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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 4140
Experience:  Solicitors 2 years plus PQE
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The brief details are: I am an existing customer of NatWest

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The brief details are: I am an existing customer of NatWest with a a sole and a joint - with my Wife - current accounts And 4 limited company business accounts with approximately £200,000 in them, most of this sum in the business accounts. All 4 Companies have BBLS of roughly £45,000 each.My Son in Law to be, has 2 companIes that had a bank that did not offer BBLS but couldn’t seem to progress account opening with NatWest and was desperate, due to Covid, for operating funds.He asked if I would assist by becoming a director and shareholder of his companies then my having an existing business relationship With NatWest could open new company accounts virtually immediately.I was successful with the first company and it was duly successful in receiving the BBLS. The second company bank account was then opened and BBLS application successful. However the funds didn’t arrive and the loan account disappeared from the account leaving only the current account. I rang the bank Friday before last and was informed there was no problem other than they were inundated and the funds would be in the account by the following Monday or Tuesday. On Monday a letter was received from NatWest via email stating the application was unsuccessful. Given the loan Agreement had been signed by me and the bank and I have a copy. No funds arrived. In the interim, some £14,000 had been credited to this account. On Tuesday I again phoned and was asked To email a copy of the letter, which I did. I received a response stating a letter had been sent detailing the way forward and to follow the instructions therein.No letter arrived. Last Wednesday, I tried to pay for parking and my card declined and I went online to see what the problem was and found that every single account - except the loan accounts- had been removed.The next day I found my Son in law had also had his personal account frozen.Since then I have telephoned and my SinL twice today with no answer.Whilst in hindsight, what we did was stupid, there was no criminal intent as the loans will be repaid when payments are due. I believe they have issued a SAR and we would like to put our case to the relevant department before this gets out of hand.

Thank you for your question and welcome. My name is ***** ***** I will assist you. There are only a few likely explanations for this:

- Internal bank or admin error;

- The bank is conducting Anti Money Laundering checks.

Whilst this is ongoing you should keep a record of your losses- as you may be able to reclaim these from the bank.

When you mention SAR - who submitted this request? What correspondence has your son in law had with the bank?

Kind regards AJ

Customer: replied 13 days ago.
Hi AJ. We have had no correspondence so I suspect a Suspicious Activity Report as I just found out my son in law, after reading posts on Facebook about people who had applied for BBLS had had the accounts frozen and the closed, transferred the whole £50k to another bank. We need to send letters to the relevant departments to explain or to initially complain. All my business and personal monies are unavailable to me and I’m not going to be able to keep them going without the funds.

Thank you. In order to force the issue the process of obtaining an injunction for example would be expensive. The only real options are to keep a record of your losses and follow complaint procedure. The FoS would be the next step https://www.financial-ombudsman.org.uk/

I think there many of these types of issues - and the court system will be slow to deal with because of the floodgates of claims that could arrive. What type of supporting documents have they requested? Kind regards AJ

Customer: replied 13 days ago.
They have not been in touch at all.
Customer: replied 13 days ago.
Hi - would you draft a complaint letter that can come from each of us, separately or whatever you suggest?
Customer: replied 13 days ago.
Obviously we will pay for the draft letter(s) as an extra!
Customer: replied 13 days ago.
Hi AJ - have you closed my case?

Thank you. My apologies I online through out the day. I can prepare an outline of a complaint with the salient - it will have to be something you send. Do you have any evidence to show your daily losses. I will work on it and send you an outline for the letter tonight. Kind regards AJ

Customer: replied 12 days ago.
Thank you! We will assess the daily losses.
Customer: replied 12 days ago.
Hi Alex, we cannot trade across the 4 companies so our lost trade is running at £3,030 per day. We cannot pay our bills and my Wife and I cannot access our 2 personal accounts, causing extreme stress. Thanks
Customer: replied 12 days ago.
Obviously, these businesses won’t survive very long given we needed the BBL’s....

Hello my apologies my internet was down last night. I will post my outline shortly. Thanks AJ

Customer: replied 11 days ago.
Alex - don’t want to push......

Hi, Thank you. Here is my outline for a letter - any claim would need to be fully particularised, but this would be a good start to register a complaint:

Dear Sir/Madam,

I refer to my company [NAME] Ltd (Company). On the [DATE] the Company applied for loans under the Bounce Back Loan government scheme (Application No. INSERT). These Applications were accepted on [DATE] (confirmation attached). Since this date the following accounts have been frozen without explanation [ACCOUNT NOS] -and no funds have been received.

I have not been provided any reasonable explanation as to why the accounts have been frozen and the loans have not been paid - and therefore reasonably declare that this is an administrative error on the part of the bank.

I hereby put you on notice that this is a breach of the mandate owed by the Bank to the Company - or at worse an act of negligence- accordingly the Bank is liable to the Company for:

- Reasonably and properly incurred legal costs;

- [INSERT SCHEDULE OF LOSSES]:

These cost are increasing at a daily rate of [XXXX] and are causing irreparable harm to the Company business and reputation.

Please register this as a formal complaint and take the following action within 2 business days [INSERT DATE].

1. Unfreeze the accounts;

2. Release funds for all accepted Loan Applications referred to above;

3. Pay the Company the losses detailed in this letter.

If I do not receive a response by within 2 working days - I reserve the right to take any action available to me including complaining to the Financial Ombudsman and making a court claim. I will also hold the bank for costs associated with fully particularizing my claim.

Yours faithfully,

.....

Customer: replied 11 days ago.
55357;� thanks Alex, what do we owe you?

Thanks. If you could leave positive feedback - I would be most grateful. If you have any follow up questions let me know? Kind regards AJ

Alex J. and 6 other Law Specialists are ready to help you
Customer: replied 4 days ago.
Hi Alex - NatWest have closed my 2 personal accounts and 4 limited company business accounts. The personal ones have funds release forms to complete. The business account with no BBLS loan also has a funds release form but the 3 with BBL loans haven’t and one has a credit balance of over £170,000. There is a Facebook page “NatWest closed my bank accounts” on which people say they have issued County Court claims and Statutory demands. I am trying to open accounts with other banks but how to I force them to hand over the money? I need to pay you for this! Cary

Thank you. Have they responded to your complaint? Is having the funds returned and accounts - helped mitigate your losses? Kind regards AJ

Customer: replied 3 days ago.
Only by closing the account it doesn’t state how or when I’m going to receive them.

Thank you. Is there a second page to the letter? Kind regards AJ

Customer: replied 3 days ago.
No, only the reverse of the first
Customer: replied 3 days ago.
Hi Alex - I have my MP on the case now, thanks