Barclays account frozen

[Dubs31]

About three weeks ago i opened an account at barclays with my NEW business Manager as it is a brand new business account (business has been trading for 5 year)

 

After meeting with business manager and opening a business account we proceeded to trade as normal at my business. On the 29th of May i paid in some cheques from my clients, which was about 100K, i informed barclays about this even before i put the cheques in and i also told barclays what the funds would be for, Business manager told me that it was ok to put them ALL in as i had informed barclays before i even did so.

 

On wednesday the 4th of June i went into the branch to see manager again about our online banking facilities and to add our staffs sort codes and account numbers to the account so that we could pay their wages. When i arrived there to do this i found that the account was at a minus and that the funds had been frozen. To my disbelief i asked Bank manager what was going on and she told me that barclays where doing checks on these payments.

 

It is now Thursday the 12 of June.

I have been unable to pay my staff from last month, i have been unable to pay my rent, I have been unable to pay my bills. Not only this but i have been unable to pay my tax bill to HMRC.I have also not been able to pay my business rates at the office, i have been unable to pay telephone bills at the office, I have no staff in my office, my business which i have built over 5 years is at a complete stand still.

 

Every time i call them they tell me its opertional Difficulties! Ive raise complaints to head office...

 

this is terrible. and you wouldnt believe how i am feeling....How long do we have to wait for these checks? Do they not realize that this is affecting all of my staffs lives and mine!!!!!!

please dont tell me to go legal, fighting a bank legally is a long process, i just need my business back!!!

[Dubs31]

P.s I know about AML checks.

I know about SARS

I know about banks algarhythms to to flag SA.

 

I just need to know time frames.

 

Money has been moved to Conventry Ops by the bank and the clients funds have cleared, as we have spoken to them.

 

dont Barclays realize that this is affecting over 20 peoples lives?

I have been trading 5 years, im not going to put £50 into the bank, we are a established company!!! God they make me furious!!!!!!

[BankFodder]

I think that you need to read up on CIFAS

 

When a bank invokes CIFAS, they basically seem to be able to do whatever they want and they are untouchable. You are lucky to have had any kind of response from them at all.

There is no doubt that they are acting unfairly.

In the normal course of things, threatening to leave them would have no effect. They would simply shrug their shoulders.

However, with this kind of money - £100k, I would suggest that you go to see the manager on Monday and tell him that you are closing the account and that as soon as the money has cleared their checks, that they should transfer it to XXXX give the detaiols of another bank.

 

I can imagine that this would at least have the effect of forcing them to hold a proper dialogue with you.

 

I think that you acted very responsibly by warning them of the money coming in and getting the approval of the manager.

Your one mistake will be that you did this verbally, you didn't record the conversation and that you have no record of what was said - Yes?

[Dubs31]

I informed them the money was coming in. of course i did. Everything from how much money was coming in to what the money was for. They dont tell you its AML checks as it is legally for them to do that. If they tell you they are "tipping off" - and if i was being naughty then i could do a runner. So basically i am stuck between a rock and a hard place right now. My staff havent worked or been paid since 2 weeks. I cant pay ANYTHING!!

 

I know that there is a 7 day wait for NCA, but after that i assume that banks do their own checks.

 

When the account was first frozen the account went to £400,000.6p OD. Then shot to £100,000,000.12P. and now back down to £500,000.10p. I think that this is an internal way of working (conspiracy) inside their offices.

 

I know that there are lots of situations like this on this forum. But this is an absolute joke. My business has STOPPED. this is the first time in 5 years this has ever happened. My life has stopped.

 

Whos gonna take on a bank legally? no one.

whos got the money to take on a bank? not many

 

I gotta say - the way that these people operate these "operational difficulties" AML checks seriously need to Realize that they affect peoples lives in a massive massive way...

 

Imagine i lose my business..... jesus!!

 

I guess i just have to wait... BUT HOW LONG?? My staff will have to look elsewhere and then i DONT have a business.

 

BARCLAYS WHAT ARE YOU DOING!!!!!!! SORT IT OUT!!!!!

[Dubs31]

I also know my clients funds have cleared as we have spoken to them (not alerted them because thats bad business practise) the funds have been moved to coventry OPS. where the checks are taking place. oh sorry i forgot its "operational difficulties"..... whatever!!!

 

Barclays bank need to sort there "operational difficulties" ALOT quicker! they are runing peoples lives NOT helping them grow!!!

 

Wish i had NEVER opened the account now!!!!

 

What ever happened to UNDERSTANDING SOMEONES BUSINESS BARCLAYS? instead of making things so so difficult for someone.....!!!!!!

[Dubs31]

email from barclays today 15 days after our clients funds have been frozen

 

Please accept my apologies for the delay in replying as I have been involved in another matter and away from my desk.

 

I have read your email I am sorry that the operational difficulty remains on-going. We are looking to resolve the matter as soon as we can and as I have explained previously I will be in contact with you as soon as I have an update.

 

Yours sincerely

 

 

 

HOW LONG UNTIL YOU UPDATE ME BARCLAYS?? WILL YOU DO IT WHEN MY BUSINESS HAS FALLEN OVER and ALL MY STAFF HAVE LEFT????????

[slick132]

Hi Dubs and welcome to CAG

 

Our forums are littered with similar stories and it's beyond belief that the banks (or the sytems above them) can jeopardise people's businesses in this way.

 

The money usually comes back to your a/c without explanation from anyone but the timescale varies from case to case.

 

Have you tried an urgent complaint to your MP, to see if (s)he can chase the matter on your behalf.

 

[Dubs31]

yes it is completely unbelieveable. Funny enough a friend of mine just wrote to local MP about his passport and GOT IT back by courier. That is an option i know yes.

 

So can anyone tell me? its been about 12 (business days) since being frozen. But seems a life time when you can live normally, pay bills or worry about all your staff leaving to look for other jobs!!

 

Bob Diamond. sort your monkeys out!!!

[Dubs31]

cant live normally what i meant to say!!

[Dubs31]

So Barclays now put account back to normal. No minus money. Its back to zero. Would expect money back by Monday... Keep ya posted... 14 days of HELL!!

[slick132]

Hi Dubs,

 

Is there a reason you expect money back on Monday, or are you just being optimistic.

 

[Klandestine]

Hi Dubs31

 

You seem to be more clued up than some of the other posters on your thread.

 

Just remember that the bank is only doing what is legally required of them. I know the situation must be frustrating to say the least but there is little point in being angry at Barclays.

 

Barclays will have done their checks already. They will then have reported the transaction(s) to the NCA.

When a transaction gets reported to the NCA then legally it cannot proceed. That's why the money gets transferred to Coventry Ops.

The transaction can only proceed when the NCA gives their consent or if their time limits for investigation expire.

The NCA has 7 working days to reach an initial decision where they will either give their consent for the transaction to proceed or state that they need more time.

If they need more time then they have up to 31 calendar days (which includes weekends, bank holidays etc.) to take further action.

 

I think that you need to read up on CIFAS

 

When a bank invokes CIFAS, they basically seem to be able to do whatever they want and they are untouchable.

 

I don't want to be rude but I think you need to read up on CIFAS.

You are definitely mistaken about what CIFAS does. I'm sorry to put it so bluntly but it is unfair to other forum users for you to keep spreading this incorrect information.

[cantbelieveit]

well found this site as on Monday 3rd my personal account card got declined and low and behold i find that Barclays have frozen my account on Oct 31st No reason - no acknowledgement.

 

Ring telephone banking they say cant help go to branch

 

Go to branch get two staff members who are like and what do you want us to do about it. it is a T2 matter. after long discussion we track it down to one payment from my own company of £3.5k into my account on the 1st November.. over two days give them all the proof that they need originals from banks, etc etc then ring 1 week later i ring telephone banking and voom my account closed no funds in it and told to go to branch to get cash released.

 

Get to branch only to be told covetry have your money and you need to provide proof of funds into the account for three items - my wifes wages from the local council, my wages and my dividend payment totalling around 4.5k

 

the branch did help here and they had all the information on file but so frustrated as there is no reason or explanation i intend to request infromation held on file for me and the wife as it was a joint account via data protection but will this tell us why this has happened.

 

done credit checks on both of us no our credit rating is 920 / 1000 no CIFAS issues no debtors dont know why this has happened to us and worried that this may happen with we open a joint account else where as the account had only been opened three months any advise how i can find out why this has happened so i can identify if there is a problem.

 

PS not once have the bank written to me although when i went in this wednesday they printed a copy of a letter of there file dated the 10th November closing the account on the 10th of November but not saying anything else.

 

i am discussed at how the banks operate and the lack of communication and understanding

[slick132]

Hi CBI and welcome to CAG

 

Thanks for the further insight into how the bank has treated you.

 

If you don't already have another account ready to use, set this up urgently.