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TSB Business Account - Blocked
Alz0r
Posts: 15 Forumite
Hi All,
On 6th October TSB put a block on our business account (where I stupidly kept 100% of our working capital). This had an immediate and devestating effect on our small business. We have been unable to pay 6 employees (we pay weekly), pay suppliers or receive any payment from clients. To add to the pain, it looks like in the process of frantically moving money around to try and stay afloat, we may have been scammed out of £4000.
I have spent a total of 14 hours on hold so far trying to get answers, but have been constantly met with someone putting me on a further hold while they check with an unnamed department, who then report back to me that they can't tell me what's going on and they can't tell me when I will have access to my account again.
Eventually last Thursday I was told my account is under investigation and that I should receive a phone call on Monday 12th.
By 4pm on the 12th no-one had called so I called in again to be told somone had left a note on my account saying they wanted "proof of entitlement" for a £110 payment which we had received on the 6th. This was a normal payment from a returning customer and certainly within the normal business behavoirs for the account.
I sent through the invoice relating to that amount and I was told I would receive a phone call by 5pm telling me my account was now unblocked.
No-one called, so I called back in today only to be told that the investigations department is now very busy and will get back to me in due course. I've spoken to managers / raised a complaint but I keep just hitting brick walls.
We are out of pocket thousands of pounds because of the block, had direct debits returned to suppliers as unpaid, incurred countless fees and charges and had to send employees home because we don't have access to funds to pay for materials. We really are on shakey ground at the moment and are considering having to lay people off.
We've already set up a new account with someone else and are in the process of restoring cashflow by getting customers to pay to the new account but I suppose I am looking for any advice on a) how I can expediate the process of getting access to our bank again and b) what are best course of action is for compensation - I've heard you can now sue your bank?! (https://www.bbc.co.uk/news/business-19511542)
Any advice appreciated.
I hate TSB!!!
On 6th October TSB put a block on our business account (where I stupidly kept 100% of our working capital). This had an immediate and devestating effect on our small business. We have been unable to pay 6 employees (we pay weekly), pay suppliers or receive any payment from clients. To add to the pain, it looks like in the process of frantically moving money around to try and stay afloat, we may have been scammed out of £4000.
I have spent a total of 14 hours on hold so far trying to get answers, but have been constantly met with someone putting me on a further hold while they check with an unnamed department, who then report back to me that they can't tell me what's going on and they can't tell me when I will have access to my account again.
Eventually last Thursday I was told my account is under investigation and that I should receive a phone call on Monday 12th.
By 4pm on the 12th no-one had called so I called in again to be told somone had left a note on my account saying they wanted "proof of entitlement" for a £110 payment which we had received on the 6th. This was a normal payment from a returning customer and certainly within the normal business behavoirs for the account.
I sent through the invoice relating to that amount and I was told I would receive a phone call by 5pm telling me my account was now unblocked.
No-one called, so I called back in today only to be told that the investigations department is now very busy and will get back to me in due course. I've spoken to managers / raised a complaint but I keep just hitting brick walls.
We are out of pocket thousands of pounds because of the block, had direct debits returned to suppliers as unpaid, incurred countless fees and charges and had to send employees home because we don't have access to funds to pay for materials. We really are on shakey ground at the moment and are considering having to lay people off.
We've already set up a new account with someone else and are in the process of restoring cashflow by getting customers to pay to the new account but I suppose I am looking for any advice on a) how I can expediate the process of getting access to our bank again and b) what are best course of action is for compensation - I've heard you can now sue your bank?! (https://www.bbc.co.uk/news/business-19511542)
Any advice appreciated.
I hate TSB!!!
0
Comments
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Best off asking in the bank account section.
@Alz0rMortgage started 2020, aiming to clear 31/12/2029.0 -
good afternoon, we have same situation, our tsb business account is blocked no answer we contacted many times no response someone will call but no call, if manage resolve the issue could you please advise i will follow your link
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You should post in the banking forumEMIL13 said:good afternoon, we have same situation, our tsb business account is blocked no answer we contacted many times no response someone will call but no call, if manage resolve the issue could you please advise i will follow your link
The person who created the post has not been back to the forum since 17 October 2020 at 12:23PM just after this was created0
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