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Senior Partner
Senior Partner, Solicitor
Category: Law
Satisfied Customers: 13329
Experience:  Solicitor with more than 30 years experience
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good evening! what can i do if a bank had frozen my business

Customer Question

good evening!
what can i do if a bank had frozen my business bank account, because when i had opened i told less turnover, and i luckily sold products and higher amount came, and they had frozen for checking more than 14 days now,( i provide already the invoices everything which they are required) so is it possible , and legal?
Submitted: 4 years ago.
Category: Law
Expert:  Senior Partner replied 4 years ago.
Hi can you explain a bit more. Are you selling product abroad or for cash? how long have you had the account. what did you tell them they expected the turnover to be and what sort of sums are you depositing?
Customer: replied 4 years ago.

hello, yes i sold products in the local UK markets, copper wires, value 80000pounds, and the byer had transfered the money by wire transfer to my business account, and after that the bank had frozen my account for further checking whis is now more than 14 days, how is it possible??

( they have told me the amount was high, that is the further checking, and i also submited the invoice where i bought the products, and where i have sold the products, )

what is the legal time range for checking?

and i am also losing my partner < where i had bought the products becasue i could not transfered the purchase price , because my account sill frozen...

from my side everything was clear the money came by wire transfer as per as the invoice, SO I CAN NOT UNDERSTAND..??

?? waitinfg for reply

Expert:  Senior Partner replied 4 years ago.
thanks. Am not entirely surprised that they froze your account if you paid in £80k without warning into a new account. he bank is under a number of regulatory obligations to monitor money laundering and related issues. So it is quite likely that it would have triggered checks. they will be entitled to do this under the terms of the bank mandate. However 2 weeks is excessive unless they have clearly stated what they need to release the funds. They cannot indefinitely block your account. You need to require them in writing to state why they are blocking your account and what they need to unblock it. You should also , in writing , tell them that the delay is damaging your business and is quite unreasonable.
you should lout them on notice that you will seek compensation if other do not release your funds immediately.
As a small business you have a right to complain to the financial ombudsman although that takes time.The ombudsman can compensate you.