my bank have froze my acc becuase the are suspisious of an amount of money that has gone in. Do they have to tell me if they are investigating?
2007-03-21 23:27:55 · 5 answers · asked by donefor 1 in Business & Finance ➔ Personal Finance
Not only does a bank not have to tell you if they are investigating a transaction, in most cases they won't let you know that they are suspicious at all. The transaction is flagged, the investigation is conducted and if you are laundering money, the authorities are notified before you have any idea what's going on.
Any reputable bank has clearly defined anti money laundering procedures that are designed to catch money launderers so that the bank is above reproach and can't be cited as an accomplice in the laundering.
2007-03-22 04:24:23 · answer #1 · answered by BosCFA 5 · 0⤊ 0⤋
Banks are required to report cash deposits over a certain limit. I think anything over $10,000 cash has to be reported. If you keep depositing $9,000, or some amount just under 10k, they will consider that suspicious and probably notify the authorities. Do they have to tell you-YES. Even the police or FBI can't have them freeze your account without some type of court order. You need to speak to the bank manager. It may all be a bank error. As efficient as banks are they still make mistakes. I've been the recipient of a few. If the manager says they froze the account because of the strange deposits you can explain yourself and/or speak to an attorney. I'm assuming that you are NOT laudering money for the Russian mob, and that you are legit. If not, you just got caught. Say hi to Bubba in prison for me.
2007-03-22 08:23:18 · answer #2 · answered by ontopofoldsmokie 6 · 0⤊ 0⤋
The banks can be legally liable if they are suspicious of any money laundering activities and do not take any action. This transaction will have been reported. You must ask your bank why the money has been "frozen" and provide proof why it is legitimate. If not, say good bye money, hello tax man or police.
2007-03-22 07:14:12 · answer #3 · answered by david t 4 · 0⤊ 0⤋
Well if they've frozen your account, surely its obvious they are investigating. But I dont think the bank would actually freeze your account - they dont care where your money comes from as long as they are the ones hoarding it for you. I'd look a little bit higher up in the ranks as to who really asked the bank to freeze your account.
What have you been up to?
2007-03-22 06:39:36 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Yes they do have to tell you, depending on who your account is with, some text you. ring you or even email you if they have your personal details
2007-03-22 07:41:54 · answer #5 · answered by Karly G 1 · 0⤊ 1⤋