Bank account frozen

Ardiles

Hi

Looking for some advice or some help regarding an issue I’m having just now. 

I opened an account with Chase about 4 or 5 months ago. Had zero issues at all all this time. My main account was with Virgin but I switched to Chase due to their interest rates and also their cash back feature is great. 

10 days ago I tried to pay something and it got declined. I went on the app to find out why as I knew I had money in it. It wouldn’t let me log in and said I should contact them for an update. I phoned and was told my account had been placed under review and they would notify me when this review was over. I didn’t see it being an issue and assumed it would only be a couple of hours as the account is used for just general every day use. There’s no large sums going back and forward or anything which could possibly flag up.

10 days on and the account is still frozen. In this time I’ve been unable to do anything with my account. Can’t pay anything, can’t lift money, can’t transfer money to my Virgin account. As I made this my main account I also have direct debits which have been declined in this period. I have had to get money from family as well as use my credit card which I had been trying to pay off.

I have been on the phone to them at least 5 or 6 of these days to ask for an update. Every time I am told there is nothing they can tell me about the review and it will take as long as it takes. I have asked numerous times if there is any way I can assist them or if there is any time scale on the review or if they can tell me why this has happened. Every time I am given no information. Yesterday I asked to be passed to a manager or a supervisor to discuss it further and was told this wasn’t possible.

I feel like I am banging my head against a brick wall. I have two young children and I can’t ask friends or family for any more money. I don’t think they should be able to freeze my account for this long with no access to my funds. All of my money is in their account between my current account and savers account. 

Is there anything I can do to resolve this?

xylophone

https://www.which.co.uk/news/article/why-banks-are-freezing-accounts-and-what-to-do-if-it-happens-to-you-aPXrh7F1YCx1

10 days ago I tried to pay something and it got declined.

Was there anything unusual about this payment/

Momanns

You can raise a compliant but if the review relates to AML or fraud they still won't tell you anything as it stands. 

Can you think of anything that may have triggered the review? 

Ardiles

Can’t think of anything which may have triggered this. Also the payment when I first noticed it was just in a regular shop.

The account could have been frozen before I attempted this payment. I think I’ve only noticed once I tried to make a payment that day so don’t think it was that payment itself. 

dealyboy

I am sorry to hear this Ardiles.

I can't help thinking that MSE have some responsibility for this, not for the problem, but for alerting people to the precautions we should all take to protect our situations (as far as possible).

It really troubles me that time and time again we are having people writing about freezes and closures of their sole bank account ... and these people seemingly are the least able to cope. It always seems to happen without warning.

If at all possible and I know it's not always easy, people should spread resources across two or three banks (or building societies) and get a credit card for emergencies (and not use it).

boingy

Have you done anything with crypto currencies or any foreign transactions?
Does anyone else have access to your account?

Ardiles

dealyboy said:

I am sorry to hear this Ardiles.

I can't help thinking that MSE have some responsibility for this, not for the problem, but for alerting people to the precautions we should all take to protect our situations (as far as possible).

It really troubles me that time and time again we are having people writing about freezes and closures of their sole bank account ... and these people seemingly are the least able to cope. It always seems to happen without warning.

If at all possible and I know it's not always easy, people should spread resources across two or three banks (or building societies) and get a credit card for emergencies (and not use it).

boingy said:

Have you done anything with crypto currencies or any foreign transactions?
Does anyone else have access to your account?

It’s certainly a lesson learned. I’ll be splitting my money across the two banks from now on. You don’t expect something like this to happen and certainly not to drag on for so long.

No I haven’t done any crypto or foreign transactions. No nobody has any access to the account. 

friolento

Do you have a financial association with someone else? This would be registered in one or more of your credit reference files. You could be impacted if a financial associate is being investigated.

dealyboy

Ardiles ... we have some very experienced and knowledgeable people on the forum who have given good advice in similar situations.

I may be wrong but I believe you should be able to draw any regular payments like salary or benefits paid into your account, but I don't know how this would work with Chase..

Your understandable plea Ardiles is "Is there anything I can do to resolve this?" I think we need to take this in two strands ...
firstly we need you to be on an even keel, so making sure you can access some funds is a priority, plus opening an account at another bank / building society. I will not advise the best bank or building society I hope others can recommend the best choice in these circumstances, but you should be able to open a 'basic account' at least with any bank. You can then arrange for those regular payments to be paid into this new account. You have a good chance of getting another account as you have only had a suspension.
secondly you need to do some detective work to see if there is any abnormal transaction or one-off transaction or instruction to Chase that may have triggered this action. We recently had a case where it was shown there was a mistake by the bank and the freeze was lifted.

Good luck.

Bigwheels1111

This is why I have 5 bank accounts and spare cash in easy access accounts.
It was bad enough when TSB screwed up their system a few years ago.
But I did get near on 1k compensation, for time effort, calls, parking and time for visiting bank, £100 each time I needed to make a payment form another bank etc.
Must admit the only issue I’ve had with Chase is not paying Amazon S&S payments.

mongoose2009

welcome to the future when the AI decides youre a dodgy person and debanks you