Has this happened to anyone else with Barclays? Gareth Davies, a self-employed TV producer from London, had 92,000 in a business bank account that he now cannot access. I put a $600 payment in, and was going to do $300 more in a few days, or even pay if off completely. You can do that by cutting back on your spending and possibly speaking with your bank about a schedule to pay back the fees so you can still afford groceries and to pay your rent during the week. Funds are more likely to be amended quickly if the account holder is in good standing. Hi, so Barclays decided to close my account, no reason disclosed. My vehicle lease ended and they saw ONE inquiry for my next vehicle with the same company and my Barclay's went Bye-Bye. This allows customers to fix the oversight if not replenish the balance within 24 hours. First, please book an appointment either by calling us on the number in the final reminder letter we sent, or by visiting a UK branch. I Have received money from my brother (which he scammed from someone online via paypal), which I didn't have knowledge about, and have withdrew them for my own use as my brother owed me that money. Sometimes, its merely an issue of numbers entered incorrectly or out of sequence, but its possible that fraud occurred. 0000020049 00000 n 'In cases we do not receive a response with up to date account information, we are required to proceed with closing the account, so it is very important that account holders respond to these requests from their bank.'. Get in touch editor@thisismoney.co.uk. Banks are obliged to report any activity they deem suspicious to the National Crime Agency (NCA) which has up to 31 days to investigate. Please. If money in an abandoned account goes unclaimed by the account holder, the cash may be turned over to a states unclaimed property program. 1 Best answer. For visitors with visual disabilities, access to this website, including our FICO Data Privacy Policy, is available through assistive technologies, such as BrowseAloud, JAWS, VoiceOver, Narrator, ChromeVox, and Window-Eyes. They confirmed the account had been closed at the end of June but were unable to say if the money in the account had been transferred or not, and I should wait and see. Adjust amounts when making initial direct deposits. Their sole job is to monitor your credit report AFTER they've given you a Brand Spakin' New credit card. The FOS recommended the bank pay them 4,750 and to provide the business with a letter explaining that payments had not been made because of the bank's mistake. 'We write out to customers asking them to supply us with some important information relating to their Barclays Business account. ", Consumer Financial Protection Bureau. Ben Roberts, 38, a self-employed roofer from Gosport, did click the link in a message he was sent through his Barclays app in November. The link took him to a form that he filled out and submitted. Once that happens, the bank might close your account. Copyright 2001-document.write(new Date().getFullYear()) Fair Isaac Corporation. H\n0y In some cases, your account may have been closed due to a mistake or misunderstanding, which can be resolved. Because I didnt reply to an email back in September they thought they had the right to delete my account and all the money thats in it, said Davies, who is in his forties. "My Bank Or Credit Union Closed My Checking Account. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. He has since spent hours in his local branch and on the phone to Barclays trying to get his money back. For one Barclays customer living in Greece, the bank closed his account and his money disappeared with it. I have only used it once about 2 weeks ago for dinner and paid it when it posted. As soon as you receive notice that your bank has closed your account, you need to take immediate action in order to be able to continue to pay your bills and manage your money. Theyre taking possession of money that doesnt belong to them, so unless they have a legitimate reason for suspecting fraudulent activity they should not freeze an account.. The trouble is, many blameless customers are caught out simply because of their connection to a particular country or an unusually large transaction raises unfounded suspicion. Please, The subscription details associated with this account need to be updated. Luckily, as well as his account for Gareth Davies Productions, he has another account for his TV presenting training business, The Presenter Studio, which he can use in the meantime. How do I find my sort code and account number? I have visited Santander to get a statement but they have had to order one and have sent off a mini-statement to see if this will do anything but I doubts it. "I've had to pump 4,500 of my own money in just to get through this week to . Bank transfer is the fastest and safest way for us to send your money. Account agreement violations could include inactivity for a prolonged period of time, repeated overdrafts or illegal activity. 0000000016 00000 n 0000006219 00000 n I have had a Barclays Bank account for nearly 40 years and retained it when I moved to Greece. Please make sure you provide all of the required documentation with your completed claim form. I don't believe there are any credit monitoring services that provides soft INQs. 0000013259 00000 n If you need help email your.problems@observer.co.uk. We appreciate this has been an extremely difficult time for the customer and were sorry for any inconvenience that may have been caused.. Finding out when money thats been deposited will actually. Once I made my $600 payment towards the balance and it cleared, they closed my account. Youll need to have all of your documents certified by a member of our staff or by a Notary Public (qualified solicitor, any type of certified accountant), Embassy Consular or High Commission official. But these rules are not new and its absolutely appalling if businesses are being penalised, said the consumer rights campaigner Martyn James. Does not appear that they did from looking at my full TU report dated on 12/12. 0000006854 00000 n She teaches writing as an online instructor with Brigham Young University-Idaho, and is also a teacher for public school students in Cary, North Carolina. You only need to complete one form, even if youre claiming balances from multiple accounts. Hauling hit the nail on the head!!! 2023 Forbes Media LLC. The date on the letterhead is October 20, meaning it was guaranteed to reach me after I lost all access to my account. If we need to send a cheque, when you get it will depend on your local postal service. Please note if you didnt receive the final reminder letter because youve changed your address, you can still submit your claim without a unique reference number. Many banks have standards to follow in the event of misdirected money, but every institution is different. Please send certified copies of the documents listed above and your completed form to, Barclays That could make it difficult for you to open a new account. ", Consumer Financial Protection Bureau. What do I actually do here? Shortly after telling me this, Barclays decided to close my account immediately and froze all of my savings, including an additional 4957 in the Barclays account. June 3, 2019 10:29 AM. Small businesses are suffering cashflow crises after being locked out of their bank accounts for failing to comply with the latest anti-money laundering red tape. NjH5?,&{Fc#6eH @LAP,#gq@Y@; e`4`@ da{ u;a,fHr`md:|VpFps3l9! Seems crazy they would close you so soon with nothing new on your reports. The process to reactivate your lost account or reclaim the balance is simple and full details are available in branch or you can use a free tracing service by visiting My Lost Account. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. The Forbes Advisor editorial team is independent and objective. How To Open a Bank Account and What You Need To Do It, How to Recover from Being Overdrawn on Your Bank Account. 0000003613 00000 n Large and regular transfers or withdrawals of money are among the actions that may raise a red flag. The bank also might shut down your account if it suspects youre committing suspicious or illegal activity, such as money laundering. 0000005490 00000 n Edited to remove someone else's name. More details on software and accessibility are available at WebAIM.org. Your bank may notify you that it has closed your account, but it normally isn't required to do so. He has since spent hours in his local branch and on the phone to Barclays trying to get his money back. Wow.I didn't know Barclays . LE87 2BB The UK has some of the strictest anti-money laundering and fraud rules and identifying customers of financial services is an essential legal requirement. A business may have been deemed to have breached a credit agreement with the bank, for example, or a freezing order may have been obtained by one of the company's creditors. Read our. 0 =T endstream endobj 35 0 obj <> endobj 36 0 obj <> endobj 37 0 obj <>stream That helps us fund This Is Money, and keep it free to use. Janet Berry-Johnson is an expert in taxes and accounting whose expertise is based in a 10-year career as a certified public accountant. Dear Mr Jenkins, FORMAL COMPLAINT re Account Closure. If youre claiming money from a currency account, well send the money to you by bankers draft in the currency that the account is held in, unless you tell us otherwise. An influx. Contact your human resource department immediately to set up payment by check or to have the money deposited to another bank account if you have one. If a customer does not reply following this, they have 50 days before Barclays closes their account. I do have a couple things that have changed on my report since I opened them so I hope they dont close mine too.. Maybe theyll reverse there desicison when you speak to an analyst. When he called Barclays because his direct debit payments had bounced, he was told that he had not submitted the form properly. 0000046840 00000 n Overdrafts can happen when you write a check, make a debit card payment or carry out an ATM transaction that sends your account balance into negative territory. The form should take about 15 minutes to complete. (more new accounts, balance increases on other cards, etc.). The bank is usually required to contact the account holder if it decides to close the account. Barclays promised to send a cheque for the 92,000 within five to ten working days, but it never arrived. One customer living in Greece had his bank account closed but their money disappeared too. Can the Bank/Credit Union Do That? You can use a driving licence, if it hasnt been used as proof of identity, Your photo ID, such as a passport, driving licence or national identity card, A copy of a power of attorney document or signed authority from the account holder, A copy of a document confirming youve changed your name, such as a marriage certificate or deed poll form. Is This Legal? Here are your options for closing a business account with Barclays: By phone - if you're registered for Telephone Banking and have another Barclays account to transfer the balance to, you can call 0345 605 2345 By post - you can print out a business current account closure form, complete and sign it, then post to: Barclays, Leicester, LE87 2BB Here are seven steps you should take when your bank has closed your account: Fortunately, you can make moves to avoid having your bank close your account. WowI didn't know Barclays was like this. 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