Anger as Banks shut customers’ accounts and freeze payments in money laundering panic
Bank customers sat they are having their accounts closed or frozen over payments as low as £50
Bank customers are having their accounts closed or frozen over payments as low as £50.
Accounts are normally shut or blocked on money-laundering or fraud grounds when a large or suspicious payment has triggered a bank’s security systems.
The complaints website Resolver says that in the past year, more than one complaint in four about an account issue involved such closures or freezes — yet customers typically said their accounts were blocked after they received a payment of less than £500, with some falling below £100.
One person’s account was suspended after a friend paid them £40.
Deposits from benefits or Universal Credit and tax rebates from HMRC were also reportedly flagged.
Many people said they were told their account would be closed without warning.