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Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
Category: Finance
Satisfied Customers: 4526
Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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Will a red flag on my account stop banks from allowing their

Resolved Question:

Will a red flag on my account stop banks from allowing their customers to make transfers to that account?
Submitted: 3 years ago.
Category: Finance
Expert:  Rakhi Vasavada replied 3 years ago.
Dear Friend,

Hello and welcome. Thank you for providing an opprotunity to assist you.

Yes, this is definitely one of the reasons that the bank is not allowing the transfers. A bank account is typically red flagged if some suspicious activity is found by the bank that may result into possible scams, money laundering etc. If the account is found to have such transcations, of even if there is a mild possiblitity that some laundering is being done OR might be done in future, the bank red flags that account.

Also, in likely possiblity of identity theft, the account can be red flagged.Most people become aware of red flags when they find that their financial institution has restricted their ability to access their accounts. As a rule, banks freeze debit cards when they suspect fraud.

So, there is definitely a chance that due to this the money is not being allowed to wired to that account. I would advice you to obtain full current status of the destination account before attempting such transfers. The money can get stuck.

I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards,
Customer: replied 3 years ago.

Hi,


 


Thanks for responding. However, I am the owner of the account which is in the UK and my friend is trying to wire money to me. I called my bank here in the UK and they have told me that there is no restrictions on my account and that everything is fine.


 


The bank manager which spoke to my friend, said that my friend's money might be tied up for 6 months unless my friend could provide my personal details such as date of birth/address, etc.


 


Any idea what is going on?


 


THanks very much!

Customer: replied 3 years ago.
Relist: Other.
I need more information as I am the UK account holder and I have checked with my bank and they have said that there is no problems with receiving funds into my account.
Customer: replied 3 years ago.

Hi,




 




Thanks for responding. However, I am the owner of the account which is in the UK and my friend is trying to wire money to me. I called my bank here in the UK and they have told me that there is no restrictions on my account and that everything is fine.




 




The bank manager which spoke to my friend, said that my friend's money might be tied up for 6 months unless my friend could provide my personal details such as date of birth/address, etc.





Any idea what is going on?





Thanks very much!


Expert:  Rakhi Vasavada replied 3 years ago.
Dear XXXXX,

Hello and welcome. Thank you for your follow up reply.

I have very clear idea what is going on. There seems to be nothing wrong at my end. Whenever some money is transferred, they are always subject to continuing check by the regulators. Such scrutiny is done to check and prevent any illegal or money laundering activities.

In such cases, whenever a person transfers money, he is supposed to provide all his details asked for by the bank who is initiating the transfer. This means some personal information as well which is required by the bank. Unless your friend provides such information, the money would be subject to scrutiny and might get held up. Such scrutiny is to monitor the origin and end use of funds.

I do not understand your account is quite legitimate then why a genuine transfer of money should face any difficulty ? I also do not understand why your friend should have any difficulty disclosing his information ? This is required by law and no genuine person should have problems with it.

To sum up, your wire transfer is only having problems because of lack of proper disclosures by your friend on the other end.

I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards,
Customer: replied 3 years ago.

Hi,


 


So just want to make sure that I fully understand your answer. I will for sure give you a 5 star rating for helping me so much.


 


The bank manager asked my friend to provide MY personal information, such as my birth date and address, not her own birth date or address. Is that normal?


 


So, if my bank tells me that I don't have any issues with my account then it must be just a problem with my friend not having the required information to send the transfer?


 


Is this correct?


 


Thanks very much!


 


I appreciate your time!


 

Expert:  Rakhi Vasavada replied 3 years ago.
Dear XXXXX,

Yes, that is normal. The receipient details also are required. They will require your full name and full account details, etc. If they are asking for date of birth, there is no harm in providing as well. It is normal to ask for such details.


Further to this, you are correct to understand that if the manager says that nothing is wrong with your account, the only problems lies in necessary disclosure of information that the bank is asking for at your friend's end.

In my opinion and understanding, if you provide all information that the bank is asking for, the wiring of money should not have any problem at all.

I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards,
Rakhi Vasavada, Financial Advisor
Category: Finance
Satisfied Customers: 4526
Experience: Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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