Frozen Bank Account

hadenoughnow

I have had my account frozen its a current account, it is with the TSB who i owe no money to. I also have a basic account also with TSB that hasnt been frozen. I cant get at my money in the current account, is it just a formality that they have frozen the current account and not the basic one, and how do i go about getting it released? 

Thanks 

Robin9

You will need to be patient - its probable that TSB thinks you are involved in money laundering and are investigating. 
No point in ringing Customer Services or going to branch.
Could be days, weeks …………….

hadenoughnow

Why would they think it’s money laundering? It was only ever used for dd’s and wages 

Robin9

No idea - and you will never know.

Payments to someone on Gumtree, bought bitcoins, foreign transactions ……...….

hadenoughnow

No, nothing like that, just everyday banking transactions. So who decides when the funds can be released?  An the OR help? 

george_112

When did you go bankrupt? Could it be just that they have processed that and frozen the current account accordingly. Was the basic account opened post bankruptcy, as I’m under the impression basic/post bankruptcy accounts wouldn’t be affected. I had letters copied to me yesterday that were sent to the bank from the OR saying they could release any funds in my accounts to me for the bank accounts held at the time of bankruptcy so maybe your bank has just received the same and is processing that. I’m expecting my current account to freeze soon but have moved all money into my basic now. Maybe call them and just see if it’s bankruptcy related. Usually they won’t disclose reasons if it’s fraud etc to avoid tipping you off, but your bankruptcy is not a secret so no reason not to explain if it is that. 

hadenoughnow

My basic account is fine I’ve transferred funds from there but the other account now has funds in it and more to go in that I can’t stop (refund from a holiday company that I owe to the other passengers affected). The letter to my bank last week states that if they have no interest in the funds then they can release. But don’t know how long this will take 

mwarby

What George says sounds the most likely as the OP has been contemplating bankruptcy. I hope the OP has some cash on hand. It maybe that they will only allow the use of the basic account from now on(for risk control at the bank, basic accounts are more difficult to get into unarranged overdrafts), but they should move the money across soon after the OR declares no interest

hadenoughnow

The OR stated this, so I take it that that’s their only take on the matter  “ I understand that the bankrupt holds an account with you. I am informed that the current balance on the account is £700.00. Subject to any rights of set-off you may wish to exercise, the balance should be released to the bankrupt.

If the balance quoted above has changed between the date of the bankruptcy order and the date of this letter as a result of regular household expenditure or income this instruction remains valid.

The bankrupt has been advised to contact you to agree the continued use of the account.“

mwarby

have you spoken to the bank yet ?

hadenoughnow

Yes and they have said that I need a new letter dates within 10 days to say that I can have these funds, however I’m expecting further refunds this week, so may wait until they’re all in and get one letter otherwise I will need a letter on each separate occasion. The 2 things that concern me are that if the OR gets wind of these payments, they may want them, but I don’t want to let the other 5 lads down that have a share of the refunds. Secondly it clearly states that the OR has no influence on my banks decision to rear any funds, so doubt they will send any more letters.