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Ep - 53 Stop Your Bank Account Being Frozen
Manage episode 373251821 series 3426902
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Having your bank account frozen or closed can be very costly in financial terms, and damage your reputation and credit profile into the bargain.
While Nigel Farage was able to get full attention when Coutts Bank told him it wanted to close his account, most customers are on their own, and may not even to be able to get through to someone at their bank who can help them.
Banking legislation is intended to stop fraudsters and money launderers to use the banking systems, hundreds of thousands of bank customers fall foul of the algorithms used by banks to identify wrongdoing.
We are largely creatures of habit so any unusual payment, in or out of our accounts, may alert banks, but they do not ask customers about the unusual transactions.
Banks are supposed to give customers 30 days' notice of a planned closure, but they very rarely do.
Often the first hint customers get that their bank account is not working is when a direct debit is not paid or a cash machine refuses to give you cash.
This is the time for customers to check their accounts to see if anything has changed or if big sums have been banked and to tell the bank what the "suspicious" transaction really is. It may be a maturing investment, an inheritance, the proceeds of a property sale, or gifts from a relative or friend to help out during the cost-of-living crisis.
People taking on second jobs to pay their bills may also be suspected of wrong doing.
The more evidence you can provide the sooner the account should be freed up.
With luck the publicity about Mr Farage should help the thousands of other customers who find themselves locked out of their accounts every week.
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