Any risk of bank freezing account?

Durban

I have recently had the same dilemma with Santander with a large sum going in from the sale of a property. 

I also wanted to transfer it very quickly to various newly opened savings accounts , about 5 in total and didn’t want any problems 

A week before the money was due in I phoned Santander and explained this to them and they put a note on the file. 

Money went in no problem and first 2 transfers went out fine.  However by the third one they blocked my account and I had to phone their fraud department. Sat on the phone in a queue for almost an hour and then another 20 mins for them to unblock it 

Next day , one large transfer went out fine and they then blocked the account again. I had to go through the whole rigmarole again 

it was frustrating as I had forewarned them what I was going to do. However , I am glad that they were rather safe than sorry and were actually protecting me against possible fraud  and I was more concerned that they would freeze my account as they thought it suspicious that a large amount of money was going in and out in a very short space of time and you keep hearing the horror stories of banks blocking access to your account completely 

SevenOfNine

I scattered an inheritance of £91k all over the place (savings a/cs in my name) in 2021, starting point Lloyds. Check what you can transfer per day first. It took 4 dsys & they didn't freeze my account.

GeoffTF

SevenOfNine said:

I scattered an inheritance of £91k all over the place (savings a/cs in my name) in 2021, starting point Lloyds. Check what you can transfer per day first. It took 4 dsys & they didn't freeze my account.

That backfires with Santander. They seriously dislike multiple payments within a few days. It is much easier to transfer it all in one go over the telephone.

pridehappy

When transferring large balances, I’d always check with the bank/building society first and inform them of your intentions and reasons. They are more likely to trust you telling them in advance.

I had quite a few issues with payments through Santander of large amounts so I’d give them a miss, although recently completed quite a few with my Nationwide Building Society account and had no problems at all. I also didn’t have any problems a few years ago with first direct.

Bridlington1

Ayr_Rage said:

Just call the bank and explain what will be happening.

I very much doubt ringing the bank beforehand will stop them flagging up payments. If it did, what do you think the fraudsters would do?

pridehappy

Bridlington1 said:

Ayr_Rage said:

Just call the bank and explain what will be happening.

I very much doubt ringing the bank beforehand will stop them flagging up payments. If it did, what do you think the fraudsters would do?

When I called Santander, they we’re able to inform me a definite no and that the transaction would be recalled.

Nationwide Building Society also said they’d leave a note on my account, and we’re happy when I was depositing into a Virgin Money account as it came up to them.

GeoffTF

With Santander, ringing up beforehand does not appear to do any good for debit card payments.

hildasmuriel

Bigwheels1111 said:

The big question is which bank do you use, I have multiple bank accounts.
I would no trust Santander.
I only use First Direct for sending or receiving funds and interest payments.
You get a real person who generally knows what they are doing and a quick call sorts most things.

Interesting! I have got a First Direct account but it's quite new - opened this year to get the switch bonus. Switched from Santander - and reading some peoples' experience here, I'm glad I did.

My main account (the one 39 years old) is with Barclays. I think I will phone them on the day I plan to do it all and see what they say.

I will remember to check daily limits - good nudge.
And yes - I must check how long I have got to fund a savings account after opening.

xylophone

Don't you have a joint account?

If not why not open one with either of your current providers.

ForumUser7

Bridlington1 said:

Ayr_Rage said:

Just call the bank and explain what will be happening.

I very much doubt ringing the bank beforehand will stop them flagging up payments. If it did, what do you think the fraudsters would do?

You're right - I tried to do this around my JISA maturity and spoke to several organisations, and they told me it isn't possible. The system will flag payments as it likes, and there is nothing they can do about that prior. I can't remember when I posted about this, but I remember a discussion in which someone was saying these money 'journalists' always say to call, and it is a load of rubbish!

EDIT - Here it is https://forums.moneysavingexpert.com/discussion/comment/80027061/#Comment_80027061