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Vineet S
Vineet S,
Category: Law
Satisfied Customers: 3097
Experience:  Freelance Solicitor at Self Employed
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I need some advice My bank have restricted my saving account

Customer Question

HiI need some advice My bank have restricted my saving account and need some advice
Submitted: 18 days ago.
Category: Law
Customer: replied 18 days ago.
Can you confirm that you are uk based solicitors
Expert:  Vineet S replied 18 days ago.

Welcome to Just Answer, I am a solicitor in England and Wales and I will be dealing with your case today.

Kindly note, I am not available for phone calls at the moment, however I can easily assist you via this online chat.

If a phone call is not required then please ignore phone call request pop-up, they get generated automatically without any input from the expert, so I have no control over these requests.

I will go through your question and will get back to you with my answer shortly.

Customer: replied 18 days ago.
I don't understand I can text you?
Expert:  Vineet S replied 18 days ago.

Hi there,

Could you please confirm if any reasons given by your bank for imposing the restrictions on your account.

Customer: replied 18 days ago.
On i
Expert:  Vineet S replied 18 days ago.

Yes, I will be answering you via this chat.

Expert:  Vineet S replied 18 days ago.

Could you please confirm if any reasons given by your bank for imposing the restrictions on your account?

Customer: replied 18 days ago.
I have a savings account and I wanted to buy a car at a auction I didn't realise you have to give advance notice if its a huge amount I was on my 30 mins break and wanted to withdraw 26k all legal money, I have a few asian weddings renovations and of course the car so she started asking all these questions and I didn't really have enough time so I rushed off and then when got home I rang in after 3 hours spoke to someone for an hour got cut off and then rang in again to find my account for savings is under regulatory review and that they didn't feel that was a good enough reason for me to withdraw my cash also onto of that they have a welfare officer the police I think that need to question me , however due to covid I've been at my mums so I had to point out that they would need to get them to come there which they finally agreed to however said I can not withdraw cash of £5,000 which is the limit for the day I said OK I'll close and go elsewhere and once again they have refused to give me my money how can a bank hold my account at ransom they have restricted online access i need to dip in to saving for car service that is due etc so I need advice what to do I only bank with them clear trail I get paid I put cash into my savings etc they are the only bank I have it's the co op
Customer: replied 18 days ago.
Sorry for the lengthy message they won't tell me when they will allow access to my account
Expert:  Vineet S replied 18 days ago.

I will go through your question and will get back to you with my answer shortly.

Thank you.

Customer: replied 18 days ago.
Thanks would this be today please
Expert:  Vineet S replied 18 days ago.

Yes, I will be with you within next hour .

Thank you.

Customer: replied 18 days ago.
Oh I forgot to mention they said they didn't want me to get scammed I only have a cashminder account so if I did purchase via debit card there is no refund policy anyway I do it at my own risk does not make sense to me at all
Customer: replied 18 days ago.
Thanks
Expert:  Vineet S replied 18 days ago.

Hi there,

Banks are allowed to shut accounts without reason or explanation if there are fears the account is being used – knowingly or not – for financial crime or fraud, in compliance of stringent Anti- money Laundering regulations.

If there are suspicious transaction of large amounts /international transfers , then Bank can suspend the account pending their internal investigation.

However, Bank should not close an account because of unfair bias or unlawful discrimination and without giving reasonable notice to the customer.

As Banks are working in capacity of a bailor , entrusted with your money, they are duty bound to protect it from fraudulent transactions .

So, in your case, Bank has suspended your account owing to attempt by you to transfer a large amount of money from your account. Usually Bank calls the account holder to verify the transaction, before releasing the funds, however, if they were not able to speak with you over the phone, thus it raised the red flag for the bank and they have restricted your account while pending investigation.

You can make a formal written complaint to the Bank using their internal complaint procedure regarding the restrictions imposed by the Bank, which you think is uncalled for.

You can also ask your Bank for the terms and condition of your account and check whether the terms of the customer’s account to check what the terms say about the circumstances in which they can impose an restriction on the bank accounts .

If you are not happy with response of your Bank or they haven’t responded within the time allowed, then you can escalate your complaint to Financial ombudsman,

which can be done online using the below weblink-

https://www.financial-ombudsman.org.uk/contact-us/complain-online

Customer: replied 18 days ago.
No I went into the bank there was no transaction I just wanted to withdraw my legal tender to purchase what I need
Customer: replied 18 days ago.
Can you please look at the details of this it's nothing has you explained above
Expert:  Vineet S replied 18 days ago.

After your visit , the bank account got restricted?

Customer: replied 18 days ago.
No after I rang in to explain the full situation as I didn't have the time to explain over the phone and she had me on hold for ages and when I rang up the 2nd time while waiting I realised I could not access any of my accounts
Expert:  Vineet S replied 18 days ago.

So, you went to withdraw 26k , but you didn't have that much in your account and you rushed off from the Bank?

Customer: replied 18 days ago.
The saving one instill have access to my cashminder £600 or less to last me till the end of the month and I need to get my car serviced
Customer: replied 18 days ago.
No ihad 29k in my bank
Customer: replied 18 days ago.
I dint have time to answer the questions as I didn't want to be late logging back on fro work so I told her I will come back
Customer: replied 18 days ago.
Then after I spoke to a friend they said you can't just walk in and ask 26k I said why not it's my money they explained a bit of it but I don't get it surely using cash is not illegal majority of best deals you get in cash which is why I wanted but she said it wasn't justifiable
Expert:  Vineet S replied 18 days ago.

Write a formal complaint explaining what you were intending to do and why you were not able to speak to the Bank Official over the phone , mentioning the restriction imposed is uncalled for and you are ready to provide any assistance that your Bank need to restoring the account.

Customer: replied 18 days ago.
Very bizarre I feel I am being discriminated
Customer: replied 18 days ago.
Okay that's fine can they refuse to give me my cash it's in a normal is savings account
Expert:  Vineet S replied 18 days ago.

while they are investigating, they can suspend all activities on your account.

Customer: replied 18 days ago.
Is savings account has they said they wouldn't let me withdraw I got annoyed and told them well I want it shut down but they refused to do that and that over has a cash or cheque
Customer: replied 18 days ago.
that will leave me in Finacial distress how can banks do that I work for a professional company because I was naive and rushing I'm in a predicament like this is shocking
Expert:  Vineet S replied 18 days ago.

Make a written formal complaint now.

You can ask for compensation, once the account is restored for any inconveniences that you have to face due to the arbitrary action of the bank

Customer: replied 18 days ago.
Do they have a right to tell me the length of the investigation
Customer: replied 18 days ago.
Brilliant so My rights are it's legal money they can't stop me from accessing my money put a complaint in and wait for them to come to me
Expert:  Vineet S replied 18 days ago.

Yes, ask for their internal complaint procedure , and they should answer you within those set timelines.

Customer: replied 18 days ago.
I will do thank you so much for the advice at this rate I'll invest in a safe this is way too much headache
Customer: replied 18 days ago.
Thank you so much for all your help
Customer: replied 18 days ago.
That's all thank you
Expert:  Vineet S replied 18 days ago.

My pleasure.

Thank you for using Just Answers. Best wishes.