Kroo Bank Restricted me and my wife account for almost 3 months, what should I do?

JoshuaLane

Me and my wife's bank account were restricted for almost 3 months (started from 1st-Sept) for SAR submission to NCA, but so far there's no cort order or updated info. received, they only said, "As a financial services provider, we're required to regularly review accounts to ensure the safety of our customers and their funds." What should I do? Their app support chat is already no replied to my wife asking, so should I ask FOS for help or involve Solicator to get back our money? As we made a huge amount of deposit to Kroo Bank, we want them to release our accounts in very short term. 

elsien

If they suspect some sort of fraud or money laundering, there’s nothing you can do except sit and wait it out.
They are not going to tell you the reasons for the investigation in case that compromises the investigation, but making your “huge amount of deposit” obviously triggered some concerns at their end. 

What was the source of the money?

WillPS

You should lodge a complaint, then if they don't respond within 8 weeks OR you are unhappy with their response, you can escalate it to the FOS.

If you are in financial distress because of their actions, tell them (and the FOS) and that should bump up your complaint, but you need to get the ball rolling on this ASAP.

If you're lucky then lodging the complaint will serve as the kick they need to get this sorted.

Browntoa

It's money laundering rules, not the bank 

Have you supplied any requests documents in a timely manner or refused? 

Kroo has every right to question large deposits of money and is required to do so

JoshuaLane

Hi All, the money source is from our property selling and I had provided necessary documents to Kroo’s complain team when I made the complaint for their incompetent support services incurred to this account restriction case. However, their findings is ignoring my ask, also told me to find FOS for help…

molerat

If they have told you to contact the FOS then do that.

https://www.financial-ombudsman.org.uk/consumers/how-to-complain

Hoenir

JoshuaLane said:

Hi All, the money source is from our property selling 

A property in the UK ? 

SiliconChip

"property selling" - is that 1 property or more than 1? If it's the latter I wonder if they think you're doing it as a business, which is often against the terms of a personal account (I have no knowledge of Kroo's T&Cs).

JoshuaLane

The property is not in the UK; it's our first home sale, and the money was transferred within our own name only before the account restriction.

eskbanker

JoshuaLane said:

The property is not in the UK; it's our first home sale, and the money was transferred within our own name only before the account restriction.

Specifically where?  Some countries will raise more red flags than others....