Strange Lloyds Bounceback Loan activity - account closed? Help!

random_gecko

So this has been quite the ordeal but I'll try to summarise as much as possible. My business has definitely been adversely affected by COVID-19 but until recently I'd been OK with the SEISS payments and so on. In early January I decided to look into a BBL and chose Lloyds as I bank with Halifax.

I opened a Loan Servicing Account and all good, received the card etc and the money was in the account. I then realised I couldn't do anything with it from there, apart from move it to another Lloyds account. No worries, so I opened a Lloyds Personal Account but when I signed up I mistakenly ticked that I didn't have another account, so I ended up with two internet banking logins. So I call them up, no big deal the guy says, we'll merge them. He also suggested opening a Business Account (which I needed anyway) and move the money into there to allow me to distribute it to my other accounts outside Lloyds. After about 15 mins, the account is open and the money is in there. Hurrah.

This is until I try to make a transaction. It mentions £5,000 within the first 60 mins, so I went to transfer £5,000 into another account (Monzo). It said it needed to be authorised and to check back. Nothing happens over the next day, then when I attempt a login, my online account has been suspended. I call them and they say it's to do with the merging of the accounts, and not to worry. No big deal. Few days go by and I attempt again to see if it's working, and it now tells me that my details are incorrect. I call the bank and the lady tells me that there's no issue, she can see the funds, and would I like her to transfer it for me? Yes please. "Not a problem, it'll be in your account tomorrow", she says.

Tomorrow comes and goes, and nothing shows up. So I try again to log in to my accounts, and this time it works. I personally attempt a transfer... nothing. I attempt to transfer money in, declined. Hmm.

So late last night, I log in to look again to see if anything has changed. My business account details the money, fine. The loan servicing account then says N/A, as does the BBL account. Strange.

Nothing happens again today so I called them late afternoon and they told me that the fraud team has reviewed and closed the account?!

What is going on here? What now happens to the funds? I've never been able to move money in or out of my Business Account, since it was opened, and currently if I attempt to log in online, it tells me that my Authorisation Card isn't linked to this account, whereas it works if I look on my phone banking app, and I can still see the funds, whilst the BBL account now displays a negative balance - the amount that's in the business account, and the amount I borrowed. My personal account however does work - I transferred money into it and can see that via Monzo (I linked the account) though I can't actually get in on the Lloyds site as I'm yet to receive an activation code in the post.

Does anybody have any idea what on earth is going on? What happens to the funds if the account they're currently in is closed and the loan servicing account they came from no longer exists? What will they now do with the BBL? Obviously I'm going to call at 9am but I was wondering if anybody could help put my mind at ease before then with some sort of explanation as to what might be happening?

Thanks in advance.

Yahoo_Mail

You need to wait until tomorrow to contact them, nobody on here is going to be able to answer your questions.

But if both the BBL and account linked to the BBL show as N/A, my guess is there's an issue with that.

Sounds to me like they've clawed it back but as I said, you need to speak to them about it.  A bunch of rando's on an internet forum won't be able to tell you.

Grumpy_chap

Speak to the bank (if they will say anything) but if you tried to move the money to personal accounts that may have been assessed as against the rules that the funds can only be used for business.