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Bank closed my accounts and now have to wait for my money.

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Hi,

I have had my bank accounts closed and told I will have to wait for 30 days to get my money.

Ive had an account with a main bank and always used my mums address, this account is about 5 years old and with a small overdraft and no problems.I have been living with my GF for about two years so thought I could get an account at her address so I just did it with the other bank that is linked to my main bank but was told if I wanted to close my old account I would have to go into the branch to do so.

 

 

I carried on using both accounts and even set up fastpayment with my new account and sent over a small amount. A week later I transfered over a larger amount and it never arrived so I called up the bank and was put through to the fraud team. I explained what I had done and they said OK and put the payment through.

The next day I went to login online and it wouldnt let me so I called the bank and was put through to the account closure team, they said they could not give me any information and I would get a letter in the post.

Five days later a letter arrived at both addresses saying exactly the same thing that my account was closed and I was to go into the bank with I.D and withdraw my money.

 

 

Now between the two accounts I have about £10k so I called the bank and was told I could not have my money as they where making checks and I have to wait 30 days. I explained that I had received letters saying to withdraw my money and they just said they where doing checks and I could call back every week to see if there had been any updates.

 

 

Is there some sort of protacol for this, after 30 days will they just say sorry no decision made, my Contract mobile is fine and also my credit card etc.

 

 

From what I have read it seems they will be checking for fraud and money laundering but all the information inc D/L and passport are legal.

 

 

Cheers

 

 

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You had better read up about CIFAS. Once the bank decides that there may be some fraudulent activity, you lose all rights and all control of your money and the banks seem to have carte blanche to do whatever they want. I'm sure needs to come under some kind of control. It's completely unacceptable – especially the lack of information

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If there is suspicion of money laundering, the lack of information isn’t “completely unacceptable”, unless you get the law changed.

The anti-money laundering regs are responsible, and the bank staff are just avoiding the risk of prosecution.

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Did a monthly clearscore check and on 21st of this month the bank updated as normal, that was 14 days after account was closed.

I understand I will need to do a SAR with Cifas but will wait till the 30 days are up.

 

 

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