Bank Closure

cmimi123
cmimi123 Posts: 1 Newbie
in Credit cards
Hello,
Natwest bank have closed my bank account due to breached terms and conditions of 12.1, which is laundering money/fraud/illegal activity.
I know 100% i do not do that, and my income comes from my part time job. Natwest are now holding my funds for 28-60 days whilst investigating the funds, where theres a potential chance i do not get it back. I have been left with 0£, and when spoken to them on the phone, they simply said to me 'you will need to find another way of getting some help with money as we cant do anything'.
is this allowed? can they keep my funds with no actual reasoning nor evidence?
help!
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Comments

  • Nasqueron
    Nasqueron Posts: 8,785 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    While it does sound harsh, you can understand why they are doing it that way. If it was fraud then if they told you in advance you'd simply take the money away before they could get it.


    Open a basic bank account as you may well have markers on your file in the mean time so you can get paid (use ones recommended for bankrupts)
  • MEM62
    MEM62 Posts: 4,746 Forumite
    First Anniversary Name Dropper First Post
    Have you been receiving money on behalf of someone else and passing in on for a commission?
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
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    IMO There is no way they would have told you the ''genuine'' reason why the account was closed.
  • jimbo26
    jimbo26 Posts: 954 Forumite
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    Banks must report any suspected money laundering to the police, and will freeze accounts to stop laundered money being withdrawn. In fact there are severe penalties for banks that don';'t report suspicious activity.

    Have you been duped into a scam such as having money deposited into your account and then being asked to send it to someone in Nigeria.
  • onlyfoolsandparking
    onlyfoolsandparking Posts: 1,779 Forumite
    First Anniversary First Post Name Dropper
    Whilst it potentially puts you in a tough position financially, if as you say you have done no wrong then you've nothing to worry about, you will eventually (hopefully soon) be exonerated and may even get a goodwill gesture in the form of a payment/voucher etc from the bank.


    They have done no wrong in following their protocol to try and protect us all.
  • DCFC79
    DCFC79 Posts: 40,598 Forumite
    Name Dropper First Anniversary First Post
    Having a second bank account setup here would be useful, comsider it flr the future.
  • boo_star
    boo_star Posts: 3,202 Forumite
    First Post First Anniversary
    onlyfoolsandparking wrote: »
    Whilst it potentially puts you in a tough position financially, if as you say you have done no wrong then you've nothing to worry about, you will eventually (hopefully soon) be exonerated and may even get a goodwill gesture in the form of a payment/voucher etc from the bank.


    They have done no wrong in following their protocol to try and protect us all.

    I'd strongly disagree with this.

    There is plenty of (admittedly anecdotal) evidence that banks still close down the accounts of anyone who they suspect of ML.

    Presumably because their policy is "no smoke without fire" rather than "beyond reasonable doubt."
  • dealer_wins
    dealer_wins Posts: 7,334 Forumite
    cmimi123 wrote: »
    Hello,
    Natwest bank have closed my bank account due to breached terms and conditions of 12.1, which is laundering money/fraud/illegal activity.
    I know 100% i do not do that, and my income comes from my part time job. Natwest are now holding my funds for 28-60 days whilst investigating the funds, where theres a potential chance i do not get it back. I have been left with 0£, and when spoken to them on the phone, they simply said to me 'you will need to find another way of getting some help with money as we cant do anything'.
    is this allowed? can they keep my funds with no actual reasoning nor evidence?
    help!

    Quoted for a laugh lol
  • onlyfoolsandparking
    onlyfoolsandparking Posts: 1,779 Forumite
    First Anniversary First Post Name Dropper
    boo_star wrote: »
    I'd strongly disagree with this.

    There is plenty of (admittedly anecdotal) evidence that banks still close down the accounts of anyone who they suspect of ML.

    Presumably because their policy is "no smoke without fire" rather than "beyond reasonable doubt."


    Plenty of evidence? where?
  • boo_star
    boo_star Posts: 3,202 Forumite
    First Post First Anniversary
    onlyfoolsandparking wrote: »
    Plenty of evidence? where?

    I said it was anecdotal.

    It's been rife here. Do a search for Lloyds and HSBC. It's hardly uncommon.
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