Barclays holding my business money, 500k overdrawn!

Shakin_Steve

DCFC79 said:

I'm hooked and can't wait for the next update.

Sarcasm is the lowest form of wit....apparently 

Thrugelmir

socialchaos said:

Robin9 said:

Has your partner or you not  got a separate personal account to pay the home rent ?   

 It just seems funny though that the account was frozen within an hour of receiving money in from my customer in greece. 

How much do you know about your Greek customer. 

socialchaos

Thrugelmir said:

socialchaos said:

Robin9 said:

Has your partner or you not  got a separate personal account to pay the home rent ?   

 It just seems funny though that the account was frozen within an hour of receiving money in from my customer in greece. 

How much do you know about your Greek customer. 

It's a medium-sized company, I trade in IT and im part of a network of traders. All of whom are recommended highly from the owner of the network and those that do improper business are banned, others in the industry have also recommended. 
For those who asked, its a business account, I've been trading since January this year.
I've done my 5 hours of being on hold today. Just don't think I'm going to get anywhere with it. Will try to get in some cash sales to keep things ticking over while whatever is going on with the bank comes to light.
Ive called the Fraud line, Telephony team and the usual number. Ive tweeted, direct messaged and emailed several times to no avail.
Suppose none of the previous posters have had any joys with this? Just the usual call, visit or email suggestions?

eskbanker

socialchaos said:
I've done my 5 hours of being on hold today. Just don't think I'm going to get anywhere with it. Will try to get in some cash sales to keep things ticking over while whatever is going on with the bank comes to light.

Ive called the Fraud line, Telephony team and the usual number. Ive tweeted, direct messaged and emailed several times to no avail.
Suppose none of the previous posters have had any joys with this? Just the usual call, visit or email suggestions?

It'll no doubt seem counter-intuitive but there's no point in trying to contact them via any channel - they can't tell you anything, as they've already advised in the email, so, frustrating though it undoubtedly is, you just need to wait until they conclude their investigation (or ask you for anything they may need in the course of it).

Grumpy_chap

Being blocked might actually be in your best interests, no matter how difficult that makes it in the short term.

Someone has taken over £500k from your account and the bank is stopping them from taking any more.

Assume you don't have a spare £500k kicking about.

socialchaos

Grumpy_chap said:

Being blocked might actually be in your best interests, no matter how difficult that makes it in the short term.

Someone has taken over £500k from your account and the bank is stopping them from taking any more.

Assume you don't have a spare £500k kicking about.

Sorry, I must have miscommunicated, Nobody has taken it, The bank has done this to make sure I cant use the account.
A common thing with Barclays it seems. I believe they are just doing due diligence due to a fine the banks received some years ago for aiding money launderers tied into corruption and terrorism. I understand their situation but the system is broken when it can let a successful small business go to rubble and ruin, myself and my partner have been through blood sweat and tears to get this thing off the ground. It's our lifes work shut down overnight. I could be furloughed (with 0 pay as accountant not setup my PAYE yet) but my father has passed away and I wanted to keep my mind occupied by doing something productive, but never mind hey. Just a small man doing small things while the banks profit. [Rant over]

colsten

Grumpy_chap said:

Being blocked might actually be in your best interests, no matter how difficult that makes it in the short term.

Someone has taken over £500k from your account and the bank is stopping them from taking any more.

Assume you don't have a spare £500k kicking about.

I might be wrong but I don't think anyone has actually taken £500k from the OP's account. It seems that Barclays slam a -£500k on accounts when they investigate them. See the link I posted in the 2nd post in this thread. It's happened before.

born_again

socialchaos said:

I'll try to keep this short and simple. 
Received a letter at my business address whilst I was on leave due to bereavement asking for more info surrounding my account and its transactions. This is because I went over my estimated 80k turnover due to a spike in sales.

All information was provided albeit a day late as the request by date was only a few days away and was the date of my dads funeral.

The account had only been used for bills inbetween. I then applied for and received a 40k bounceback loan, a few days later a payment from a customer in greece. Within the hour the account was 500k overdrawn and all funds have been marked as to reconcile.

I believe due to the location of the withdrawal, Coventry, my account is being investigated due to aml. 
No contact has been made with myself and the one conversation I've had with the bank they've been clueless as to what's happened.
I spoke with the lady who has requested more info and shes assured me that it wasnt anything to do with the info they've asked for and advised to call telephony team.
In totally I've now been on hold for 22 hours, including 7.40 hours on saturday, they eventually hung up.

I've tweeted several times and dm'ed and they've ignored me. Most people are receiving responses within the hour. I have little money for food and I'm supporting my widowed mother with bills etc. I just need to know what's happening and an ETA on my funds. My rent is due on business and home premises, bills are due before courier accounts get frozen and need to pay myself and partners salary. 

Is there any other course of action I can take?

Right thats the quote sorted.

As this is a business account. Where does food for your mother come into it? Surely you have personal bank accounts?Consumer accounts take a while to sort. As to a business one? Who knows.

socialchaos

born_again said:

socialchaos said:

I'll try to keep this short and simple. 
Received a letter at my business address whilst I was on leave due to bereavement asking for more info surrounding my account and its transactions. This is because I went over my estimated 80k turnover due to a spike in sales.

All information was provided albeit a day late as the request by date was only a few days away and was the date of my dads funeral.

The account had only been used for bills inbetween. I then applied for and received a 40k bounceback loan, a few days later a payment from a customer in greece. Within the hour the account was 500k overdrawn and all funds have been marked as to reconcile.

I believe due to the location of the withdrawal, Coventry, my account is being investigated due to aml. 
No contact has been made with myself and the one conversation I've had with the bank they've been clueless as to what's happened.
I spoke with the lady who has requested more info and shes assured me that it wasnt anything to do with the info they've asked for and advised to call telephony team.
In totally I've now been on hold for 22 hours, including 7.40 hours on saturday, they eventually hung up.

I've tweeted several times and dm'ed and they've ignored me. Most people are receiving responses within the hour. I have little money for food and I'm supporting my widowed mother with bills etc. I just need to know what's happening and an ETA on my funds. My rent is due on business and home premises, bills are due before courier accounts get frozen and need to pay myself and partners salary. 

Is there any other course of action I can take?

Right thats the quote sorted.

As this is a business account. Where does food for your mother come into it? Surely you have personal bank accounts?Consumer accounts take a while to sort. As to a business one? Who knows.

Yes we have personal accounts. I pay salary into those. Income from the business pays for salary. Hope that's clear? Thanks

dunstonh

 It just seems funny though that the account was frozen within an hour of receiving money in from my customer in greece. The account was used very little inbetween otherwise.

Well, you can see exactly why Barclays has taken this action then.   This was entirely predictable.