Problems with TSB accounts
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tryin
Posts: 351 Forumite
Hi everyone
I referred a few people to TSB. The first person I referred opened his account, then after a few days, before he did anything with the account, TSB froze it and told him he needs to come to branch with ID.
Another person I referred opened his account and started the switch. On the day it was supposed to complete, he got a text saying his account was frozen and switch cancelled.
Another 2 people I referred everything went smovely.
But the last one was the strangest. He also started switch, then put in £500. 2 days later he tried to send it back to the account it came from, but the payment was blocked. When he tried again, he was told the account was frozen and he needs to come to the branch with ID. They also told him the transaction was suspicious because he tried to send the money straight back to the account it came from, so he needs a signed letter from the bank it came from saying that it was a honest transaction.
Three questions: 1. Have you had these problems? 2. Have you sent money back to the account it came from? Why is that suspicious? If someone is money laundering there is no purpose in sendind it back to the account it came from... 3. Any idea what exactly this means, and how to go about getting such a letter?
Thanks!
I referred a few people to TSB. The first person I referred opened his account, then after a few days, before he did anything with the account, TSB froze it and told him he needs to come to branch with ID.
Another person I referred opened his account and started the switch. On the day it was supposed to complete, he got a text saying his account was frozen and switch cancelled.
Another 2 people I referred everything went smovely.
But the last one was the strangest. He also started switch, then put in £500. 2 days later he tried to send it back to the account it came from, but the payment was blocked. When he tried again, he was told the account was frozen and he needs to come to the branch with ID. They also told him the transaction was suspicious because he tried to send the money straight back to the account it came from, so he needs a signed letter from the bank it came from saying that it was a honest transaction.
Three questions: 1. Have you had these problems? 2. Have you sent money back to the account it came from? Why is that suspicious? If someone is money laundering there is no purpose in sendind it back to the account it came from... 3. Any idea what exactly this means, and how to go about getting such a letter?
Thanks!
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Comments
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2. Have you sent money back to the account it came from? Why is that suspicious? If someone is money laundering there is no purpose in sending it back to the account it came from... 3. Any idea what exactly this means, and how to go about getting such a letter?
In essence Dirty money transferred out to TSB. Clean money transferred back...
Money laundering does not require many accounts. Obviously the more accounts it goes through the harder to track.
All they can do is ask the bank that the money came from for proof of source of funds. Could be fun if it was just a spare account used to move money around.
Clearly if TSB are not sure of the ID of a customer it is going to cause problems such as above.
Better be careful it does not rub off on you...Life in the slow lane0 -
I had something similar happen when I first opened my TSB account - transferred funds in and then my account got frozen when I tried to move them out. I had to drop into branch with ID and their fraud team sorted it out - it was an account security thing rather than any sort of AML check though. Didn't get asked for proof of the source of the funds.
They might have issues if the money has jumped through a few different accounts before it got to TSB, but otherwise it should be simply enough to show the source of the funds were from wages/savings/etc I'd say. I also wouldn't worry about it rubbing off on you - how others conduct their accounts after opening them isn't going to have any bearing on you as the referrer.0 -
Did anyone else put money in and out of a TSB account without problems? I want to know for the future if this is a fluke, or if it happens often. And anyone have experience with other banks?
And do you think it would help putting the money in the account switching from, and taking out after switched to TSB? And what is the latest day in the switching process that I can put money in the old account?
Thanks!0 -
Yes of course someone did. For many, many years, with several TSB accounts. TSB have around 3.8 million current account customers. Some of us didn't even have any problems with incoming and outgoing payments when TSB had their catastrophic meltdownDid anyone else put money in and out of a TSB account without problems?
Errm, yes, of course people have experience with other banks. Including using switching offers, cashback offers and reward offers.And anyone have experience with other banks?
Money transferred in as part of the CASS switch is unlikely to count towards any monthly deposit requirement.And do you think it would help putting the money in the account switching from, and taking out after switched to TSB?0 -
Yes of course someone did. For many, many years, with several TSB accounts. TSB have around 3.8 million current account customers. Some of us didn't even have any problems with incoming and outgoing payments when TSB had their catastrophic meltdown
Errm, yes, of course people have experience with other banks. Including using switching offers, cashback offers and reward offers.
I was talking about if you put money in then transfer it straight back to the account it came from. TSB said that was suspicious. I wanted to know if other people did the same thing without problems and this time was just a fluke, or if this is a common thing.Money transferred in as part of the CASS switch is unlikely to count towards any monthly deposit requirement.
I was talking about the requirement for the switch offer. Customer service told me that this does fulfil the requirement, although the terms and conditions are vague about this.
The folks here seem to be sure it won't satisfy requirement. Not sure why.0 -
I was talking about if you put money in then transfer it straight back to the account it came from. TSB said that was suspicious. I wanted to know if other people did the same thing without problems and this time was just a fluke, or if this is a common thing.
Can't see the point in opening a account then simply transfer money in and straight out again. Especially one that pays interest.
Is so suspicious.
But the issue I can see if the people your referred. Was clearly they had not been fully verified by the systems.
So might not be on elector role, not given full address details if moved recently. As such they have to wonder if it is just someone setting up a account to get the referral when its not a real person.
Which is why they need them to bring ID to branch.Life in the slow lane0 -
born_again wrote: »Can't see the point in opening a account then simply transfer money in and straight out again. Especially one that pays interest.
Is so suspicious.
The point is very obvious - to qualify for the switching offer.
My main question was what is other people's experience with putting money in then sending it straight back. Does this make problems often, or only rarely?0 -
My main question was what is other people's experience with putting money in then sending it straight back. Does this make problems often, or only rarely?
As I said. Will depend on if they have been fully verified by the system or require some manual verification of their ID.
Just think about it. Money in & out straight away. Customer not fully ID verified. What do you think is going to happen?Life in the slow lane0 -
I’ve a TSB account which has never been verified at all, as far as I’m aware. I had a Bank of Scotland credit card and called them to ask if they had any balance transfer offers. They told me I could have one if I opened a current account. I agreed, was sent details of a sort code and account number with some forms to sign. By this time I was fed up of the whole thing and ignored it.
Fast forward a bit, possibly about two years, and they recreated TSB. I received a letter saying your account is now with TSB. I was then sent a debit card and pin and started using it. After a few switches elsewhere it is now my longest standing bank account, but I’ve never gone through a formal application process, either online or in paper.0 -
Did anyone else put money in and out of a TSB account without problems? I want to know for the future if this is a fluke, or if it happens often. And anyone have experience with other banks?
And do you think it would help putting the money in the account switching from, and taking out after switched to TSB? And what is the latest day in the switching process that I can put money in the old account?
Thanks!
Yes I do it every month, account is a year old; opened with £100, transferred £1400 to get max interest; every month I transfer in £760, then transfer £500 back out same day usually within minutes of it hitting account. The left over £260 covers a £10 DD I setup to another account and £250 to regular saver. I’ve always transferred back out within minutes usually to the account it came from, odd occasion I may have transferred to a different account. It’s never been an issue for me; it’s not my main account other those transactions detailed above I don’t do much with it, i.e debit card spends.0
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