Apr 8 (edited) • ⚖️ General discussion
🚨 Bank Account Frozen? Read This First...
There is nothing more alarming than your bank account being blocked without notice and you have no access to funds....
Why do banks do this?. It's mainly for your protection - they are regulated financial institutions and they have to do this to preserve your funds.
They may do this if they see strange transactions, misuse of your bank account (e.g. you let a friend use it), a potential scam or if you receive funds which trigger anti-money laundering checks......
⚠️ A classic reason is you use your account for "crypto-trading" - with many online scams and the fact people are roped in by unregulated "traders", the bank will simply freeze your account to stop further money leaving your account. Sometimes this block can last months!.
Even worse than this, the bank may well record a fraud marker against your credit report - whether they think fraud was involved or even if you were a victim of a scam. This can then make it very difficult for you to open another bank account so the fallout can be devastating. A fraud marker can also be for things like identity theft, misuse of the bank facility, fraudulent applications for credit, insurance claims fraud - with the marker lasting for up to 6 years!
You may want to use more than one account and spread your funds to ensure you do have access to some money if this happens to you. Or keep a sum of cash available for essentials if this happens to you.....
Chances are it will happen to you one day, such is the proliferation of scammers and the fact banks are under more pressure to scrutinise your transactions as a result.
So what can you do if your account is blocked?
🔧 What you should do immediately:
➡️ Call the bank immediately - ask why the account was restricted - be polite with them (they have to do this to protect your account and to comply with regulations!
➡️ Request all information the bank is relying upon - ask what you can do to speed up the process
➡️ Respond clearly and consistently, provide any evidence they ask you for
➡️ Challenge the marker if it’s unfair - if necessary, make a complaint to the bank and if this fails, refer the dispute to the Financial Ombudsman
Note: in the UK a fraud marker is usually recoded with CIFAS - you should also make a subject access request to find out the information they have about you - you can do that online via this link :
⚖️ Important point
Just because a bank says fraud is involved does not automatically mean they are right
Markers can be challenged — but it has to be done properly.
🔥 Inside Law Clinic, we cover:
✔️ How CIFAS markers actually work
✔️ The difference between fraudulent and “innocent” markers
✔️ How to challenge a marker properly
✔️ What to say (and what not to say) to your bank
✔️ Templates to use when responding
👉 If you want to protect yourself (or fix this properly), join our Premium / VIP area on Skool where you will have full access to the tools required to help you remove a fraud marker.....
Tip of the day: if you plan on trading investments, use a bank which allows this - some are "crypto-friendly" such as Revolut but even then, if they suspect a scam, they will act accordingly....
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🚨 Bank Account Frozen? Read This First...
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