repeat USUALLY!)