TSB Have Suspended Account

Nasqueron

woolyG wrote: »

My mum initiated the sale of her original investment, he never asked for the money it was offered to him by my mum.

Do you know that for sure? Do you know the mum hasn't been fooled by one of these scam emails thinking a relative is stuck in financial difficulties and wants to send them money which will instead go to a scammer.

What plans does you mum have for if / when the money is inevitably stolen or misused in that country and the person cannot pay it back, can she afford to be without this huge sum of money?

Puerto Rico average (median) income is $18626 in 2015, 46.1% poverty rate, 10.9% unemployment, huge crime rate (20 murders per 100,000 compared to 3.7 in the mainland US etc). She wants to send someone the equivalent of nearly 6x the median income which is highly likely to be stolen or the relative attacked for the money - of course the bank is suspicious!

anotheruser

18cc wrote: »

This is absolutely appalling and it is of no concern to the bank whether you have a loan agreement or any other documentation in place

it is your money and as long as the bank are satisfied that the correct customer has authorised the payment than they should let it through

I agree, but that's not the world we live in these days.
Remember, many people want to blame someone else for their mistakes, and banks have been rolled over hot coals about this sort of thing.

Think about it form the banks point of view.
Some old lady comes in saying she wants to transfer a huge amount of money, together with someone who may or may not be related, so a bank account that isn't in the UK.
It screams fraud...

18cc

Yes, maybe it does scream fraud, but that bank is not a 'fraud guardian', their job is to prevent fraud in that they need to be sure that the person requesting the transfer is indeed the account holder. They can even go the extra mile and ask the customer who the money is going to and for what purpose, but if the customer then says they know what they are doing then the bank has no right to block the transfer. It is her money, the bank have verified it is her and not an imposter, if she says it's for a great investment she was told of down the pub then again the bank can warn but in the end should, as they say, butt out.


Otherwise where does it end? You want to buy a second hand car but the bank won't release the funds because they think you are not getting a good enough bargain? Silly anaolgy I know, but the principle is the same.

jonesMUFCforever

18cc wrote: »

Yes, maybe it does scream fraud, but that bank is not a 'fraud guardian', their job is to prevent fraud in that they need to be sure that the person requesting the transfer is indeed the account holder. They can even go the extra mile and ask the customer who the money is going to and for what purpose, but if the customer then says they know what they are doing then the bank has no right to block the transfer. It is her money, the bank have verified it is her and not an imposter, if she says it's for a great investment she was told of down the pub then again the bank can warn but in the end should, as they say, butt out.


Otherwise where does it end? You want to buy a second hand car but the bank won't release the funds because they think you are not getting a good enough bargain? Silly anaolgy I know, but the principle is the same.

Sorry but your reply IMO is totally rubbish.
A bank's duty to their customer does indeed make them a 'fraud guardian' which is why some payments are stopped or subject to fraudulent enquiries.
Indeed some banks have joined forces with the police in having a protocol whereby the police are called if bank staff are suspicious of cash withdrawals or requests for 'unfamiliar' transfers.
It makes perfect sense to me.

sheramber

It may be the account the money was going to that raised the red flag.

JuicyJesus

TSB are completely in the right and were I the one charged with releasing this payment (as the job I used to do entailed) I'd be asking serious questions about this transfer and asking for documentary evidence of this loan or whatever and more details about the underlying transaction before I'd even consider it, and even then I'd want to refer it up to the fraud team first. Old woman + massive payment + to developing country + "loan to old family friend" + "all of her savings" + "for an investment" would set off my fraud alarm something fierce, and you wouldn't believe the number of times I've heard "I know exactly what I'm doing" or "she knows exactly what she's doing" when that's been complete and utter bullsh*t.

Banks are under absolutely no compulsion to release payments they have good cause to think are from their customers being coerced, and indeed they have come under significant external pressure to vet such payments more thoroughly, largely because even if this elderly lady isn't credulous enough to send thousands on the strength of a shonky email there are plenty of other people who are.