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I transferred £ 25,000 to TSB, but he is demanding proof of how I got the money

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I opened a current account at TSB because I am not happy with my former bank. I put £ 25,000 into this account, my whole life savings, and it was instantly frozen.

A week after the inspection, the TSB immediately responded by asking me to prove the source of the money I had provided.

Another week later, I wanted to know how I got this money, and now he’s asking where the money came from. The question and answer will not end and it will take them a week to ten days for them to answer.

About seven weeks have passed and he is still not satisfied with the clear and concise evidence I have provided. Now I don’t have the money to pay rent, taxes, bills and food.

The TSB client found that it took several months for the bank to check their funds

The council has become a tax debt and I am being threatened with legal action.

Why can’t I access my money and when will the account be frozen? DW, by email

Grace Gausden, a consumer expert at This is Money, answers: When you decided to switch from your previous bank to TSB, you thought it was an easy transition.

Instead, you found out that you had been living without a deposit for more than two months, which meant you couldn’t afford to pay a few house bills, which caused a lot of stress and grief. ldi.

After you made the transition and immediately realized that your account was frozen, you contacted the TSB, who asked for several documents confirming where you got the money from.

GRACE OF MANUFACTURING

In our weekly column, This is Money consumer Grace Gausden solves student problems and sheds light on companies doing good and bad.

Do you want him to explore the problem, or do you want to praise the company for going the extra mile? Contact:

grace.gausden@thisismoney.co.uk

You submitted the documents immediately, but did not receive a response from the bank.

Therefore, you tried to follow up by phone and email, but did not receive a response each time, a few days after the initial contact.

As a result, you visited one of the TSB affiliates, and ten days after you provided the final proof, this was a video of you logging into your NS&I account online and demonstrating Premium Bond activity, which is where your money came from.

You did this because NS&I could not provide statements indicating the client’s name, which is what TSB asked for.

At the branch, you filed an overdue tax payment that threatened the court, and at the time explained that you might not have Christmas because of his actions.

You have also overdue a £ 9,000 bill, which, in your opinion, could lead to a visit by the CCJ and the bailiff.

A branch representative said he could not help and that you should wait.

TSB took a long time to respond to calls and emails asking where the funds were coming from

TSB took a long time to respond to calls and emails asking where the funds were coming from

Surprisingly, TSB responded slowly to every email and phone call you made, meaning you often didn’t know where you were.

When you provided every piece of evidence the bank asked for, it seemed unfair to wait a few months for £ 25,000 of your money, and I contacted TSB.

A TSB spokesman said: “We need to identify the source of funds invested by customers, especially for new customers in the bank or where large deposits have been made.

“Once we get the information we need from our customer, we’re happy to remove the account restrictions.”

It says banks need to identify a source of large or unusual payments to their accounts in order to comply with money laundering rules – rules that have been tightened in recent years.

This is especially true for new customers who have no experience, which can be a typical transaction.

In that case, your first transaction was to make a £ 25,000 deposit and there were no other payments in or out of the account.

In order to fulfill its regulatory obligations, it required proof of where these funds came from.

Information requests were complicated because they were often handled by your husband, who was not a TSB client, and he said that the information requested by the bank was not initially sent.

While you are happy to receive the money, you may face legal issues after you are fined for owing several bills and failing to pay your legal bill.

This made you worried about your relationship with your new bank, but it was a lesson for those who are thinking about switching accounts and transferring large sums of money without any other activity, given the fight against money laundering.

The grieving son was upset after his father’s life insurance payment was delayed

The grieving son was upset after his father’s life insurance payment was delayed

Hit and miss: This is a naughty and cute list of the week

Every week, I review some companies that have fallen short of expected standards, as well as companies that have gone the extra mile for customers.

Miss: This week, student Sebastian said he was disappointed Legal and general after the death of his father.

He said: “My father passed away in August 2021. Her death was covered by Legal & General’s life insurance policy, which owed my mother £ 40,000.

“After we filed the claim in early September and were later granted access to all relevant documents and medical information, we had to be contacted for further consideration of the claim.

“The association claimed to have called my mother twice, but it never happened.

“Their claim line connects me to an agent who can’t give me any contact information for an appraiser or manager and can’t take the time to discuss a claim with them in the future.

“They’re constantly avoiding paying a life insurance claim.”

After talking to you in December and hearing that you are still waiting, I contacted Legal & General as this is not the first time I have reviewed the sluggish service by this firm.

The spokesperson said: “Our customers are our priority and our teams strive to respond as quickly as possible to ensure that our customers stay updated.

“We apologize for any misunderstanding or delay that occurred and at the same time wish the family all the best.”

Shortly after I contacted you, your mother claimed that the claim was paid in full on December 22, 2021.

It says your mother is your closest relative, but your sister is involved in the lawsuit.

As a point of contact, she recorded your sister’s mobile number on their systems, unlike your mother, and this was the number the appraiser used to connect in two separate cases.

This caused some delays, but he said there were also some delays in obtaining completed forms and a death certificate from the executor.

I hope that now your family will take care of your father peacefully.

One student praised a local Garlicks hardware store for replacing her mother’s washing machine

One student praised a local Garlicks hardware store for replacing her mother’s washing machine

Strike: In the good news, Max’s reader wanted to praise the store, Garlic.

She said: “I am my mom’s only caregiver, she has complex problems, one of which means I have to wash twice a day.

“I bought the washing machine in February 2021 from Harry Garly, a technology store with four stores.

“In November, the car broke down and Garlics gave me a loan car after the first manufacturer’s engineer said he couldn’t fix it.

“One part was ordered and I received a second engineer visit without any repairs. The second part was ordered and still the next engineer could not repair my machine.

“To cut a long story short, after the manufacturers’ engineers visited three times without any problems, Garlics switched my car to another manufacturer’s product.

“Through all of this, the washing machines had to go up and down a very steep staircase. I want to say a big thank you to Garlics Barnoldswick and the suppliers.

There are no bad reviews on the wash here, great service from a local firm.

Some of the links in this article may be affiliate links. If you click on them, we can get a small commission. This will help us fund This Is Money and it is free to use. We do not write articles to promote products. We will not allow any commercial relationship to affect our editorial independence.

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