Opening a Bank Account with a CIFAS marker?

awesam

Hiya,


I'm new to MSE and desperately hoping that someone can help me.


I've been with Barclays for 12 years and have had no issues at all. Then on Monday (26/02/2018) I discovered that my bank accounts had been placed 'Under Review' and I can't access my money. As seems to be the case across the board with these issues, I have been given no information whatsoever as to why this has happened. I had recently started trading Bitcoin and I am fairly confident that this will be the reason for the review.


I might be a little premature with my post, as my account hasn't been closed yet (although from what I've read, it is likely to be). I'm concerned that if/when my account is closed that a CIFAS marker will be placed against my name. If this is the case then I will of course appeal their decision and try to have the marker removed, as all of my Bitcoin transactions were legitimate.


Basically I have three questions:


Is there anything I can do while my account is under review to encourage them not to close my account? I've already written a letter to Barclays with proof of my transactions so fingers crossed that is enough but I'm not optimistic.


Should I apply for another bank account with a different bank now, before I get the marker and hopefully slip under the radar?


Are there any banks that are known to open accounts with a CIFAS marker, likely to be a Cat6 marker?


Thanks in advance.

stevenhp1987

awesam wrote: »

Is there anything I can do while my account is under review to encourage them not to close my account? I've already written a letter to Barclays with proof of my transactions so fingers crossed that is enough but I'm not optimistic.

Respond to any questions they have truthfully.

awesam wrote: »

Should I apply for another bank account with a different bank now, before I get the marker and hopefully slip under the radar?

Why do you think you will get a CIFAS marker? They are for when you commit (or have been a victim of) fraud. Trading Bitcoin is not fraud, but it frowned upon meaning Barclays may just want to close the account down.

It is always wise to have at least two bank accounts (one for emergencies such as this) anyways.

If you do get a fraud marker, then the other bank will find out soon enough (banks share data with each other) and close the account as well.

awesam wrote: »

Are there any banks that are known to open accounts with a CIFAS marker, likely to be a Cat6 marker?

No - major banks won't touch people with Cat6 markers with a bargepole. More than likely have to have an account like ThinkMoney or similar.

Why do you think you are getting a Cat6 marker? Have you committed fraud on this account? If you get the marker, and you believe it to be incorrect then you will need to raise a formal complaint.

If they reject your complaint or do not respond within 8 weeks, go to the FOS.

awesam

Hiya Steven, thanks for getting back to me.


I will answer any questions truthfully, but from what I've heard they don't actually ask you any questions, they just shut your account without giving you a chance to defend yourself. That's why I sent them the letter, in the hope that they would at least see and consider my side of the story.


I think that I will get the CIFAS marker because that is what seems to have happened to everyone else that has traded Bitcoin. I know that trading Bitcoin is not fraud, but money arriving in my account from previously unknown sources is what seems to make them think the account is used for money laundering.


I have not committed fraud on this account, I wouldn't even dream of it. But people in my situation, and people who have merely received money from their boyfriend/mum/daughter seem to have been hit with a CIFAS marker.


I have applied for an account with Nationwide and been accepted.. even if I only manage to keep it for a couple of weeks before they spot my possibly impending CIFAS marker then at least that's better than nothing.


Again, thanks for your reply.