Explanation of what’s likely happening to Steve’s Bank

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  • #133918
    financialadviserman WANTED $2
    Outlaw

    OK, just for context – i’ve spend the last 25 years working for Financial Services Institutions including building societies etc.

    I have to be a bit careful as i am a regulated person still, but thankfully this forum is fairly anonymous.

    Steve is currently experiencing a “Fraud Check” which is a rather innocuous way of saying Barclays have decided to F#ck up his life.

    Steve is high risk for 2 reasons – he has HUGE amounts of money slosh backwards and forwards through his accounts, and he uses LARGE amounts of Crypto – Crypto is used extensively by criminal gangs, so he’s hit a point where the bank have decided they need to do an investigation – that investigation when complete gets referred to an internal fraud reporter who decides if it needs to go to Serious Fraud Office or not – the problem is that can take weeks/months. All your DD’s will bounce, you’ll be utterly destitute and it will destroy your credit rating for 6 years unless you are VERY fortunate, and theres not a goddamn thing you can do about it, and there’s no come back WHATSOEVER for the bank, as they are REQUIRED to do this monitoring and due diligence.

    The bank won’t tell you this as there is an offence called “Tipping off” – so if you WERE a crook and they said “oh you are under a fraud investigation” and you go, “Sh#t, they caught me” and booked a one way ticket to Guatemala the person who told you would effectively be “aiding and abetting” and could do some serious time at his majesty’s pleasure.

    Additionally, once they have completed these checks 9 time out of 10, even though you are in the clear the bank decides you are too “high risk” for them, and tell you to sling your hook. Barclays in particular is about as vanilla as they come, and would probably have barely tolerated Gambling, let alone Crypto Gambling – in particular they have a hard-on against Crypto in all it’s forms.

    SOOOOO

    Steve, if you are reading this what you need to do is:

    Send barclays copies of your crypto transactions and statements from the casino showing they correspond, and you aren’t an international drug dealer “to help their investigation” – they will eventually probably ask for these anyway – get them to them straight off to move things along.

    Get on to Starling or the like, and open a new account – redirect youtube income/affiliate income etc there so you can still pay your bills, and if Barclays tell you to do one, you have a back up.

    Sit on your hands and expect your balances to take some significant time to get released.

    Tis not the best of news, but at least gives you some info on what the h#ll is going on.

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    #134228
    Brassgemini WANTED $6
    Outlaw

    Hi FAM….I can see why Steve might be subject to such a review…..but it surely wouldn’t explain the overdrawn on 4 bank accounts by similar very large amounts on each? Be interested on your perspective on that?

    #134261
    casinoang WANTED $7
    Outlaw

    He did say when he went into the branch and was there 2 hours they let him have some cash ? But no explanation since . Let’s face it the majority of people think gamblers are bad , untrustworthy etc especially banks and I’ve worked in 2 , I agree with the tipping off fraud thing aswell they aren’t going to support a professional gambler ( sadly ) so they will probably close his accounts

    let’s hope he gets it sorted asap an update would be nice Steve

    #134276
    CryptoG82 WANTED $19
    Outlaw

    Brassgemini wrote:

    Hi FAM….I can see why Steve might be subject to such a review…..but it surely wouldn’t explain the overdrawn on 4 bank accounts by similar very large amounts on each? Be interested on your perspective on that?

    Some banks do this to effectively nullify the accounts. When their investigation is complete it will normalise. Don’t go to Monzo or Starling, they will do the same and lock your account for longer. Monza won’t allow me an account anymore because I deposited into Binance.

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