Revolut account frozen

grumbler

sheramber said:

grumbler said:

sheramber said:

There are no alternatives  to waiting it out.

The bank are abiding by the rules.

Ha-ha.

Is there any rule obliging them to drag their feet for ages as they typically do? What is there to 'investigate' for weeks if not months?

How do you know they are dragging their feet.

That's what typically happens.

Enquiries take as along as they take

That's exactly my point. Why do this efficiently if they are given cart blanche to relax for as long as they want. Who cares about the customers?

There will me more accounts than yours to investigate.

Well, work more efficiently then or hire more 'investigators'.

Daliah

grumbler said:

sheramber said:

grumbler said:

sheramber said:

There are no alternatives  to waiting it out.

The bank are abiding by the rules.

Ha-ha.

Is there any rule obliging them to drag their feet for ages as they typically do? What is there to 'investigate' for weeks if not months?

How do you know they are dragging their feet.

That's what typically happens.

Enquiries take as along as they take

That's exactly my point. Why do this efficiently if they are given cart blanche to relax for as long as they want. Who cares about the customers?

There will me more accounts than yours to investigate.

Well, work more efficiently then or hire more 'investigators'.

It sounds like you are an expert on AML investigations and have lots of tremendous ideas on how these could be made more efficiently and a lot faster. Have you considered offering consultancy to the FCA and/or all the banks on this? You could make a pretty penny from this, and become a hero with the consumers who find themselves subjected to account blockages.

binao

Daliah said:

As with blocked accounts at any company, all you can do is wait until the investigations are completed. There are no set timescales for this, and they are not allowed to tell you why you are being investigated.

Once you have access to you money again, you might wish to review how much you wish to keep on deposit with Revolut. As they still do not have a UK banking licence, you get no FSCS protection from them. But even if you did, having all your eggs in the same basket is not really a good idea. It’s best to spread your money over several (proper) banks, and may be don’t have you personal and you business account in the same place. 

100% agree.

Also the  OP may like to ask for compensation for the aggro.

The heavy AML regulatory fines have made paying compo for customer aggro the preferred solution to the huge increase in financial  crime. 

MrFrugalFever

I had a revolut account for a short while and encountered an issue to do with submitting god knows what to provide proof of funds etc. the CS was crap and in the end I withdrew everything and closed the account. Good riddance to them I say.

born_again

grumbler said:

sheramber said:

There are no alternatives  to waiting it out.

The bank are abiding by the rules.

Ha-ha.

Is there any rule obliging them to drag their feet for ages as they typically do? What is there to 'investigate' for weeks if not months?

It takes long enough for UK banks to talk to each other & work through disputes, AML etc.
Just think how much harder it is when you are talking foreign countries that have their own regulations. Never mind the constant sanction changes.

There is no dragging these out. There is no benefit to the banks to tie staff up dealing with these cases longer than they need too.
The faster a case is cleared, the faster they can get onto the next one.👍

dcfc67

I've never had any issues with them so far. Referred 2 people and got £50 cash immediately after they made the 3 transactions over £5 and ordered a physical card.
Very easy to make up to £250, you just have to time things right when the promo is available.

Maximum of 5 referrals

grumbler

born_again said:

grumbler said:

sheramber said:

There are no alternatives  to waiting it out.

The bank are abiding by the rules.

Ha-ha.

Is there any rule obliging them to drag their feet for ages as they typically do? What is there to 'investigate' for weeks if not months?

It takes long enough for UK banks to talk to each other & work through disputes, AML etc.

Well, if it's really a dispute, I don't see any reason for keeping the customer in the dark. So, usually it's not a dispute. Communications in the 21st century are instant, especially within the country - and it's just the information. If it takes long, then the process is faulty or people don't work efficiently, or there is shortage of staff. All this can be addressed to minimise the inconvenience to customers, mostly innocent, some of which have their only account blocked for weeks and don't have any spare money. Yes, wiser people have more than one account, but being not wise isn't a crime and doesn't justify punishment.

The system is really flawed, and it always surprises me how many people are eager to defend it just because it's some regulation, not even a law. Even laws can be not perfect and may need change.

Daliah

grumbler said:

born_again said:

grumbler said:

sheramber said:

There are no alternatives  to waiting it out.

The bank are abiding by the rules.

Ha-ha.

Is there any rule obliging them to drag their feet for ages as they typically do? What is there to 'investigate' for weeks if not months?

It takes long enough for UK banks to talk to each other & work through disputes, AML etc.

Well, if it's really a dispute, I don't see any reason for keeping the customer in the dark. So, usually it's not a dispute. Communications in the 21st century are instant, especially within the country - and it's just the information. If it takes long, then the process is faulty or people don't work efficiently, or there is shortage of staff. All this can be addressed to minimise the inconvenience to customers, mostly innocent, some of which have their only account blocked for weeks and don't have any spare money. Yes, wiser people have more than one account, but being not wise isn't a crime and doesn't justify punishment.

The system is really flawed, and it always surprises me how many people are eager to defend it just because it's some regulation, not even a law. Even laws can be not perfect and may need change.

Posting your simplification/streamlining ideas here will make no difference, you really need to  offer your solution to the FCA and to the banks.

grumbler said:

The system is really flawed, and it always surprises me how many people are eager to defend it just because it's some regulation, not even a law. Even laws can be not perfect and may need change.

Link to the UK AML laws. You would have to convince Parliament to change this legislation, and to do so with higher priority as the Bills already in front of Parliament.

eskbanker

grumbler said:

The system is really flawed, and it always surprises me how many people are eager to defend it just because it's some regulation, not even a law. Even laws can be not perfect and may need change.

I don't see anyone eager to defend it and am sure that it's not much fun being on the receiving end - however, the people you're probably referring to have some sort of understanding of how things are (regardless of opinions about how they ought to be), so it's best not to mistake that for defending the status quo.

There was another thread recently in which the process was explained in more detail, including the mechanism via which suspicious activity reports are made to the National Crime Agency (and the timescales they work to, despite the apparent perception that it's dilatory banks holding things up), quoting the relevant sections of the Criminal Finances Act (and/or the Proceeds of Crime Act), but, with it being an emotive subject, there was quite a bit of heat as well as light and so I think it's been deleted....

marek8760

Just caught up on this thread. I have had my revolut account frozen since January! Some transactions did not go through when abroad, but I did not look into it further until a month or two later as I have only used this account occasionally. Since then it has been extremely frustrating using their customer service ‘chat’ trying to get any information out of them. There is no way to complain up the chain of command. My formal complaint was acknowledged as received but with not further response. A request for info on origins of funds was sent and I complied. I then got an email saying all was good to go, but the account remained frozen and I was told in a subsequent chat that the email was sent in error. I am appalled to read that this does not seem to be uncommon, and that the advice is to sit and wait it out. I am about to complain to the FOS, but someone wrote that this could incur further delays. This system can’t be right. Has anyone else got any advice?