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Author Topic: My bank account was frozen due to suspicious activity on my account  (Read 7001 times)
papaxamo111
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January 24, 2017, 10:11:50 PM
 #1

Hi guys! I was selling bitcoins worth £10 000 via localbitcoins.com and what's happened when the purchaser sent my money to the bank account? My bank has froze my bank account without telling anything. When I tried to contact the purchaser via localbitcoin.com he was already away and I didn't get any reply from him. I have been spending whole day in the bank and trying to explain my last transaction and nobody listened me. They just told me that everything is under investigation.

It that means that someone get my BTC and when sent me money just visit his bank again and told them someone abused his card and want money back? And I'm just a victim of that everything and will never get my money back?

I already reported that case.

Please, could anyone tell me what steps I should do?

Thanks a lot for your help and advise!
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January 25, 2017, 04:43:05 AM
 #2

It that means that someone get my BTC and when sent me money just visit his bank again and told them someone abused his card and want money back? And I'm just a victim of that everything and will never get my money back?

That is possible but most probably your payment was sent from a hacked account making your situation more complicated. Make sure you keep copies of all transactions details and communications with buyer as you will probably going to need them.

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January 25, 2017, 09:04:30 AM
 #3

In the EU that amount of money is enough for an "automatic" investigation for tax purposes. Especially if this is an "extraordinary" high amount compared to your regular activity...

I would anyway insist on a contact at the bank. Keep escalating, while staying polite: "OK, if you can't help me who can?", "OK, but you understand I need my bank account on a daily basis, so I would appreciate to know who is in charge so I can have direct contact" et cetera...

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January 25, 2017, 02:11:43 PM
 #4

Hi guys! Many thanks for your reply!

I'm aware that is bigger amount that I'm normally getting to my account (like wage from employer). But you know that is not normal, that bank told you that your account is under investigation and they don't want to provide me any money including my wage from work. They froze all of my money on my account. Horrible. I wanted to provide them all proofs what I have regarding BTC transaction. But they told me they don't need it and they will do investigation without me and any proofs. That is not normal. How they do investigation without seeing my evidence about the transaction? They really did my life more difficult. Everything is under investigation, they communicate just with fraud department blablabla...

They are more option what could happened:
1. If the person that bought my BTC is normal person without any criminal records, or didn't send me dirty money, I think my bank doesn't have any rights to take my money back.
2. If the sender sent me fraudulent documents (photocopy of Driving License and his Debit Card), it's not my fault, it's his bank fault, right? Because I was thinking that when it could be different person that sent me money on my bank account and now just called to his bank and told them that his account was abused and want money back. Or can say I was buying car but I have never received the car. But guys. What I found out yesterday is:

That all of transactions through localbitcoin. com having "unique transaction number" and that number see just person who I spoke to and just that person can enter into the trade. That person agrees that this transaction if regarding BTC and nobody else. Then the person can send anyone to the branch to send his money to me. It can be friend, mother, anyone.

Have you ever faced this situation? What did you do?

Should I wait for the feedback from the bank? Should I send letter to Financial Ombudsman?

What proofs regarding to BTC transaction are enough to show them?

Many thanks for your advices.

Cheers!
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January 25, 2017, 02:34:22 PM
 #5

They probably flagged it as suspicious activity rather than the other guy claiming he was a fraud victim but that certainly is a possibility. If you're only used to getting your £1000+ wage in every month or something then 10k getting sent to you will be flagged and they might just be making sure you're not committing fraud or some other crime. The banks can do what they want really including freezing your accounts but they've shut many bitcoin sellers accounts down merely for doing legit business so this isn't uncommon unfortunately. This is why it's a good idea to have two or more accounts with different banks though just in case they ever do shut one down. It might be worth going to Citizens Advice or asking on some other financial forum about what UK banks can or can't do and if there's any compensation for losses you may receive due to them freezing your accounts etc.

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January 25, 2017, 08:36:55 PM
 #6

I am going to tell you what happened as the same happened to me, and i believe you are european ?

That's one of the first reason, european citizen, as it has been said by a poster, it is enough to trigger the alarm in their system. (To give you an exemple, in my country, +2000€ of transactions in a month, and the system algo report you to an authority that has been specially created for. Then they do a routine check to see from where the money comes from: jobs, ect). Europe is evil with this now...

Secondly and the main reason, you have an unusual use of your bank account. While ordinary banks accounts are supposed to be used to receive  wage from employer, pay the bills, ATM withdrawls, ect banks are very stricts when you are using it for a "commercial purpose" and not "personnal". The term is surely not correct, but you have been flagged for an activity that look the same of a company. To compare it's like making business online with a standard paypal accoount unverified instead a business account.

What happened to me and what is surely going to happen to you is: your bank will send you a nice letter explaining  that due to an unusual use of your personnal bank account they don't want you as client and you have XX days to find another bank accepting you

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January 26, 2017, 01:00:10 PM
 #7

Its actually you I will blame because if you want to engage in any financial transaction in anywhere then you should first understand the nature of the laws around there and how they trace transactions. From the way I see it. its obvious you are from a developed country where there are strict rules concerning movement of money. I guess you only have to wait for the outcome and from there you plan for what to do next.

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January 26, 2017, 11:45:39 PM
 #8

I am going to tell you what happened as the same happened to me, and i believe you are european ?

That's one of the first reason, european citizen, as it has been said by a poster, it is enough to trigger the alarm in their system. (To give you an exemple, in my country, +2000€ of transactions in a month, and the system algo report you to an authority that has been specially created for. Then they do a routine check to see from where the money comes from: jobs, ect). Europe is evil with this now...

Secondly and the main reason, you have an unusual use of your bank account. While ordinary banks accounts are supposed to be used to receive  wage from employer, pay the bills, ATM withdrawls, ect banks are very stricts when you are using it for a "commercial purpose" and not "personnal". The term is surely not correct, but you have been flagged for an activity that look the same of a company. To compare it's like making business online with a standard paypal accoount unverified instead a business account.

What happened to me and what is surely going to happen to you is: your bank will send you a nice letter explaining  that due to an unusual use of your personnal bank account they don't want you as client and you have XX days to find another bank accepting you


Hi,

yes, I'm Europian and living in the UK. My bank is Barclays. I think your described case is the same as mine. Did you get your money back? I'm excepting the letter in next few days. But how can I withdraw my money from my bank account? The bank froze all of my money including wages from my employer and don't want to give me anything. Just saying that my account is under investigation. I already opened another bank account with a different bank. I'm scared that bank will hold back all of my money and just shut down my account. What steps should I follow now? Should I visit another branch and try to withdraw money? Should I send letter to "Financial Ombudsman"?

Look forward to your advise.
Regards L.
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January 26, 2017, 11:49:27 PM
 #9

Its actually you I will blame because if you want to engage in any financial transaction in anywhere then you should first understand the nature of the laws around there and how they trace transactions. From the way I see it. its obvious you are from a developed country where there are strict rules concerning movement of money. I guess you only have to wait for the outcome and from there you plan for what to do next.

It isn't like these laws are advertised or known about by the average joe. I am legally literate but why should everyone else have to be to sell their property? FYI i am from the UK and any bank deposits are protected up to 75k, the bank cannot simply run off with your wages, etc. It is not something you 'think' about until it happens and let's face it, locking all of his money is simply ridiculous. I have helped so many get around ridiculous stuff like this just knowing the rules of a very corrupt system, but not a single person I have met understood them in the way I do apart from one, they just want to do what they do and get on with their lives, i am in the UK like this person. I have had the same thing happen selling BTC a while ago, even saw ID and everything IN PERSON they did the transfer but they still used a stolen account (and ID, they looked damn like the person on the passport they showed me too) it turned out that i kept my money after a scolding from my bank (halifax)

Although, its not as bad as the US with their IRS tax returns even if their citizens live abroad, quite a few renounce their citizenship... I wouldn't blame the OP, although its time people do start wising up to the system, easy enough to turn the system against itself with its pathetic rules, who would tax and create rules around intake of breath and simple act of existence given the chance with a 300-page law on simple existence and bodily functions!

Jacob


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January 27, 2017, 02:54:22 AM
 #10

I am going to tell you what happened as the same happened to me, and i believe you are european ?

That's one of the first reason, european citizen, as it has been said by a poster, it is enough to trigger the alarm in their system. (To give you an exemple, in my country, +2000€ of transactions in a month, and the system algo report you to an authority that has been specially created for. Then they do a routine check to see from where the money comes from: jobs, ect). Europe is evil with this now...

Secondly and the main reason, you have an unusual use of your bank account. While ordinary banks accounts are supposed to be used to receive  wage from employer, pay the bills, ATM withdrawls, ect banks are very stricts when you are using it for a "commercial purpose" and not "personnal". The term is surely not correct, but you have been flagged for an activity that look the same of a company. To compare it's like making business online with a standard paypal accoount unverified instead a business account.

What happened to me and what is surely going to happen to you is: your bank will send you a nice letter explaining  that due to an unusual use of your personnal bank account they don't want you as client and you have XX days to find another bank accepting you


Hi,

yes, I'm Europian and living in the UK. My bank is Barclays. I think your described case is the same as mine. Did you get your money back? I'm excepting the letter in next few days. But how can I withdraw my money from my bank account? The bank froze all of my money including wages from my employer and don't want to give me anything. Just saying that my account is under investigation. I already opened another bank account with a different bank. I'm scared that bank will hold back all of my money and just shut down my account. What steps should I follow now? Should I visit another branch and try to withdraw money? Should I send letter to "Financial Ombudsman"?

Look forward to your advise.
Regards L.

Once i got this later, everything was like nothing happened, i could do anything with the account and the money inside. The only thing is i had 2 months to find another account accepting me, before they close my account. As i knew this would happen i anticipated and opened another account. Lucky I was able to do fast and deposit money fast into it as well. Thanks bitcoin.. But if the personn can't open another account and get their wage, you can imagine how it can be horrible if you have a family to feed and the money "frozen" in your account :/

If you can, try to keep as much proof as you can regarding where the money come from, really. Because if they are suspecting to do something against the laws in your country and decided to give your case to authority, at least you can show them you are clean and just sold some BTC like a random guy.

Best for you is to wait news from your bank but if it takes so long, like more than a week or 2. Don't hesitate to call them again and again, because it is not acceptable to not provide any infos about what, when, hwo it's going on with YOUR money

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January 27, 2017, 08:37:20 AM
 #11

I think large numbers, I suggest to contact the servicing bank so that your funds can be disbursed. logically if the bank accounts frozen, then the transfer cannot be done.
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January 27, 2017, 12:46:43 PM
 #12

Hi guys! I was selling bitcoins worth £10 000 via localbitcoins.com and what's happened when the purchaser sent my money to the bank account? My bank has froze my bank account without telling anything. When I tried to contact the purchaser via localbitcoin.com he was already away and I didn't get any reply from him. I have been spending whole day in the bank and trying to explain my last transaction and nobody listened me. They just told me that everything is under investigation.

It that means that someone get my BTC and when sent me money just visit his bank again and told them someone abused his card and want money back? And I'm just a victim of that everything and will never get my money back?

I already reported that case.

Please, could anyone tell me what steps I should do?

Thanks a lot for your help and advise!


if you have a lot of evidence in this transaction is certainly no hope for your money back although it will take some time,,,
be patient and try contacting kept hopefully all can succeed and money you can get back.

   
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January 27, 2017, 05:10:35 PM
 #13

i think its because the amount of the money that is really big for a normal person so they close your account and doing investigation with your account. i think the bank will make sure that what you are doing is not for illegal activity so they investigate and i think after they don't found anything illegal with your account, they will called you and your account will be back soon.

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January 27, 2017, 05:46:02 PM
 #14

Probably due to the unusual transaction, I think anything above £4,999 is flagged as suspicious and checked to ensure no fraud etc is going on.  I think the best move in future is to find a bitcoin friendly bank or at the least contact the bank in advance to notify them and find out what problems you may face.

I could be wrong but that is my feeling on why they froze your account, I would expect better customer service from them though, from what you have said they haven't been very helpfull.


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January 28, 2017, 01:38:28 AM
 #15

I dont know about legal matters. But if you seek for legal adviser. Maybe theres a higher chance you retrieve your bank account. You cant do this on your own. If they found that you are innocent, i guess they will unlock your account. But the chances of retrieving your account is low. Just seek for lawyer to give you immediate solutions.

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Shady
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January 28, 2017, 01:52:29 AM
 #16

Once assets are frozen you'd have to go through an intermediary... Banks freeze due to suspicious activity and tend to be easy to regain access to if proven innocent.

The Feds might contact you about taxation if you can manage to unlock it, but that's after banks come up with a positive decision.

papaxamo111
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January 31, 2017, 02:51:13 PM
 #17

Hi guys, I really appreciate your support. I have one good information for you. I visited different branch last Saturday and spoke to different people then I spoke before and these people were very polite to me and gave me opportunity to withdraw my money from my employer (wages). One thing what's happened with my BTC money (£10 000), this amount has been removed from my account and it's still under the investigation.

As I mentioned at the beginning of this communication I already filed a complaint regarding dissatisfaction with bank communication and today I received letter from the bank that my recent complaint has been resolved and closed.

''We're sorry that you recently had cause to complain. During our conversation today we discussed the details of your complaint and agreed an outcome that you were satisfied with. ''

''You have the right to refer your complaint to the Financial Ombudsman Service, free of charge - but you must do so within six months of the date of this letter.''

Guys, please anyone from you have ever faced this issue with the bank and have a template of letter to the Financial Ombudsman? I'm not sure how long it takes, but I'm a bit afraid I will never receive my 10k back :-(

Other things I would like to know:
1. For UK residents: what bank/association do you recommend for trading with BTC? Should I open a business account? What bank do you recommend?

Look forward to your reply.
Best Regards

LeGaulois
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February 19, 2017, 02:15:26 AM
 #18

Hi papaxamo111
Last week i was wondering about you
Did you get an answer from the bank? Did they released your funds and or told you a reason? 10k is a good bag of cash. I am not from UK but i think you should visit an association for consumers rights. It's free and they have competent people to help you

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February 19, 2017, 03:30:48 AM
 #19

I am very sure that when you signed up for an account with the bank, there was a place where you were to declare the source of your funds. If it is a business account, it will have no problems but with a personal account, any amount which is bigger than your normal will raise suspicion from the bank. 

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February 24, 2017, 12:39:23 PM
 #20

Keep us updated: papaxamo111

thanks
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