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Thinkmoney account blocked please help

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Thinkmoney account blocked please help

edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
5 replies 1.1K views
TommyjamesTommyjames Forumite
2 posts
edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
Hi I’ve never posted before so please bare with me!

I’ve just opened a Thinkmoney current account, I’ve only had it a couple of weeks and it’s been blocked.

I opened the account on a whim as I’ve got my wedding coming up and wanted a separate account to use to keep track of things. I have an existing fd bank account that I use for salary and bills etc. So I transferred £3500 from fd to my thinkmoney account to pay for some work in my garden for the wedding and no problem it went straight in to it without an issue.

Now comes the problem!

I tried to make a transfer to pay for the work using thinkmoney and the payment was stopped, account was locked so I can’t get access and the money left in the account seems to have vanished! I gave them a call and they was very unhelpful and asked me a million pointless questions, which I answered and told me I need to show them where the money initially came from. I asked them to tell me exactly what they wanted me to get them and got told it’s basically up to you what you send. So I went on to my fd app and took a screenshot of my salary going in and then me transferring the money to thinkmoney. Sent this to them via email, and called to confirm they received it which they did, then got told they couldn’t access my account and to call back. So I left it till the end of the day called again and basically got told nothing again they couldn’t even confirm my money was still in my account!

Can anyone help please?


  • jonesMUFCforeverjonesMUFCforever Forumite
    27.5K posts
    Part of the Furniture 10,000 Posts Name Dropper
    We can't no but Thinkmoney will ... eventually.
    What goes around - comes around
    give lots and you will always receive lots
  • boo_starboo_star Forumite
    3.2K posts
    Part of the Furniture 1,000 Posts
    Who would open a Thinkmoney account (subprime at best) when they had a First Direct account (a bit partial to who they take on .)

    The kids really need to try harder.
  • SnowTigerSnowTiger Forumite
    4.3K posts
    Tenth Anniversary 1,000 Posts Name Dropper Photogenic
    boo_star wrote: »
    Who would open a Thinkmoney account (subprime at best) when they had a First Direct account (a bit partial to who they take on .)

    The kids really need to try harder.

    I wondered that.

    A thinkmoney account costs £10 a month.

    £3,500 in an easy access savings account could earn £3 (or more) interest a month.

    Having been caught up in background checks twice after transferring money from one account to another, the only advice I have is to wait.

    It's never wise to make a financial decision on a whim:
    Is the thinkmoney account protected under FSCS?

    The money you hold in your thinkmoney Current Account is not protected under the Financial Services Compensation Scheme (FSCS). As thinkmoney is authorised and regulated by the FCA as an e-Money Institution, your money is protected and, unlike the FSCS, this protection is not limited to a certain amount. This means that your money is held separately and securely and, if something were to happen to thinkmoney, you would always receive it back.
  • Thanks for your reply’s to my post.

    Just a quick update. I’ve spoke to them today and it’s like taking to a brick wall! Still won’t tell me or do anything on the account, just told me to wait. But can’t even tell me a timescale on how long I’ve got to wait. It’s a complete joke!!!

    As for opening the account it wasn’t one of my smartest ideas, should of done a bit of research first and run a mile!!!
  • eDickyeDicky Forumite
    5.3K posts
    1,000 Posts Fifth Anniversary Name Dropper
    If your transactions have been flagged by their system for checks into possible fraud or money laundering they are not permitted by law to tell you anything while it's in process. This is true for any financial institution. So apart perhaps from making sure that your source of funds info has been received, there is nothing for you to do but wait...
    Evolution, not revolution
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