Nationwide have closed my account

ttaylorreid1

I have a Nationwide Flex Account and my account has been closed with 7 days notice due to suspicious "sources" of the funds transferred into my account. The funds we're transferred by a client which I do marketing advice with at the amount of £4,500 - does this effect my credit? They have said I am not entitled to my funds either....what happens now?

karld316

Sounds like you have been using it as a business account, which Nationwide does not permit, and they have caught onto it. Though you should at least be entitled to your money even if to move it to a different bank.

ValiantSon

I'd agree that you were using it as a business account and they are entitled to close it because of this, but they are not entitled to deny you access to the funds. Contact them and ask them how they propose to transfer the funds to you. If they refuse then ask them to explain why they cannot as it is your money and, if need be, make a complaint.

If they suspect that the money is coming from an illicit source then they will have to abide by their money laundering policies, but this should result in your account being frozen not closed.

The best thing you can do is phone them and ask for a proper explanation and then for your money to be paid to you as they have no right to hold onto it.

Kim_13

I would also have evidence ready to prove that the funds are legitimately due to you from your client.

Do you have any current accounts elsewhere? If so and you start getting letters from them, it would suggest that Nationwide have placed a fraud marker against you with CIFAS, which you should challenge with the above evidence.