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Bank account suspended

Discussion in 'Offshore Bank Accounts' started by ksupty, Nov 9, 2017.

  1. ksupty

    ksupty New Member

    Is this normal and acceptable behavior from a bank?

    They are requesting ex-employees (who had rights to the bank account) updated passport copy and utility bill, and company financials for 2 years even the country the company is located doesn't require you to file annual returns?

    They asked a lot of different documents related to company which I provided, but then they suddenly suspended the account and are still asking these and telling me that they will not process any transaction before they get all these.

    I've already hired a lawyer, but just wanted to hear if anyone has tips/experience on situation like this?
     
  2. mrau

    mrau Member

    Hi @ksupty Which bank is that?
     
  3. Gipsy

    Gipsy New Member

    bank of cyprus ?
     
  4. ksupty

    ksupty New Member

    It's Choicebank Ltd in Belize
     
  5. Admin

    Admin Forum Moderator The Forum Cleaner

    Normally you will have to provide the documents required in order to sort this out. I don't know if a lawyer is able to help here!

    Maybe it is your business they don't like anymore.
     
  6. Dubsize

    Dubsize New Member

    Hi,
    what's your business?
    Maybe it can help us understand the reason they are causing you troubles.
     
  7. ksupty

    ksupty New Member

    Affiliate marketing/SEO, nothing that should raise the alarms. We've been banking there since 2013/2014 without any issues (from our end). Choicebank has changed their correspondent bank so many times that we stop counting and we've had issues clients not receiving their money as well money coming in with different payee names.
     
  8. ksupty

    ksupty New Member

    I'd be a bit surprised if bank has legal rights to take your money if you don't provide former employee passport copy or utility bill. Also, I'm not 100% sure about this, but I don't think I have agreed to provide any financials etc. to the bank either.

    If it was just that they don't want to do business with us anymore, that's fine, they have of course right to do so. But not to close account and return the balance to UBO's account is not acceptable in my opinion.
     
  9. NickNack

    NickNack Active Member Entrepreneur

    You need to move out of that bank ASAP

    Never bank in the carribean. Thats how you get your money stolen or stuck for years.
     
  10. Admin

    Admin Forum Moderator The Forum Cleaner

    I'm curious, have you tried more than one bank in the Caribbean?
     
  11. diablo

    diablo Trusted Member Mentor Group Sponsor Business Angel

    What bad experience did you had @NickNack ?
     
  12. NickNack

    NickNack Active Member Entrepreneur

    • Caledonian`s SEC Freeze
    • Choice bank used to be easy peasy they changed correspondents 3 times in the past 5 years and they wont let you take out your money without updating your compliance
    • DMS a couple years ago shut accounts down as they werent running compliance properly
    • Not to mention all the many carribean banks that dont have correspondents, lost their correspondents, or are in the long process of getting other crappy banks to be their correspondents