Can a Bank hold my money for THIS reason?
Recently I had arrived back from rehab (a place I have no access to computers or communications of any kind) and checked my emails to find that my bank (N26) will no longer be supporting UK accounts due to brexit and new regulations. They had sent many emails prior and during my time away that my money needed to be transferred to another bank account before official closure date (April 28th 2020). Since I hadn't the chance to do this as I was away they sent out all users an email stating "Over the next two weeks, we will wait for any pending transactions to be finalised and then confirm your final balance.
Once finalised, we will return your closing balance to you by cheque, mailed to your registered address. If you believe that the shipping address you have registered with us is incorrect, please contact customer service here."
I was happy to accept this at first and wait as I knew I had no pending transactions, however, it's now June and I desperately need my money and cannot wait any longer. I have contacted support and all they say is that "All UK accounts final balances are still being finalised and processed". I'm not at all worried about the legitimacy of the company as it is100% legit. But the time they are taking is causing me financial stress. Is there not a way under law (if so which one) I can claim my money back even through a transfer with proof of I.D? Can I not force them to give it back? I mean it's my money and my account is clean/positive.
- babyboomer1001Lv 74 months ago
They did what they had to do by law. You failed to respond. It is your fault that you couldn't, not theirs and not within their control. They would have sent your money to the province, by law. It is up to you to contact the province and prove who you are and that you are entitled to it. Do that and they will send you your money.
- Anonymous4 months ago
If I were you I would go in and read the fine print you signed when you opened with them.
Banks do holds are the time, and in a way, they have the right to because you are 'asking' them to hold your money for you.
It's going to take some time for them to return and process everyone's money back. Money is money and it is important so they probably have to make sure it's correct, probably have to go through a lot of paperwork and what not.
I don't think you can "force" them to give you the money back (read the fine print/laws). I don't know if the UK (where I am assuming you are) has something that secures your money. For example, in the US we have the FDIC and it insures our money up to a certain amount.