UK Banking

Coffee said:
Definitively - money laundering.

So a financial institution (ie: bank) would independently freeze a customer's account "pending an investigation" without specifically notifying their customer as to their reasoning...really ?

Sounds like a fairly fooked up banking relationship strictly from a "banking" standpoint.
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My earlier comment stands.

Yes.... this happens....is happening.
 
Yorky said:
I missed the account freezing reference. I thought it was just being told to close the account, i.e. take all your money and bugger off!
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That would be the conclusion if they are not satisfied with their review.
 
CO-CO said:
This bit fooled me......


What did you do before "Transferwise" existed?

Obviously it will be @CO-CO who may answer my question.
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Notwithstanding that, you still appear not to be answering any question. However, that is your perogative. I did state "may answer my question".

To put it another way - Do you think that my account in IOM with NatWest International could be at risk of closure because I do not have an address in UK?
 
Yorky said:
Notwithstanding that, you still appear not to be answering any question. However, that is your perogative. I did state "may answer my question".
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As said, I was simply seeking to understand how many questions I need to answer.

Let's take the TW question (which Nick didn't quite answer)... Nick is right that pre-TW seems a long time ago. I used Halifax GBP4 charge and HSBC (free for me) - Nick may have piggy-backed on my transfers.

The answer to your other question is - obviously yes; he has a UK address but has been asked to provide evidence of that. The inference is that if he can't he will have to close the account. The consequence of that is that he cannot open another UK bank account anywhere as he is residing in Thailand. My whole point is that if that practice (of targeting customers who don't reside in the UK) continues/expands into other banks it will give a lot of expats a few problems.
 
Yorky said:
Notwithstanding that, you still appear not to be answering any question. However, that is your perogative. I did state "may answer my question".

To put it another way - Do you think that my account in IOM with NatWest International could be at risk of closure because I do not have an address in UK?
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No !! ....................... it is offshore...... an 'international' account.
 
Natwest International have today informed me that not only are they continuing to not pay any interest on my account, from next month they intend to charge me £8.00/month for looking after my money!
 
CO-CO said:
The first is perhaps of no concern to most - Starling bank have frozen the account of a friend pending investigation. They mentioned a large number of Transferwise transactions, including many to Thailand. This is a genuine business account with many receipts via card processing via Worldpay. Supplier payments are often to Spain and Poland. The account is also used to fund personal Thai expenditure.

Personally, I think this is a Money Laundering probe. I would be concerned if it was targeting customers using Transferwise.

Another friend of a friend said that...
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So did your friend ever find out whether he is still considered a money launderer...or was it something else entirely ?

(In retrospect a court order on behalf of a current or former family member or business associate can put a hold on funds held.)
 
Coffee said:
So did your friend ever find out whether he is still considered a money launderer...or was it something else entirely ?

(In retrospect a court order on behalf of a current or former family member or business associate can put a hold on funds held.)
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I have been led to believe that there are a huge amount of bank account monies 'held in limbo' &/or internally 'stolen'!!!
These matters can take years to resolve, even when one involves the police or Armies Anti-Corruption Dept. Unsurprisingly, both those said groups require corruption money to help situations.

In the words of Forrest Gump "That's all I'm going to say about the matter'!
 
Yorky said:
Natwest International have today informed me that not only are they continuing to not pay any interest on my account, from next month they intend to charge me £8.00/month for looking after my money!
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Strangely, I have just checked my NatWest bank statement and there is no deduction from the account for July 2021.
 
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