To Reconcile and have closed my business account

[The unfortunate]

Hi guys I’ve read a few topics regarding people having money taken from their account. Decided to create a new topic to discuss my situation

 

I am a shareholder of a business who bank with Barclays. Today they received an email saying the account was to be closed which I’m not to fussed about.

 

however my personal bank accounts yesterday went into -500,000.07 with all the money I had go to to reconcile Glasgow advance.

 

rung them and was told they can’t tell me much.

 

what I was wondering is… prior to the closure I had a 1000 payment come in from PayPal and then instantly I paid that to my credit card? Could this be the reason they’ve stopped it or would they close my bank account because they’re are deciding to close the business account and because I’m linked?

 

if they are closing it when would I expect to hear something? Would it be worth calling the fraud department?thank you in advance

 

currently across all my account I’m overdrawn by 3 million so definitely very stressful!

[The unfortunate]

Rung them and requested to put a complaint In but was told that it wasn't possible...

 

 

[honeybee13]

Hello, welcome to CAG.

 

I'm not sure there's much to add to other threads we have here on Barclays freezing accounts. They won't tell you anything and the rules/law say they can't. Every case we've seen, people have had their accounts reopened or got the money back, but it takes time.

 

Probably no point complaining but some people seem to have had the time cut shorter by contacting the Barclays CEO. Details on any recent Barclays thread about an account being frozen.

 

Best, HB

[dx100uk]

Well the £3m is of course as you know fake, it's just the default reconcile figure £500,000 *6.

 

there is nothing you can do but await the typical 10-30 days it usually takes a human to investigate the money laundering flag their AI system has raised that has caused this  mess 

 

Are you saying you had all you eggs in one banking group??

 

If so that's a very poor way to operate your finances...

 

Dx

[The unfortunate]

No thankfully I have access to another account. So I’m not completely crippled but am extremely stressed and uneasy…. Have also got credit cards which I use mainly..

 

my main concern is how it would have been flagged? AI or someone?

[dx100uk]

Only by AI.

 

Youve just goto wait now.

 

Dx

[The unfortunate]

We’ll I’m hoping to keep you guys updated

[slick132]

Hi The Unfortnate,

 

Yes, please keep us updated !

 

Loads of folk fail to do this which really isn't helpful for CAG or our users.

 

 

[The unfortunate]

Do you think if the believe a fraudulent transaction has been made?

 

Do they send requests off for further information from them? I.e who the accounts belong too or do they make these decision internally?

 

The transaction which I believe could have caused suspicious came in directly from my personal PayPal account then instantly left for my virgin credit card.

 

Exactly the same amount… within a minute.. in hindsight probably not the most wise decision I’ve made!

[dx100uk]

we can speculate all we like.

there are no threads here whereby anyone that eventually got status returned ever knew why.

 

you've just gotto wait sadly 

[The unfortunate]

I have emailed both the Financial Times and the CEO of Barclays. Lets see whether we get somewhere... Probably not going to do anything but its worth a shot!

[The unfortunate]

So no progress yet however I have contacted the fraud team who said they will email the investigating team regarding the transaction I believe is the suspicious one. I’m the meantime I have had an email back from someone who responds on behalf of the the execs. They’ve said they’re looking into it

[honeybee13]

That's encouraging. I dealt with Barclays' executive complaints team and they were OK, they did keep in touch.

 

Bear in mind that they can't tell you what's going on because if money laundering is suspected they could be breaking the law if they pass anything on.

 

In time this will sort itself out but sadly there isn't usually much you can do to speed things up.

 

HB

[The unfortunate]

Thank you HB. I’m just hoping day 7 brings my account back alive

[honeybee13]

I hope so too but I don't think we ever said it would be a week. If you read other threads it's taken longer than that but everyone has had their money back.

 

HB

[The unfortunate]

I guess that’s really important. From what I’ve been reading is the bank refers it to the NCA who have 7-10 days to ask for an extension. Might be wrong

[The unfortunate]

Just an update - no news

[The unfortunate]

Day 15 update.

 

Emailed the CEOs a couple of times. 

then contact them via app chat

 

said to them there wasn’t anything could do and all they were doing was covering their backs.

 

after a 15 minute call where I said I understand what they have to do but don’t understand the reason they can’t give me any rough time scales..

 

30 minutes later my account open again and majority of my money is back. However 1 of the accounts doesn’t seem to  have had the money back. Spoke to them and they said the same as before that they can’t discuss anything.

 

odd thing is that account was showing -500,000.07. Now is zero but hasn’t had the money put back in…

 

absolutely shocked at the service and I’m not comfortable with moving money around!
 

feel free to ask any questions? Not happy with what they have made me do… but surely they should give you timescales instead of keeping you completely in the dark..  

 

 

[slick132]

Hi there,

 

It's simply NOT the bank's fault they can give you no information, updates or timescale - it's a requirement of the AML Regs.

 

When you have full access to check the a/c's, it should be easy to verify if you now have all your funds, as held before.

 

Let us know.

[The unfortunate]

Nah 1 of the account has money missing

[slick132]

How much are you missing roughly ?

[The unfortunate]

1 thousand pounds and despite there being no restriction they’re saying it’s been sent to the department to investigate… which a complete joke