Nationwide are holding my Money

[Jon82]

Long Story Short I was with Nationwide years ago and got my pay etc paid in via my current account I also had a E savings account and ISA

I switched to Lloyds as my aprtner was there and we wanted a joint account.

I saved money up via Lloyds and transferred 20k to Nationwide to Put into ISA and Savings accounts.

Nationwide put account on hold as the amount was 'suspicious'

I went back to Lloyds who were great and said in theese circumstances they just ask for proof on where the funds came from and kindly printed loads of statements off for me.

I contacted Nationwide again as they said they would be back in contact within 48 hours (I gave them a week) and all they said was 'Your account is on block and we will contact you shortly, this could be 1 day or a few weeks'

I advised I was not happy with this and they said there is nothing I can do about it.

Any help?

[R0b]

Re: Nationwide are holding my Money

Presuming you no longer have a nationwide account it and decided to setup new ones its most likely flagged as suspicious activity under money laundering regulations as its a one off transaction. The bank may also have reported to the National Crime Agency, they usually take about a week to get back to them.

When you contact them have you written or just called? You need to find out specifically who is dealing with this, get a name or department and write to them. Try to get the details send them a letter and/or email outlining your situation and the purpose of transferring the money into savings accounts, it would also help if you could get a letter from LLoyds on headed paper backing up your story of how the amount had been saved. They may or may not require proof of identification so you could also offer to give them that also.

It would simply be a matter of due dilligence to ensure you are who you say ou are, but it would be unreasonable for them to hold onto the funds for a lengthy period of time. If they do you could make a complaint about it through their complaints procedure and then follow up with the ombudsman if not satisfactory resolved. I'm presuming you also want it to not affect any interest gained on the savings as a result of the funds being retained so you could also include that.

They should be keeping you up to date on the matter and whoever told you 1 day or a few weeks is not acceptable.

[Jon82]

Re: Nationwide are holding my Money

Presuming you no longer have a nationwide account it and decided to setup new ones its most likely flagged as suspicious activity under money laundering regulations as its a one off transaction. The bank may also have reported to the National Crime Agency, they usually take about a week to get back to them.

When you contact them have you written or just called? You need to find out specifically who is dealing with this, get a name or department and write to them. Try to get the details send them a letter and/or email outlining your situation and the purpose of transferring the money into savings accounts, it would also help if you could get a letter from LLoyds on headed paper backing up your story of how the amount had been saved. They may or may not require proof of identification so you could also offer to give them that also.

It would simply be a matter of due dilligence to ensure you are who you say ou are, but it would be unreasonable for them to hold onto the funds for a lengthy period of time. If they do you could make a complaint about it through their complaints procedure and then follow up with the ombudsman if not satisfactory resolved. I'm presuming you also want it to not affect any interest gained on the savings as a result of the funds being retained so you could also include that.

They should be keeping you up to date on the matter and whoever told you 1 day or a few weeks is not acceptable.

I do have accounts with them I have had a current account for 20 years and ISA and savings for about 10.

The department is called SID (Special Investigations Department) within Nationwide and I called them, I explained the situation and theys hut me straight down and said 'we cannot tell you anymore'

[leclerc]

Re: Nationwide are holding my Money

I do have accounts with them I have had a current account for 20 years and ISA and savings for about 10.

The department is called SID (Special Investigations Department) within Nationwide and I called them, I explained the situation and theys hut me straight down and said 'we cannot tell you anymore'

Have you had lots of transactions going through it over the last 12 months ie regular useage of the accounts?

[Jon82]

Re: Nationwide are holding my Money

Have you had lots of transactions going through it over the last 12 months ie regular useage of the accounts?

Yes and no.#

My wages go into my Lloyds but all my DD go from Nationwide which total about 200 per month

- - - Updated - - -

I am just a bit annoyed it is taking so long, I spoke to a legal person who advised if they thought the money was dodgy they would send me a letter saying that the account had been frozen, but nothing just confusion.

[R0b]

Re: Nationwide are holding my Money

As part of the Money Laundering Regulations, businesses should not be tipping off anyone which might be alerted to the fact it is suspicious - it seems in your case it isnt but nonetheless there is usually a standard approach taken.

Given the timescale of this, I would be inclined to put something in writing to them addressed to the special investigations department and put them on notice that the money has been put on hold without any notice and you consider their lack of response unreasonable. If they fail to give you any substantive response as to why the funds have not been put into your account then you should consider your legal options and taking steps to recover the amount that has been withheld by Nationwide.

And I think you should take some advice on this even free initial advice - regulatory compliance laws are quite complex and I am no expert in it apart from basic knowledge. Unfortunately I wouldn't know what timescales or laws are involved where there may be suspicion activity of money although they must have reasonable suspicions to withhold it without reading into it further and I'll be honest its not something I would want to do!

as I said previously if it was suspicious and they are withholding it, they would normally report it to the national crime agency who would confirm whether suspicions is correct or not and that is usually within a week. To hold it longer without reason could potentially put them in trouble but I dont know. If they are holding it longer than normal that to me would be from the fact that the NCA are investigating it further and Nationwide have not been given authority to release the funds hence why they cannot tell you anything.

You could try and contact NCA direct but they may or may not be of further help.

[leclerc]

Re: Nationwide are holding my Money

Yes and no.#

My wages go into my Lloyds but all my DD go from Nationwide which total about 200 per month

- - - Updated - - -

I am just a bit annoyed it is taking so long, I spoke to a legal person who advised if they thought the money was dodgy they would send me a letter saying that the account had been frozen, but nothing just confusion.

So roughly £2400 goes through the account and suddenly £20,000 comes into the account. Hmmmmm, it is suspicious but I would see ROb's answer which is a bit more concise.