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Barclays Business Account withholding funds


boltzandnutz
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I do most of my self employed as a buyer for second hand cars and machineries and sends them to clients outside EU who also banks with Barclays.

 

I had a barclays current business account that I've been using for the last 8 years got closed a month ago for 1 year dormancy without my knowledge. So un-aware of this, I gave the client the account number that was closed and when the money came to UK I couldnt access it. When I explained this to my business manager he suggested that the money could simply be transferred into my Business saving account that I've never used.

 

So the other Barclays had to send amended SWIFT to Barclays UK with new instructions (the money should simply be paid into the Business Savings)

 

In the meantime Barclays apologised and offered to open a new business current account which I accepted under condition that once I get the funds then I shall deal with opening a new bank account.

 

So far its been 4 weeks back and fourth between making calls to the international payments, sending e-mails and of course being spoken to like a kid by my business manager and branch managers.

 

In the end (two days ago) i found out that they were all giving me the same standard answers as to why they money isnt into my account. Apparently Barclays is withholding this money as they are investigating the source ( the gentleman works for an International Organisation in that country and banks with barlcays) and he sent the money through Barclays. So the most I could think of is money laundering, but I've received more money into my business current account that they closed than what's been sent into the savings.

 

So far he says he is losing £2500 per day this issue delays as I cant buy him the equipment from here in the UK. He has presented the Invoice and additional information and also has confessed that Barclays at times withholds his own salary upto 2 months for no apparent reason.

 

As it is, I'm aware I can easily report this to Financial Ombudsman as I'm also losing money every single day this money is withheld by Barclays and my business reputation with customers is also on the line.

 

Can anyone advise me on legal or otherwise options, and how best I should handle this matter.

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Hi Boltz and welcome to CAG

 

We have seen many cases here on CAG where customers have seen amounts worryingly disappear from their a/c and the bank gives no explanation.

 

In almost every case, we hear the money is put back and is accessible after a short while.

 

The problem is always that, while the money is missing, the bank tells you nothing useful. We assume it's to do with money laundering checks. The source of the funds is probably a factor in whether the bank has to make certain checks to comply with ML Regulations.

 

Have you worked out yet exactly how much has been sent to the closed a/c, so you can then see how much is missing from the new a/c.

 

:wink:

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I should add that the bank is still obliged to treat you fairly under the BCOB's Regulations.

 

If they fail to tell you what's happened to YOUR money and they fail to make it available to you, you may have grounds to complain using BCOB's and take court action if you've suffered consequential losses.

 

See here - http://www.consumeractiongroup.co.uk/forum/announcement.php?f=76&a=220

 

:wink:

Edited by slick132
typo

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Hi Boltz and welcome to CAG

 

We have seen many cases here on CAG where customers have seen amounts worryingly disappear from their a/c and the bank gives no explanation.

 

In almost every case, we hear the money is put back and is accessible after a short while.

 

The problem is always that, while the money is missing, the bank tells you nothing useful. We assume it's to do with money laundering checks. The source of the funds is probably a factor in whether the bank has to make certain checks to comply with ML Regulations.

Have you worked out yet exactly how much has been sent to the closed a/c, so you can then see how much is missing from the new a/c.

 

 

I should add that the bank is still obliged to treat you fairly under the BCOB's Regulations.

 

If they fail to tell you what's happened to YOUR money and they fail to make it available to you, you may have grounds to complain using BCOB's and take court action f you've suffered consequential losses.

 

 

Thanks for your fast and swift response.

 

As it is, the money was coming from one Barclays Banks outside EU to my Barclays Business account UK.

 

The problem is Barclays hasnt put a single penny into the account. so its not a case of money being taken out by Barclays.

 

Barclays UK did their screening /investigations and were satisfied. And a note was placed on my keypad that they will release the fundsbefore end of business day last monday.

 

Mid week, I was told the reason why these funds were not there is because Barclays UK were doing more screening so I told my client to provide all the necessary info to his Bank and he was also intouch with the Managing Director of his bank and he gave them all the documents including invoices I sent him.

 

He got an e-mail confirmation from the Barclays chief stating that all the info has been provided, they dont have a problem with the individual who sent the money.

 

So why does Barclays UK still withholding the money? I'm thinking if they have a problem with me, they could have asked me but all they said is they were doing checks on the source of funds....I wish to point out the gentleman gets paid by an International Organisation which is headquatered in the US, which means all his salary comes from US to Barclays.

 

I understand that they need to do their checks on ML and everything else, but considering its been 4 weeks, BB chief from the otherside provided all the necessary info as per request and in addition all his salary goes through BB, surely this matter shouldnt take more than 1 week.

 

Now I cant buy the gentleman the machines, I cant give out other clients the BB account number even though it still open, every single day that goes by both of us are losing money simply because Barclays have been dishonest with me for the last 4 weeks.

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Hi Boltz,

 

Have you read the links to the BCOB's Regulations.

 

If the matter is causing you serious financial loss, put the bank on notice, in writing by RM Special Delivery to Barclays London HQ.

 

I'd tell them that you hold them responsible for the delays caused and the lack of assistance and information regarding their refusal to make your funds available to you in a reasonable and realistic time.

 

Their delays are causing you serious financial losses as well as loss of credibility, for which you hold them responsible.

 

Accordingly, unless they put matters right immediately, give you full access to all your funds and agree to pay you £xxx in compensation for the losses suffered, you will take court action using the BCOB Regulations and seek suitable redress.

 

But please don't threaten this unless you're prepared to take such court action if necessary.

 

Could you say what this is costing you in consequential losses daily or weekly.

 

We should be able to assist you in the required processes.

 

:-)

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Hi Boltz,

 

Have you read the links to the BCOB's Regulations.

 

If the matter is causing you serious financial loss, put the bank on notice, in writing by RM Special Delivery to Barclays London HQ.

 

I'd tell them that you hold them responsible for the delays caused and the lack of assistance and information regarding their refusal to make your funds available to you in a reasonable and realistic time.

 

Their delays are causing you serious financial losses as well as loss of credibility, for which you hold them responsible.

 

Accordingly, unless they put matters right immediately, give you full access to all your funds and agree to pay you £xxx in compensation for the losses suffered, you will take court action using the BCOB Regulations and seek suitable redress.

 

But please don't threaten this unless you're prepared to take such court action if necessary.

 

Could you say what this is costing you in consequential losses daily or weekly.

 

We should be able to assist you in the required processes.

 

 

Thanks for the reply.

 

The threat part....well, I've already logged a complaint to them over the phone and i told them that I will seek legal advise on the subject.

 

that said, I'm also thinking of sending them an official written complaint letter (wording might help considering they have an army of highly paid lawyers and wouldn't want to jeopardise my chances), Should I deliver it by hand at Canary Wharf or should I just send it by recorded delivery?

 

As far as BCOB is concerned, I've read it, but do you think by the way Barclays has been arrogant, will it make a difference even if I quote it?

 

Update, I just lost three construction machinery orders due to uncertainty with Barclays.

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Hi Boltz,

 

The complaint by phone is worthless and you need to keep everything in writing only. Otherwise the bank can deny what was said. Only talk to them if you're recording all calls.

 

I've already suggested what you need to say in blue above. It needs to be no more than that for now - no complicated or legal language.

 

Send it to Barclays HQ by RM Special Del'y or, if you are close, hand deliver it but get a signed receipt when you receive it. Address the letter to the CEO - find details by looking up Barclays on the web

 

Yes, they have lawyers but that does not stop you taking action against them. In fact, sometimes, the only time they take customers seriously is when they receive a court claim.

 

Re the loss of orders due to uncertainty with the bank, briefly mention this in the letter.

 

And keep anything that will help you prove this loss, whether it's emails, letters or recorded calls.

 

Did you call the FOS and tell them you have a financial crisis with the loss of a large amount and you require urgent help.

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Hi Boltz,

 

The complaint by phone is worthless and you need to keep everything in writing only. Otherwise the bank can deny what was said. Only talk to them if you're recording all calls.

 

I've already suggested what you need to say in blue above. It needs to be no more than that for now - no complicated or legal language.

 

Send it to Barclays HQ by RM Special Del'y or, if you are close, hand deliver it but get a signed receipt when you receive it. Address the letter to the CEO - find details by looking up Barclays on the web

 

Yes, they have lawyers but that does not stop you taking action against them. In fact, sometimes, the only time they take customers seriously is when they receive a court claim.

 

Re the loss of orders due to uncertainty with the bank, briefly mention this in the letter.

 

And keep anything that will help you prove this loss, whether it's emails, letters or recorded calls.

 

Did you call the FOS and tell them you have a financial crisis with the loss of a large amount and you require urgent help.

 

Update...

Just sent the official complaint e-mail and was about to go to RM so I could have recorded delivery

 

Then I called BB to check the balance just incase

 

Guess what?

 

The lady on the phone says the BBUK has returned the funds back to BB in that country

 

Not a word, call or even a letter of apology from BBUK

 

The gentleman has confirmed that BB in that country called him and to say he should get his money by tomorrow into his account.

 

Now, after 3 and half weeks, with no money, no business, no meaningful business account and certainly no compensation for the loss of income ...I'm left dry by BB

 

I wonder what are my options now since the funds have been returned.

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Proceed with the complaint anyway. Just amend it to reflect the updated details that you now have.

 

You still need answers to why the money has been returned and why it did not show as properly credited. You also need to tell them their actions have lost you £xxxx in lost business.

 

You can't conduct your business with any confidence Barclays UK or their overseas operation cannot quickly and effectively deal with international banking.

 

:-)

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Updates, they called me today offering me £100 for my troubles while I've lost a $500,000 contract!

 

I politely declined and told the gentleman that I know my rights under BCOB and they should wait to hear from my lawyers.

 

What amazed me is how they arrogantly disregarded their fellow CEO and now I'm getting the picture of how things work at Barclays. And in my opinion this isnt what the founders had in mind when they set up Barclays, infact the sober values of the Barclays, Bevans, Gurneys, Tukes, Trittons, Thomsons and other Quaker families that helped turn [barclays] into a great national institution over 300 or so years now seem remote. On a personal level this is not going to end well for Barclays as my client is also demanding to know what they had on him to treat him like a money launderer is not a terrorist.

 

Will keep you posted on the progress....

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Hi Boltz,

 

It's very sad that these institutions, which were respected and held in high esteem, now operate on a level which would make their founders turn in their graves.

 

Please keep us updated.

 

:-)

Edited by slick132

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UPDATES:

I just got 2 more phone calls from the International payments team apologising

They are reviewing the letter before its sent out explaining why they delayed.

I wish I could complain direct to Antony Jenkins on this matter and how Barclays mishandled this entire transaction.

Told the gentlemen who called that we should communicate through letters and not calls.

Perhaps what I will need to do is look into past similar court cases which Barclays was sued.

Edited by boltzandnutz
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Hi Boltz,

 

You will find very few court cases for guidance or precedent.

 

However, there's an interesting thread currently running here - http://www.consumeractiongroup.co.uk/forum/showthread.php?373594-Bounced-Cheque-Cause-for-Action-for-Damages

 

Barclays and other banks would rather settle claims quietly than have their dirty laundry aired in public.

 

If you have a reasonable case against them and you are realistic in what you want, they will be more likely to settle a claim before it gets to a hearing. Have you been through BCOB's properly yet, to ensure that you and/or your business qualify as relevant on a personal or a micro-enterprise basis.

 

There's no reason why you cannot address your complain to Anthony Jenkins' office at Barclays HQ.

 

:-)

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