Blocked from my current account after following a link on MSE for easy access saver

the_abbot

Hello. Just wanted to tell you about this, as it seems an odd thing to have happened, especially as I am a mature, financially literate person, managing my own money online for decades. I opened an easy access saver online yesterday with Close Bros, via a link on MSE. I trust MSE links, having used them often over the years, so perhaps don't always double check on the FSCS website directly. I have never checked on the FCA website when opening an account for cash deposits. I transferred £1 to my new account, but when i tried to tfr another £15k my bank blocked access to my current account. I called them, and was given a lecture by their anti-scam security advisor, based on my responses to his questions; did I check out the organisation with the FCA website, because it's a financial investment, and why wasn't the payment being made in my name. I explained I was not making an investment, just opening cash deposit account, and I'm pretty sure it is in my name, but I can't now check, as my current account has been locked! I explained I did check on FCSC website, but he said that was not sufficient. They now won't unlock my current account until I call Close Bros on the tel number on their website, to confirm the account is legitimate, and then call my bank back to advise them that! I can't help feeling this is not quite right. I will do what they ask, just to get access back to my bank account, but thought it worth flagging up to MSE. Maybe I have been operating under the delusion that I am operating safely with my cash deposits all these years, when in fact I'm not?! I move money around regularly to get the best rates, especially when I happen to have a worthy sum accumulated. Investments are a different matter - I would always rely on an IFA to do that for me.

Ed-1

the_abbot said:

Hello. Just wanted to tell you about this, as it seems an odd thing to have happened, especially as I am a mature, financially literate person, managing my own money online for decades. I opened an easy access saver online yesterday with Close Bros, via a link on MSE. I trust MSE links, having used them often over the years, so perhaps don't always double check on the FSCS website directly. I have never checked on the FCA website when opening an account for cash deposits. I transferred £1 to my new account, but when i tried to tfr another £15k my bank blocked access to my current account. I called them, and was given a lecture by their anti-scam security advisor, based on my responses to his questions; did I check out the organisation with the FCA website, because it's a financial investment, and why wasn't the payment being made in my name. I explained I was not making an investment, just opening cash deposit account, and I'm pretty sure it is in my name, but I can't now check, as my current account has been locked! I explained I did check on FCSC website, but he said that was not sufficient. They now won't unlock my current account until I call Close Bros on the tel number on their website, to confirm the account is legitimate, and then call my bank back to advise them that! I can't help feeling this is not quite right. I will do what they ask, just to get access back to my bank account, but thought it worth flagging up to MSE. Maybe I have been operating under the delusion that I am operating safely with my cash deposits all these years, when in fact I'm not?! I move money around regularly to get the best rates, especially when I happen to have a worthy sum accumulated. Investments are a different matter - I would always rely on an IFA to do that for me.

It sounds like it is a genuine account but your bank don't known that and would have to refund you the money if it turned out you'd been scammed, so are doing everything they can to protect themselves.

Did you input your name when setting up the payment and did you get a confirmation of payee match?

Sending a small test payment followed by a large amount is a common tactic used by fraudsters so will often trigger fraud checks

rebs

I had a similar experience with santander yesterday as I was moving savings to get a better rate.  The amount I was moving was over the single transaction limit so I had to do a few moves and every single one was blocked and I had to phone in and get them done.  The first block also stopped my access to my current account, but after that it was just the transaction that was blocked.

No links involved - moving to a savings account that I have held for a while.

Each call I had to confirm that I was making the transaction on my own volition and no one was helping me or forcing me - I suspect banks are getting more cautious / !!!!!! covering in attempting to combat fraud.

allegro120

the_abbot said:

Hello. Just wanted to tell you about this, as it seems an odd thing to have happened, especially as I am a mature, financially literate person, managing my own money online for decades. I opened an easy access saver online yesterday with Close Bros, via a link on MSE. I trust MSE links, having used them often over the years, so perhaps don't always double check on the FSCS website directly. I have never checked on the FCA website when opening an account for cash deposits. I transferred £1 to my new account, but when i tried to tfr another £15k my bank blocked access to my current account. I called them, and was given a lecture by their anti-scam security advisor, based on my responses to his questions; did I check out the organisation with the FCA website, because it's a financial investment, and why wasn't the payment being made in my name. I explained I was not making an investment, just opening cash deposit account, and I'm pretty sure it is in my name, but I can't now check, as my current account has been locked! I explained I did check on FCSC website, but he said that was not sufficient. They now won't unlock my current account until I call Close Bros on the tel number on their website, to confirm the account is legitimate, and then call my bank back to advise them that! I can't help feeling this is not quite right. I will do what they ask, just to get access back to my bank account, but thought it worth flagging up to MSE. Maybe I have been operating under the delusion that I am operating safely with my cash deposits all these years, when in fact I'm not?! I move money around regularly to get the best rates, especially when I happen to have a worthy sum accumulated. Investments are a different matter - I would always rely on an IFA to do that for me.

This is very common, happened to me many times in the past with a number of different banks.  When you set up a new payee, deposit a small sum followed by a larger sum on the same day their system triggers fraud alert.  The way to avoid it is to send the larger deposit a day after the £1 test.

Call your bank and tell them what they want to hear and they should unblock your payment.

gravel_2

Is your current account with NatWest by any chance? We had a very similar experience when OH opened and attempted to fund a Santander ISA last year. 

the_abbot

Thanks for feedback everyone. I am with Santander. I did get confirmation of payee match for the £1 tfr. I understand they need to protect themselves against customers doing silly/careless things, but this chap made me feel like a complete idiot...I have been a self-employed accountant since 1992!😄

rebs

the_abbot said:

Thanks for feedback everyone. I am with Santander. I did get confirmation of payee match for the £1 tfr. I understand they need to protect themselves against customers doing silly/careless things, but this chap made me feel like a complete idiot...I have been a self-employed accountant since 1992!😄

don't take it personally - they are simply following a script and have no idea about you or your level of financial competence

mebu60

rebs said:

the_abbot said:

Thanks for feedback everyone. I am with Santander. I did get confirmation of payee match for the £1 tfr. I understand they need to protect themselves against customers doing silly/careless things, but this chap made me feel like a complete idiot...I have been a self-employed accountant since 1992!😄

don't take it personally - they are simply following a script and have no idea about you or your level of financial competence

And the script through necessity will have been devised to address the lowest common denominator. 

km1500

just to say for what it's worth I have found over the decades that Santander and Lloyds are by far the worst by a huge margin for doing this 

others may of course have had different experiences

Bigwheels1111

You are with Santander, I feel for you and the pain you may experience in the near future.

This is normal, I have 20/30 bank and savings accounts.

It always goes on when first making payments.

Some banks are better than others.

Reading on here Santander are not good.

MX5huggy

Santander did the same when I bought a new car lots of questions completely irrelevant. 

Why are you transferring this money? to buy a brand new car from a main dealer. 

Have you had the car mechanically checked, no it’s a brand new car from a main dealer that I ordered 16 months ago. 

Have you HPI checked the car? No it’s a band new car from a main dealer.

Have you checked the MOT and service history? On and on it went.

are you sure you want to complete the transaction? Yes!