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Santander now releasing my funds after a month but should I ask for compensation ?

So I posted earlier this month.

Cliffnotes:

1. Santander block my account due to a claim that I wasn’t entitled to £2.75K being sent to me a year ago.

2. I ask if I can access my salary funds which would pretty much be the entire account and they say I need proof of those salaries.

3. I provide proof of those salaries in form of wage slips and they now say that it’s not good enough, and that I need bank statements from the company to prove it. And also that unless I get proof of credit for the transaction a year ago, I won’t be able to access anything.

4. They final decision to close my account and I have to get the bank statements within 30 days to get my money or else that’s it.

5. TODAY they look at my wage slips again and decide that I can in fact access ALL my funds.

What a colossal waste of time and stress. And I have incurred charges during the time my money was within witholdings.

Should I get compensated for that?

Comments

  • colsten
    colsten Posts: 17,597 Forumite
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    Locogooner wrote: »
    4. They final decision to close my account and I have to get the bank statements within 30 days to get my money or else that’s it.

    5. TODAY they look at my wage slips again and decide that I can in fact access ALL my funds.
    so they are closing your account, and you have 30 days to withdraw all your funds, and you have access to all those funds with immediate effect, is that correct?

    I think you can ask for lost interest for the money that was locked, and for the period it was locked for. That wouldn't be much, though. You could also ask for compensation for the time you had to put in to get access to your money again, and for the distress the matter caused you. That would amount to more than the lost interest.

    As an aside, have you ascertained that there are no adverse entries on your credit files, and no CIFAS markers, as a result of this episode?
  • ^^^ I can access funds with immediate effect But the account will close within 30 days.

    My credit score is okay last time I checked a couple days ago.

    How do I check CIFAS markers?
  • colsten
    colsten Posts: 17,597 Forumite
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    https://www.cifas.org.uk/contact-us/subject-access-request

    You can also ask Santander to confirm in writing that they have not, and will not, register any adverse information about you with any of the CRAs, and with CIFAS

    BTW, it's not the credit score that counts. No lender will ever look at that. It is the information held in your credit reference files.
  • Flobberchops
    Flobberchops Posts: 1,279 Forumite
    1,000 Posts Fifth Anniversary Combo Breaker
    The request for COMPANY bank records is irregular, and I suspect not the correct advice that member of staff should have given you. Wage slips (or proof of receiving benefits or pension, etc) are generally all that's required to access frozen funds.



    On the basis that the bank seems to have given you incorrect information when demanding proof of ownership, and the resulting delay has caused you a financial loss, I would tend to agree that you deserve some kind of compensation and/or goodwill payment. The bank may, of course, argue otherwise. It's worth chucking out a complaint though.


    It goes without saying to empty the account straight away and use a different bank.
    : )
  • colsten
    colsten Posts: 17,597 Forumite
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    The request for COMPANY bank records is irregular, and I suspect not the correct advice that member of staff should have given you.
    They seem to have noticed that, and it's now redundant info since the OP has now been given immediate access to all their funds, and 30 days in which to remove them from Santander.
  • born_again
    born_again Posts: 18,312 Forumite
    10,000 Posts Fifth Anniversary Name Dropper
    Locogooner wrote: »
    4. They final decision to close my account and I have to get the bank statements within 30 days to get my money or else that’s it.

    What a colossal waste of time and stress. And I have incurred charges during the time my money was within witholdings.

    Should I get compensated for that?


    NO. Standard policy and even complaining to FOS will not get you any further. As clearly they think something is wrong as they are closing your account.

    If it was a mistake, then they would not be closing your account.:eek:
    Life in the slow lane
  • colsten
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    born_again wrote: »

    If it was a mistake, then they would not be closing your account.
    Not necessarily. The investigation may not have found anything untoward, but there has been a lot of contact between the OP and the bank during the time the account was locked. It is conceivable that the bank decided that they do not wish to continue to provide banking services for reasons other than 'bad' transactions.
  • Westie983
    Westie983 Posts: 5,215 Ambassador
    Tenth Anniversary 1,000 Posts I've been Money Tipped! Name Dropper
    Hi,

    It helps to update others on your original thread rather than starting a new one. Helps for those who offered support and help that things have update/moved on and helps any other people who may find themselves in the same predicament.

    Im glad to read that you now have access to your funds before they close the account.

    Westie983
    I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySaving Expert.
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