Hello, in August 2021 my card never worked whilst I was overseas, I called the bank and they told me due to suspicious activity. Every week for the past 10 weeks I have emailed my own bank for updates and they were restrictive of all details stating "it's out of their hands" this week I demanded answers and they today have just told me all my balances are being held with Bona Vacatia. My Company is still alive and kicking but of course, we need the balances to start paying our suppliers.
I have all the evidence and invoices and details they could possibly require to claim my balances back but wanted to know how long and what this process may incur.
It is only today I have learned this and the office for this government portal is closed until Monday
Replies (22)
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If the explanation is genuine then I suspect that there has been suspicious activity using your credentials that you do not know of.
I assume you did not tell bank you were going on holiday, but that does not always stop these problems
Make a formal complaint as soon as possible
If bank has divested itself then consider who had access to your account by card or through the App
By that I mean your child or someone with access to your house or the login details
Thanks for the reply and it was suspicious activity meaning my client and the invoice amount were larger than normal.
Not sure that makes any more sense than the original question.
I’d definitely speak to a solicitor and ask them to deal with the bank on your behalf.
Are these still the services for an accountant or lawyer services?
Doesn’t make sense. Are what still tge services?
The bank is not allowed to tip off
One big payment that they tell you about is probably not the cause of the suspicious activity
But TBF, what & how long could easily be something that an accountant might know.
Happen.
Do you?
No, but I know how to dissolve and company, how to restore a company … stuff which to the layman is probably in the same pool of things as a bank closure.
If company was listed for strike off for failure to file then the bank account could indeed be frozen
But closing account and Bona Vacantia?
I think there is more to this than bank is disclosing
I had the same thing happen to me in the recent past. An over enthusiastic staff member in my local branch was suspicious as a substantial client tax refund had been deposited into mt account.
My account was frozen a few days later.
I got very little communication from them, other than "we're not allowed to discuss it".
I later figured out that the staff member had reported their suspicions that it related to money laundering .
The account was frozen for around 6 months, and I could get very little information from them.
Eventually whatever background checks were completed and it was 'unfrozen' (thawed?).
The practical reality is that the bank will say they were acting under a statutory obligation where they have a suspicion of money laundering. If a compensation claim went to court the court would very likely be sympathetic to the bank.
Of course monies from HMRC may be proceeds of crime (for example where a fraudulent claim for tax relief has been made).
David
I wonder if the bank account was frozen because the company was dissolved, not the other way around.
OP said "My Company is still alive and kicking", so seems unlikely ... unless he/she has also failed to notice the dissolution!