Banking

Anger as Banks shut accounts in money laundering panic 

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.

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