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Banking Nightmare/Inheritence

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  • Banking Nightmare/Inheritence

    I put my inheritance into one bank, but I'm trying to transfer some of the money to another bank.

    The problem is the bank keeps putting a stop to the transactions, and I'm constantly questioned under the AML laws. They have now put a stop to me accessing my own cash from the account and have not given a time limit as to when this will all be looked into.

    In fact, I find a lot of their questions intrusive to the point they are going beyond the transactions themselves (one bank to another). I have been fully transparent with them and I don't know what more I can do, but now they are saying there is no time limit to them getting back to me. They are saying I can use the card to buy things, but I need this money transferred for something I'm trying to invest in, not a scam, no one pressuring me, but time will cost me money. How long can they hold onto my money and what can I do about it?

    What are my rights when being asked all those crazy questions? I told them once this is over I'll be closing my account with them, I'm wondering if this is why they are dragging the time-out in seeing to this latest situation. On the previous occasion, the time wasn't as long as this. It's a real carry on, and I don't need it.

    Although, I appreciate putting a system in place to look out for people falling to scams, but to me this is over-stepping the mark. It's my money, it's not theirs. There is a part of me feeling like the bank just doesn't want to give me my money.

    Help
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  • #2
    Is the bank that is obstructing you the 'old' one or the 'new' one?

    Have you any means of demonstrating the source of funds i.e. the inheritance?

    Banks get very cagey about possible money laundering and unexplained wealth. The law requires them to.be that way. Read this: https://www.kingsleynapley.co.uk/ins...ue-to-mount-up
    Lawyer (solicitor) - retired from practice, now supervising solicitor in a university law clinic. I do not advise by private message.

    Litigants in Person should download and read the Judiciary's handbook for litigants in person: https://www.judiciary.uk/wp-content/..._in_Person.pdf

    Comment


    • #3
      Originally posted by atticus View Post
      Is the bank that is obstructing you the 'old' one or the 'new' one?

      Have you any means of demonstrating the source of funds i.e. the inheritance?

      Banks get very cagey about possible money laundering and unexplained wealth. The law requires them to.be that way. Read this: https://www.kingsleynapley.co.uk/ins...ue-to-mount-up
      It's the old bank, but I was paid directly into that bank account by the solicitor.

      I understand they (banks) have to go through their own structured procedure, however, the issue isn't with the incoming payment, it's with the transfer to the other bank. When it happened previously, it was exactly the same transaction. I would've transferred more on this latest attempted transaction, but I was trying to do a series of transfers in smaller amounts in the hope this wouldn't happen again. The explanation is no different from the first time this occurred as it's all going to the same bank.

      There just seems to be a lack of RIGHTS for account holders. I phoned the FCA and I got what I was expecting, not much.

      Comment


      • #4
        Making a series of smaller payments was probably the wrong decision and might be (in part) what has caused the block

        Making repeated payments to the same account is typical scammer behaviour when they are stealing money. It will have triggered the bank's AI which monitors this.
        ​​​​​​
        Scammers do it to try to keep each payment under the threshold which triggers banks' monitoring systems.
        All opinions expressed are based on my personal experience. I am not a lawyer and do not hold any legal qualifications.

        Comment

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