Barclays Business Account withholding funds

[slick132]

Hi Boltz and welcome to CAG

 

We have seen many cases here on CAG where customers have seen amounts worryingly disappear from their a/c and the bank gives no explanation.

 

In almost every case, we hear the money is put back and is accessible after a short while.

 

The problem is always that, while the money is missing, the bank tells you nothing useful. We assume it's to do with money laundering checks. The source of the funds is probably a factor in whether the bank has to make certain checks to comply with ML Regulations.

 

Have you worked out yet exactly how much has been sent to the closed a/c, so you can then see how much is missing from the new a/c.

 

[slick132]

I should add that the bank is still obliged to treat you fairly under the BCOB's Regulations.

 

If they fail to tell you what's happened to YOUR money and they fail to make it available to you, you may have grounds to complain using BCOB's and take court action if you've suffered consequential losses.

 

See here - http://www.consumeractiongroup.co.uk/forum/announcement.php?f=76&a=220

 

Edited February 18, 2013 by slick132
typo

[slick132]

Hi Boltz,

 

Have you read the links to the BCOB's Regulations.

 

If the matter is causing you serious financial loss, put the bank on notice, in writing by RM Special Delivery to Barclays London HQ.

 

I'd tell them that you hold them responsible for the delays caused and the lack of assistance and information regarding their refusal to make your funds available to you in a reasonable and realistic time.

 

Their delays are causing you serious financial losses as well as loss of credibility, for which you hold them responsible.

 

Accordingly, unless they put matters right immediately, give you full access to all your funds and agree to pay you £xxx in compensation for the losses suffered, you will take court action using the BCOB Regulations and seek suitable redress.

 

But please don't threaten this unless you're prepared to take such court action if necessary.

 

Could you say what this is costing you in consequential losses daily or weekly.

 

We should be able to assist you in the required processes.

 

[slick132]

Hi Boltz,

 

The complaint by phone is worthless and you need to keep everything in writing only. Otherwise the bank can deny what was said. Only talk to them if you're recording all calls.

 

I've already suggested what you need to say in blue above. It needs to be no more than that for now - no complicated or legal language.

 

Send it to Barclays HQ by RM Special Del'y or, if you are close, hand deliver it but get a signed receipt when you receive it. Address the letter to the CEO - find details by looking up Barclays on the web

 

Yes, they have lawyers but that does not stop you taking action against them. In fact, sometimes, the only time they take customers seriously is when they receive a court claim.

 

Re the loss of orders due to uncertainty with the bank, briefly mention this in the letter.

 

And keep anything that will help you prove this loss, whether it's emails, letters or recorded calls.

 

Did you call the FOS and tell them you have a financial crisis with the loss of a large amount and you require urgent help.

[slick132]

Proceed with the complaint anyway. Just amend it to reflect the updated details that you now have.

 

You still need answers to why the money has been returned and why it did not show as properly credited. You also need to tell them their actions have lost you £xxxx in lost business.

 

You can't conduct your business with any confidence Barclays UK or their overseas operation cannot quickly and effectively deal with international banking.

 

[slick132]

Hi Boltz,

 

It's very sad that these institutions, which were respected and held in high esteem, now operate on a level which would make their founders turn in their graves.

 

Please keep us updated.

 

Edited February 21, 2013 by slick132

[slick132]

Hi Boltz,

 

You will find very few court cases for guidance or precedent.

 

However, there's an interesting thread currently running here - http://www.consumeractiongroup.co.uk/forum/showthread.php?373594-Bounced-Cheque-Cause-for-Action-for-Damages

 

Barclays and other banks would rather settle claims quietly than have their dirty laundry aired in public.

 

If you have a reasonable case against them and you are realistic in what you want, they will be more likely to settle a claim before it gets to a hearing. Have you been through BCOB's properly yet, to ensure that you and/or your business qualify as relevant on a personal or a micro-enterprise basis.

 

There's no reason why you cannot address your complain to Anthony Jenkins' office at Barclays HQ.