With Mum's care needs apparently getting larger, we sold her house early in the year. Now we are trying to split the money up a bit for safety reasons before deciding about the long term.
The first Fund we moved some money into, sent a Source of Funds (anti money laundering) enquiry, which in effect froze the account. There was some flurrying about a letter from the Care Home, but that seems to have been sorted out once someone at their end "took ownership" and just clarified. But they are a fund, and it took several weeks. Having this happen to your bank account is another matter.
It seems there can potentially be serious problems moving large sums of money even when you can prove right away where they come from. For institutions, the normally have contingency, but individuals or families who run their lives through one bank, this is terrible.
Now I am scared stiff - trying to find out more about what we should do to avoid this on the Web doesn't seem to be a great idea - you come across all the stories where families have had all their accounts frozen for long periods for the most flimsy reasons (or none at all other than that some individual in the bank - or maybe some computer - just decided it was a good idea). Some people have been thrown out and made bankless without an investigation. I know these are the "rogue bank" stories, but they are happening.
Has anyone else come across this situation, or have any insight in how not to get into it?
Thanks for any advice.
The first Fund we moved some money into, sent a Source of Funds (anti money laundering) enquiry, which in effect froze the account. There was some flurrying about a letter from the Care Home, but that seems to have been sorted out once someone at their end "took ownership" and just clarified. But they are a fund, and it took several weeks. Having this happen to your bank account is another matter.
It seems there can potentially be serious problems moving large sums of money even when you can prove right away where they come from. For institutions, the normally have contingency, but individuals or families who run their lives through one bank, this is terrible.
Now I am scared stiff - trying to find out more about what we should do to avoid this on the Web doesn't seem to be a great idea - you come across all the stories where families have had all their accounts frozen for long periods for the most flimsy reasons (or none at all other than that some individual in the bank - or maybe some computer - just decided it was a good idea). Some people have been thrown out and made bankless without an investigation. I know these are the "rogue bank" stories, but they are happening.
Has anyone else come across this situation, or have any insight in how not to get into it?
Thanks for any advice.