Bank account inexplicably frozen and no one knows.
I first heard of bank accounts being stopped for no apparent reason roughly four years ago.
People were complaining that they couldn’t get their money, and banks were refusing to explain why.
Initially, the issue appeared to be with some of the new online digital banks.
However, as instances began to spin out of control, some of the major high street banks followed suit.
Many users have experienced problems afterwards, and many are still locked out of their accounts.
Account freezing has increased in recent weeks. So, what exactly is going on?
The law, money laundering, and what the computer says
Most banks will not tell you why an account has been frozen, placing you in a tough situation.
You can’t receive clear answers on what caused the problem, and you can’t remedy mistakes without them.
They are not permitted to tell you whether an inquiry into money laundering is underway. However, in reality, this is not very prevalent.
Some banks appear to have been too cautious, extending these regulations to any “suspect transactions” that are outside of your typical account profile.
This may be a £500 payout from a family member at random.
