Santander blocked my account

Kyser_soze1

Hi
Not sure if I've posted in the right place.

Monday 11th September I ordered £10k at the bank which they require two days notice. Wednesday 13th returned to collect the cash to be read a statement- the same statement that's subsequently been read to me daily.

No letter. No phone call.

Presumably I've triggered an alarm somewhere? Previous to this £10k I've drawn £5k, and £15k on both occasions to purchase cars which I intended to turnaround quickly for a profit. As I never went through with the purchases I returned the money.

The money has a paper trail- sourced legitimately from a bank as a loan.

What's going on in the background at the bank?

I've done nothing wrong Yet the hostility from the branch and the fraud team in Liverpool is on another level. Far as the concerned I'm a con merch!

Help appreciated.

Idris

[Deleted User]

You'll need to wait for them to complete their investigations. They won't give you further detail in the meantime.

daveyjp

The bank may simply be investigating whether you are deemed to be running a business from a personal account. In which case you are doing something wrong, its not permitted.

Having thousands in cash circulating through a personal account isn't usual so it will raise suspicion.

Kyser_soze1

Even if I'm a sole trader?

bigadaj

Kyser_soze1 wrote: »

Even if I'm a sole trader?

Yup.

Not to say many people don't get away with running business accounts on personal account products, but it's still against the terms and conditions.

Kyser_soze1

Is it possible I've been flagged for possible money laundering?

They've failed even to contact me to tell me my account is blocked - I mean is the really how a bank should behave? No letter or phone call? Staff talking to me like cr*p? Chap on the end of the phone in the fraud department smirking while continually reading the same statement without answering any of my questions?

I understand banks have a duty to to ensure transactions are legit and that customers aren't washing money ... like HSBC was assisting its "customer" in Mexico and paid a hefty penalty.

I have a basic understanding of suspicious activities reports been considered by the banks anti money laundering department to the national crime agency ..... but all the bank needs to do is contact me and ask for information, which they've failed to do. 10 days without any information from the bank, I feel like I'm being treated like a criminal and the stress all this is causing is undeniably having a negative effect on my personal health and personal life. But of course the banks don't care. God forbid should a customer actually hurt themselves and it make national news the banks go in to PR overdrive to protect the brand and show how caring they are.

You can imagine how angry, frustrated and helpless I feel.

BoGoF

Think this is a wind up or you are up to no good with the bank - you have previously been made bankrupt and 3 months ago you were "receiving Universal Credit and have little money" - https://forums.moneysavingexpert.com/discussion/comment/72856315#Comment_72856315

[Deleted User]

Kyser_soze1 wrote: »

..... but all the bank needs to do is contact me and ask for information, which they've failed to do.

If they suspect money laundering, that is the last thing they will do.

nyermen

They've failed even to contact me to tell me my account is blocked - I mean is the really how a bank should behave?

I'm afraid this is exactly how the bank is required to behave. If they are investigating fraud, money laundering or anything like that, then legally they must not advise you as such.

TBH, these scenarios are becoming common on the boards, and the impact on the innocent is still huge. I'm not aware of any MSE guidance, is it something we could flag to staff for a more formal article?

All i've seen is a suggestion to "have accounts with different providers" (which in the event of anything trickling onto CIFAS, would likely result in those accounts being impacted too).

Uxb

Why do you need to deal in cash?

In many if not most EU countries there is a legal limit for a cash transaction - and it's quite low
In France it is equivalent to £1000 - so yes that means anyone doing a cash transaction in France above the limit is guilty of an offense.

So Yes - I'd expect in the UK even without statutory limits withdrawing large amounts of cash (or indeed depositing them) will lead to an investigation and the account being restricted.

Mind you, the thread @Bogoff linked to on here is interesting!

JuicyJesus

nyermen wrote: »

I'm afraid this is exactly how the bank is required to behave. If they are investigating fraud, money laundering or anything like that, then legally they must not advise you as such.

TBH, these scenarios are becoming common on the boards, and the impact on the innocent is still huge. I'm not aware of any MSE guidance, is it something we could flag to staff for a more formal article?

All i've seen is a suggestion to "have accounts with different providers" (which in the event of anything trickling onto CIFAS, would likely result in those accounts being impacted too).

If MSE were to offer such a guide they would be offering assistance also to money launderers in avoiding scrutiny (i.e. if they were to provide a list of "common red flags", criminals could read these and use them). MSE is also owned and operated by a company that is FCA authorised (i.e. Moneysupermarket) meaning that such a thing could potentially lead to regulatory action.