Problem with my bank

[insane_alien]

Not dure if this is the rigt place cos we don't have a finance bit.

 

My bank is trying to say that i have invested £600,000 in some buisness or other and basically, i haven't. i don't have £600,000 and the biggest investment i have made is a 3 grand isa. and that was only on the 24th. the letters are also dated 18/4/85 two years before i was born(more). i phoned the bank up and they actually just said they can't help it if i never paid the money and they've froze my account. so errr help?

[AzurePhoenix]

Under normal circumstance I would suggest kidnapping the bank manager, threatening him, then shooting him in the chest several times with a very realistic red-paint paintball gun. As it is, you might prefer something less... prosecutable.

[Phi for All]

My bank is trying to say that i have invested £600,000 in some buisness or other and basically, i haven't.

Is this business in foreclosure or have any liens against it that are making the bank take this action?

i don't have £600,000 and the biggest investment i have made is a 3 grand isa. and that was only on the 24th.

The 24th? Of last month?

the letters are also dated 18/4/85 two years before i was born(more).

Which letters? The bank's or the business'?

i phoned the bank up and they actually just said they can't help it if i never paid the money and they've froze my account.

Paid what money, the initial investment? Have they stated why they've frozen your assets? Are you in arrears for payments on a loan for this investment?

 

I don't get the connection between your bank and this business you supposedly invested in. What is the bank asking you for? Does the phone number you called match the one in the phone book for your bank? I think you need to take them some tax information to show that you have never engaged in this type of investment. Wouldn't it be a hoot if Inland Revenue could get you out of this mess?

[insane_alien]

Is this business in foreclosure or have any liens against it that are making the bank take this action?

 

Don't know never heard of it before now.

 

The 24th? Of last month?

 

Yeah 24th Feb 2006 sry bout that

 

Which letters? The bank's or the business'?

 

Both.

 

Paid what money, the initial investment? Have they stated why they've frozen your assets? Are you in arrears for payments on a loan for this investment?

 

paid what money, i don't have a bloody clue. i really don't have a clue whats going on. yes my account is frozen cause i can't withdraw money(i had to walk home).

 

and what investment are you talking about? if its the isa i had it transferred from my savings acount thingymujig. if its the supposed investment i made before i was concieved then i don't know cos i made no investment.

[AzurePhoenix]

Aren't there supposed to be procedures to follow regarding cases of mistaken idenity or misplaced records? It's clearly an oversight, so there must be someone you can approach to look into it.

[insane_alien]

yeah Azure i'm going to phone them tomorrow(the call centre sucks) and try and sort it out. i posted here because i want to know what the hells going to happen . i know nothing about finances except "put more money into your bank than you take out of it"

[Phi for All]

My bank is trying to say that i have invested £600,000 in some buisness or other and basically, i haven't.

This is the problem I'm having. Why is the bank angry with you for this investment? I know you didn't make it but why is this investment a bad thing? I don't understand why they are freezing accounts unless they feel you owe them money you aren't paying.

 

The only other reason is that Inland Revenue has placed the freeze because of unpaid taxes on the investment returns. But the bank would mention the IRS because they would want you to know it's not being instigated by the bank.

 

Perhaps if you could post some pertinent parts of the letter dealing with why this investment is of concern it would help clarify what steps you need to take.

[YT2095]

admit the error, withdraw your investment, cash the cheque, take the money and RUN!

 

seriously though, I wouldn`t bother with phone calls, go directly into you branch the account you Rightly hold is at, and demand to see the bank manager, let Him/Her make all the calls for you and refuse to leave until the situ is resolved!

failing that if they decide to get a little "heavy" with you, then quote the phone number and idealy a name too of the local Press and say you`re going to submit this story to them, banks HATE bad press! you will be Certain to gain their attn after such a just-walking-out-the-door-to-do-it comment over your shoulder

[Royston]

Deleted.

[insane_alien]

seriously though, I wouldn`t bother with phone calls, go directly into you branch the account you Rightly hold is at, and demand to see the bank manager, let Him/Her make all the calls for you and refuse to leave until the situ is resolved!

failing that if they decide to get a little "heavy" with you, then quote the phone number and idealy a name too of the local Press and say you`re going to submit this story to them, banks HATE bad press! you will be Certain to gain their attn after such a just-walking-out-the-door-to-do-it comment over your shoulder

 

So basically go make a scene. Thats more my style anyway. i think i'll do that. if they still don't agree i'll give them all the flu or whatever the hell is wrong with me just now.

 

Although azures suggestion is tempting...

[Phi for All]

So basically go make a scene. Thats more my style anyway. i think i'll do that. if they still don't agree i'll give them all the flu or whatever the hell is wrong with me just now.

 

Although azures suggestion is tempting...

Keep us posted, I still want to know why the bank freezes the account of someone who can make an investment like that. They should be kissing your wealthy green butt instead. I guarantee that somewhere along the line they think you owe them money.

[YT2095]

don`t make a "scene" do it with Style, Class and Ellegance!

 

You`ve done nothing wrong, they have! so be polite but fixed and unbreakable, smile at the right times too (they hate that, makes em feel like you Know something they don`t), but be sure to always have an ACE up your sleeve incase they do call you out.

your ace will be the news paper editors name and phone number that you will learn off by heart tonight before you walk into the bank.

 

Simple eh

[insane_alien]

I still want to know why the bank freezes the account of someone who can make an investment like that.

 

The thing is i can't. i have like £5000 total.

 

BTW YT i know what you mean. any newspapers you would suggest. I'm thinking Daily record (i think its only in scotland) or something. I don't want to give it to "the sun" cos its just trash.

[YT2095]

anything that is Known as reputable in your area, idealy Nothing "Local" either, a good national newpaper (not a tabloid) will be just fine. Im sure you can think for yourself on this one and no-one has to Telegraph this Daily to you.

 

it`s not within my remit to recommend any particular paper, just use your noodle

[insane_alien]

the only paper i read atm is a free tabloid called the metro. i used to read the herald but i can't be bothered anymore. don't have the time.

[Phi for All]

The thing is i can't. i have like £5000 total.

We all know that, but THEY think you made a £600,000 investment. Why are they freezing your account? You say the bank says you invested in a business but even if it were true, WHAT'S WRONG WITH THAT?!

 

Investing in a business is no crime, and why would the bank freeze your account unless you were either overdrawn or defaulted on loan payments? Banks don't care about investments unless you borrowed their money to do it and aren't paying them back. That's the only reason to treat such a wealthy financier like yourself shabbily.

 

There's a missing piece to this puzzle and you'd better cough it up, flu-boy (OK, eeww). Otherwise I'll get no sleep this weekend.

[gcol]

You probably dont want to hear this, and I'm surprised no-one has already mentioned it, but present anti-money laundering legislation requires all banks to report the movement of unexpectedly large sums of money to the authorities, under the guise of anti-terrorism measures.

 

If the banks dont tick the right boxes, they get it in the neck. They are covering their arses. I gues the freezing the account is one of the steps in this process.

 

You may have been innocently caught up in a Nigerian type scam. Either way, if you are innocent, you should go to the police. You will have to prove your innocence either way. That's the way it is.

[Phi for All]

present anti-money laundering legislation requires all banks to report the movement of unexpectedly large sums of money to the authorities, under the guise of anti-terrorism measures.

There's my missing piece! Thanks, gcol, I'll bet that's it.

 

insane_alien, forget the newspapers, tell them you want the police brought in if they won't unfreeze the account. Someone committing fraud would never want the police involved.

 

You don't have anything to hide from the police, do you?

[gcol]

Again, unless I am completely mistaken, the police will not force the bank to do anything of the sort. The Bank is acting legally within the frame work of existing legislation. By formally notifying the police, you are merely putting down the first marker of your innocence. Believe me, behind the scenes, official investigations are almost definately already well under way. Unfortunately, the aggrieved party will be kept in the dark for reasons of "state security". Making demands on the bank and threatening it will only make things worse. I suggest he makes polite and reasonable requests as to how the matter can be resolved, and how he can cooperate to get to the bottom of it. He must demonstrate his bona fides.

[Phi for All]

Again, unless I am completely mistaken, the police will not force the bank to do anything of the sort. The Bank is acting legally within the frame work of existing legislation[/i']. By formally notifying the police, you are merely putting down the first marker of your innocence.

I should have clarified, this is exactly what I meant. The bank and the police would never expect you to reach out in this manner. If they really suspect you they'll have your photo at the train stations and airports expecting you to run for it.

 

I would call or visit your local police precinct and explain what's happened and tell them you're worried about your credit rating and your good name. Get the policeman's name, asking him if you can mention it to the bank manager. Be completely up front about it, offer to provide any records they may need.

[insane_alien]

Yay got it sorted! although they put it down to "Computer error". yeah, right. i can withdraw money again! woo!

[gcol]

And the rubber heels did not come and break down your door in the middle of the night?

 

Lucky you.......

[insane_alien]

i don't see how the computer error came about. it couldn't have merely been someone with the same name as me because there are only 8 other living people in the whole country with the same name as me. about 30 if you include England , Wales and Ireland. and i know them all. none of them has the same first name either. i'm the only one with stephen for a first name.