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Nationwide froze my accounts

R6aaron
R6aaron Posts: 1 Newbie
Fourth Anniversary
edited 14 December 2024 at 3:18PM in Credit file & ratings
Nationwide froze my accounts today due to suspicious activity. I had a few payments paid into my account this year from the sale of cryptocurrency on a peer2peer platform so the transactions are from a personal account to my own. Nationwide have found these as suspicious and frozen my account. Has anyone else had this happen and if so how long was the account frozen for as I have direct debits etc coming out next week! Also I’m fretting now that if they decide to close the account because they deem the transactions as non compliant can they cancel my mortgage which is also with them? I’ve worked my way into a frenzy worrying about this!

Comments

  • Hoenir
    Hoenir Posts: 5,199 Forumite
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    Extremely unlikely that they will call in your mortgage. 
  • Browntoa
    Browntoa Posts: 49,528 Forumite
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    Are we talking a large amount of money deposited 
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  • penners324
    penners324 Posts: 3,294 Forumite
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    Your account could be frozen for many weeks. Crypto is very likely against their t&cs so they may well close your current account.

    Get another current account open today.

    They will not cancel your mortgage but you'll need to pay it via this new account.

    Keep crypto and daily transactions in different bank accounts from now on.
  • BooBoo2024
    BooBoo2024 Posts: 1 Newbie
    First Post
    Hi - Nationwide has done the exact same to me! Can you let me know how long your account was frozen for/if it's still frozen? Thanks in advance.
  • Nasqueron
    Nasqueron Posts: 10,043 Forumite
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    BooBoo2024 said:
    Hi - Nationwide has done the exact same to me! Can you let me know how long your account was frozen for/if it's still frozen? Thanks in advance.
    OP was Last Active: Nov 22, 2024 and hasn't logged in since

    Sam Vimes' Boots Theory of Socioeconomic Unfairness: 

    People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.

  • Bella_boo_boo
    Bella_boo_boo Posts: 1 Newbie
    Name Dropper First Post
    @BooBoo2024 same happened to me on the 3rd December, are you still waiting or has it been resolved?
  • onomatopoeia99
    onomatopoeia99 Posts: 7,093 Forumite
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    penners324 said:
    Your account could be frozen for many weeks. Crypto is very likely against their t&cs so they may well close your current account.
    .

    Interesting. In October I transferred a five figure sum from a crypto exchange to my NW flex plus account that normally has £50 in it, then most of it bar £8k (which went into one of their savings accounts) out again over the course of less than a week.  No problems at all, didn't hear a peep from them.  The exchange I transferred from is FCA registered though, so maybe that made a difference.

    Haven't seen anything in their t&cs about transfers out of exchanges. I'd be surprised if they let you use one of their credit cards to fund a crypto purchase though.
    Proud member of the wokerati, though I don't eat tofu.Home is where my books are.Solar PV 5.2kWp system, SE facing, >1% shading, installed March 2019.Mortgage free July 2023
  • sourcrates
    sourcrates Posts: 30,400 Ambassador
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    This issue is better discussed on the banking boards, thanks.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
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