Bank Closure

cmimi123

Hello,
Natwest bank have closed my bank account due to breached terms and conditions of 12.1, which is laundering money/fraud/illegal activity.
I know 100% i do not do that, and my income comes from my part time job. Natwest are now holding my funds for 28-60 days whilst investigating the funds, where theres a potential chance i do not get it back. I have been left with 0£, and when spoken to them on the phone, they simply said to me 'you will need to find another way of getting some help with money as we cant do anything'.
is this allowed? can they keep my funds with no actual reasoning nor evidence?
help!

Nasqueron

While it does sound harsh, you can understand why they are doing it that way. If it was fraud then if they told you in advance you'd simply take the money away before they could get it.


Open a basic bank account as you may well have markers on your file in the mean time so you can get paid (use ones recommended for bankrupts)

MEM62

Have you been receiving money on behalf of someone else and passing in on for a commission?

jonesMUFCforever

IMO There is no way they would have told you the ''genuine'' reason why the account was closed.

jimbo26

Banks must report any suspected money laundering to the police, and will freeze accounts to stop laundered money being withdrawn. In fact there are severe penalties for banks that don';'t report suspicious activity.

Have you been duped into a scam such as having money deposited into your account and then being asked to send it to someone in Nigeria.

onlyfoolsandparking

Whilst it potentially puts you in a tough position financially, if as you say you have done no wrong then you've nothing to worry about, you will eventually (hopefully soon) be exonerated and may even get a goodwill gesture in the form of a payment/voucher etc from the bank.


They have done no wrong in following their protocol to try and protect us all.

DCFC79

Having a second bank account setup here would be useful, comsider it flr the future.

boo_star

onlyfoolsandparking wrote: »

Whilst it potentially puts you in a tough position financially, if as you say you have done no wrong then you've nothing to worry about, you will eventually (hopefully soon) be exonerated and may even get a goodwill gesture in the form of a payment/voucher etc from the bank.


They have done no wrong in following their protocol to try and protect us all.

I'd strongly disagree with this.

There is plenty of (admittedly anecdotal) evidence that banks still close down the accounts of anyone who they suspect of ML.

Presumably because their policy is "no smoke without fire" rather than "beyond reasonable doubt."

dealer_wins

cmimi123 wrote: »

Hello,
Natwest bank have closed my bank account due to breached terms and conditions of 12.1, which is laundering money/fraud/illegal activity.
I know 100% i do not do that, and my income comes from my part time job. Natwest are now holding my funds for 28-60 days whilst investigating the funds, where theres a potential chance i do not get it back. I have been left with 0£, and when spoken to them on the phone, they simply said to me 'you will need to find another way of getting some help with money as we cant do anything'.
is this allowed? can they keep my funds with no actual reasoning nor evidence?
help!

Quoted for a laugh lol

onlyfoolsandparking

boo_star wrote: »

I'd strongly disagree with this.

There is plenty of (admittedly anecdotal) evidence that banks still close down the accounts of anyone who they suspect of ML.

Presumably because their policy is "no smoke without fire" rather than "beyond reasonable doubt."

Plenty of evidence? where?

boo_star

onlyfoolsandparking wrote: »

Plenty of evidence? where?

I said it was anecdotal.

It's been rife here. Do a search for Lloyds and HSBC. It's hardly uncommon.