Does a bank have the right to withhold my money?

MargaretB_2

Never mind

unholyangel

Chances are your account has triggered AML. If that is the case, then they're right not to pay out the money until the checks have been completed. 

Is it a business account you have with Santander? 

MargaretB_2

unholyangel said:

Chances are your account has triggered AML. If that is the case, then they're right not to pay out the money until the checks have been completed. 

Is it a business account you have with Santander? 

No. It's an ordinary, everyday current account, personal. What is AML? I've never used this account before and I won't be using it again. 

Penguin_

AML = Anti Money Laundering checks. 

red_boots2

Unfortunately Santander are notorious for this. My parents lent me a large sum of money for a House deposit whilst I was waiting for my fixed ISA to expire. We both banked with Santander and made them aware of the transfer and still got hit by AML.

unholyangel

MargaretB_2 said:

unholyangel said:

Chances are your account has triggered AML. If that is the case, then they're right not to pay out the money until the checks have been completed. 

Is it a business account you have with Santander? 

No. It's an ordinary, everyday current account, personal. What is AML? I've never used this account before and I won't be using it again. 

If you're using it for business, then you may be in breach of your account terms and conditions. Iirc Santander (and most, if not all banks tbh) prohibit business use of a personal account.

As all banks are subject to AMLR, you may find you have the same issue elsewhere. There have been several layers of checks added over the last year or so. 

MargaretB_2

unholyangel said:

MargaretB_2 said:

unholyangel said:

Chances are your account has triggered AML. If that is the case, then they're right not to pay out the money until the checks have been completed. 

Is it a business account you have with Santander? 

No. It's an ordinary, everyday current account, personal. What is AML? I've never used this account before and I won't be using it again. 

If you're using it for business, then you may be in breach of your account terms and conditions. Iirc Santander (and most, if not all banks tbh) prohibit business use of a personal account.

As all banks are subject to AMLR, you may find you have the same issue elsewhere. There have been several layers of checks added over the last year or so. 

red_boots2 said:

Unfortunately Santander are notorious for this. My parents lent me a large sum of money for a House deposit whilst I was waiting for my fixed ISA to expire. We both banked with Santander and made them aware of the transfer and still got hit by AML.

I have always used a personal account and never had a problem before. I've used one for years and never had a problem. I've also used various banks and never have they tried to hang onto my money.
@Red_boots2 - how long did it take to get the money released? I've been reading reviews on Trustpilot (which I'd done that in the first place) and someone on there lost a house he was buying because Santander reported his deposit money as fraud.

unholyangel

MargaretB_2 said:

unholyangel said:

MargaretB_2 said:

unholyangel said:

Chances are your account has triggered AML. If that is the case, then they're right not to pay out the money until the checks have been completed. 

Is it a business account you have with Santander? 

No. It's an ordinary, everyday current account, personal. What is AML? I've never used this account before and I won't be using it again. 

If you're using it for business, then you may be in breach of your account terms and conditions. Iirc Santander (and most, if not all banks tbh) prohibit business use of a personal account.

As all banks are subject to AMLR, you may find you have the same issue elsewhere. There have been several layers of checks added over the last year or so. 

red_boots2 said:

Unfortunately Santander are notorious for this. My parents lent me a large sum of money for a House deposit whilst I was waiting for my fixed ISA to expire. We both banked with Santander and made them aware of the transfer and still got hit by AML.

I have always used a personal account and never had a problem before. I've used one for years and never had a problem. I've also used various banks and never have they tried to hang onto my money.
@Red_boots2 - how long did it take to get the money released? I've been reading reviews on Trustpilot (which I'd done that in the first place) and someone on there lost a house he was buying because Santander reported his deposit money as fraud.

You may not have had a problen before but given its ever evolving/changing, there is risk of it happening again. 

Have a search for something like "bank froze account AML" or "de-risking AML". It's far from uncommon. 

davidmcn

MargaretB_2 said:

yesterday £1400 was paid in
I've already put in a complaint with the Banking Ombudsman 

This happened only yesterday, and you've already complained to the ombudsman? That seems a bit trigger-happy, as well as pointless as you first have to go through Santander's own complaints process before the ombudsman will look at it.
As suggested above, it may well have triggered anti-money-laundering checks - and because of the rules about "tipping off", Santander won't even be allowed to tell you that's what's going on, they'll just eventually release the funds to you, hopefully before too long.

Flight3287462

Why so many different bank accounts?

Sounds like this is the first royalty payment going through this account, why not give it a couple of days? 

MargaretB_2

davidmcn said:

MargaretB_2 said:

yesterday £1400 was paid in
I've already put in a complaint with the Banking Ombudsman 

This happened only yesterday, and you've already complained to the ombudsman? That seems a bit trigger-happy, as well as pointless as you first have to go through Santander's own complaints process before the ombudsman will look at it.
As suggested above, it may well have triggered anti-money-laundering checks - and because of the rules about "tipping off", Santander won't even be allowed to tell you that's what's going on, they'll just eventually release the funds to you, hopefully before too long.

What complaints process? I couldn't find such a thing or I would have used it. No, I don't think it's trigger happy, given that I've had this money paid into other banks already cleared. It's my money; where's the hold up? It could be salary for all they know; how do they know I don't work for Amazon?