Zopa have restricted my account

GlasgowExpat2

I’ve paid £20k into my biscuit account in order to fund a fixed rate pot. They’ve now restricted the biscuit account so I can’t transfer the funds. Does anyone know how long they’ll take to review it as the fixed rate pot has to be funded in 2 days

eskbanker

I think it's one of those 'how long is a piece of string' questions, in terms of whether it'll take days or weeks - have they asked you for anything yet, in terms of documentation, etc?

GlasgowExpat2

https://forums.moneysavingexpert.com/discussion/comment/82192165#Comment_82192165

No they’ve haven’t. I’ve logged back in and the restriction has been lifted so I can transfer the money 👏🏻

Bigwheels1111

Make sure you get compensation for loss of interest, time and effort etc.

I have had thousands from banks and building societies over the years.

First direct held up 3 payments totaling 250k for five days. I got the interest at 5% plus a good will payment.

GlasgowExpat2

https://forums.moneysavingexpert.com/discussion/comment/82193794#Comment_82193794

There was no loss on interest as the restriction was lifted within a couple of hours

GlasgowExpat2

https://forums.moneysavingexpert.com/discussion/comment/82195755#Comment_82195755

Why, it was restricted for less than 2 hours?

Chief_of_Staffy

https://forums.moneysavingexpert.com/discussion/comment/82195781#Comment_82195781

You were concerned enough to post a thread about it within those two hours.

GlasgowExpat2

https://forums.moneysavingexpert.com/discussion/comment/82196003#Comment_82196003

Because at the time I didn’t know how long it would be restricted and I had a fixed rate that had a funding deadline so I was asking if people had any experiences of how long the restriction lasted.

moneytorques

https://forums.moneysavingexpert.com/discussion/comment/82196017#Comment_82196017

https://www.fca.org.uk/publication/finalised-guidance/fg24-6.pdf

Since 30th October 2024 Banks have been permitted to hold suspicious transactions for upto 4 days, official FCA publication attached to assist.