Natwest account freezes

Shakin_Steve

This is taken from a "This is money" article on t'interweb:

"One final observation on NatWest. In recent months, I have received a steady trickle of correspondence from customers who out of the blue have been told their NatWest account is being closed – together with any savings accounts. No explanation for the closures is given. 

At the drop of a hat – or the command of a NatWest robot – they are left bankless. Financially excluded. The latest victim of such account closures tells me that without the support of his mother, he would have been left without access to money at a time of national crisis. 

Despite sending the bank his payslips as proof of where his income comes from – and spending hours on the phone waiting for someone to talk to – he is none the wiser as to whether he will soon be ex-communicated. 

Whenever I approach NatWest about these closures it refuses to comment – presumably because it believes money is being laundered. Maybe, maybe. But I'm not convinced. The robots have taken over the asylum".

I posted only for information and, perhaps, make members more sympathetic to the plight of some people who, apparently, through no fault of their own, suffer this frightening experience.

https://www.thisismoney.co.uk/money/comment/article-8232445/JEFF-PRESTRIDGE-Robots-appears-taken-NatWest-asylum.html

surreysaver

Its all very well having anti-money laundering legislation, but its seems to affect innocent people negatively, causing huge disruption to their lives. Maybe this legislation needs looking at. 

D3xt3r5L4b

Without knowing the full backstory it’s difficult to judge. 

Much like the far-fetched posts we see here on a daily basis. 

Tildaplum

I don't think there is anyone on here who would not like some kind of regulation to prevent money laundering and the like, but the ability of a bank to just totally free someone's account without telling them why or giving them any time scale seems wrong

I know it is the law and not as such the bank's fault but the whole area needs looking into as in my opinion it is getting a bit silly.

soulsaver

D3xt3r5L4b said:

Without knowing the full backstory it’s difficult to judge. 

Much like the far-fetched posts we see here on a daily basis. 

Some of the so called 'far fetched' posts only seem that way to some who are quick to jump to conclusions and like to make ill informed comments irrespective of the credibility of the posters circumstances.  

jonesMUFCforever

Come on now, there are many times Jackanory stories about account freezes and closures than genuine ones.

Shakin_Steve

jonesMUFCforever said:

Come on now, there are many times Jackanory stories about account freezes and closures than genuine ones.

My point was that posts should be given credence until the Jackanoryism becomes obvious. Not the other way round.

Thrugelmir

In terms of one issue alone county line operations are a major problem in this country. For many it's now a way of life. Far better paid than dead end a job in MacDonalds or Costa Coffee. Cash needs to be legimitised. The banks quite rightly have an important part to play in the fight. Consumer banking is a very straightforward activity. Easy to spot unusual trends and make connections. When data from various sources is consolidated together. 

Shakin_Steve

Thrugelmir said:

In terms of one issue alone county line operations are a major problem in this country. For many it's now a way of life. Far better paid than dead end a job in MacDonalds or Costa Coffee. Cash needs to be legimitised. The banks quite rightly have an important part to play in the fight. Consumer banking is a very straightforward activity. Easy to spot unusual trends and make connections. When data from various sources is consolidated together. 

Unusual trends do not always make the customer a fraudster. There should be some kind of referral to the fraud team before the account is locked, not afterwards. Unless the whole country is guilty of fraud unless proven innocent, that is.

D3xt3r5L4b

Shakin_Steve said:

jonesMUFCforever said:

Come on now, there are many times Jackanory stories about account freezes and closures than genuine ones.

My point was that posts should be given credence until the Jackanoryism becomes obvious. Not the other way round.

There’s no evidence to say that the “This Is Money” article participants were also telling porkies either. 

soulsaver

D3xt3r5L4b said:

Shakin_Steve said:

jonesMUFCforever said:

Come on now, there are many times Jackanory stories about account freezes and closures than genuine ones.

My point was that posts should be given credence until the Jackanoryism becomes obvious. Not the other way round.

There’s no evidence to say that the “This Is Money” article participants were also telling porkies either. 

There is no evidence that they are.