EMI holds our money. What to do?

[Novice]

So, a UK EMI (not a popular one) has suspended our US LLC business account with them and is holding our money for almost 50 days now.

They've suspended our account once we made 2 deposits (larger than usual. 15k & 20k) from our own business bank accounts and they've requested documents which we provided. (Documents weren't relevant to the 2 deposits. It felt like data collection only as the decision was already made.)

After we sent the requested documents (they asked for 2 invoices for 2 old incoming payments) they haven't given us much details ever since.

We've also noticed that complaints against this EMI has increased recently.

I've complaint to FOS 7 days ago and I've never heard of them. (They say they only answer cases they can help, and they'll answer in 7 days.)

What can we do?

 

[Alexmorgan]

Why not saying the name?

 

[ayousupply]

Please tell us the name. I have a similar issue with Wise right now

 

[JohnnyDoe]

Why not saying the name?

Legit question, but I guess they don’t want to cause a run on the bank.

I can suggest a very good UK law firm, with presence also in the US. Sometimes a letter from a lawyer is sufficient to unblock the situation, so you might get away with a $1-2k bill.

 

[jafo]

I can suggest a very good UK law firm, with presence also in the US. Sometimes a letter from a lawyer is sufficient to unblock the situation, so you might get away with a $1-2k bill.

This right here! This man sues! He knows! Banks are terrified of losing their US correspondent bank. It's better to cut their losses short! A jury trial with bankers is NOT going to end well for banks in the US.

 

[ShillGates]

Frozen bank accounts and suspicious activity reports: extension of the moratorium period - Brett Wilson LLP

How long can a bank freeze your account for is a common question when an individual's bank account is under investigation. Where a bank account has been

www.brettwilson.co.uk

if you or your company , (whoever got the account) mnot been notified, which happens in 99% of the cases then you shall seek to recover this money the usual way by demanding it to be transfered to an account of your choice.

problem with emi's is that they seek defense ie get out of jail for free card for a transaction they report. therefore the emi's like to report pretty much every single damn thing so they are not on the hook financially for losses in case of criminal property. thats all really.

first 7 days, if not response form nca , then its clean. If extended to 31, you would not know either, again day 32 they(the government NCA) need to serve you for holding the money

 

[Clearsky Network]

Can you please share the name of the EMI?

 

[Novice]

Frozen bank accounts and suspicious activity reports: extension of the moratorium period - Brett Wilson LLP

How long can a bank freeze your account for is a common question when an individual's bank account is under investigation. Where a bank account has been

www.brettwilson.co.uk

if you or your company , (whoever got the account) mnot been notified, which happens in 99% of the cases then you shall seek to recover this money the usual way by demanding it to be transfered to an account of your choice.

problem with emi's is that they seek defense ie get out of jail for free card for a transaction they report. therefore the emi's like to report pretty much every single damn thing so they are not on the hook financially for losses in case of criminal property. thats all really.

first 7 days, if not response form nca , then its clean. If extended to 31, you would not know either, again day 32 they(the government NCA) need to serve you for holding the money

Can you please clarify? Should I contact the NCA?

I've searched Home but I couldn't find where do they receive such inquiry.

If this is automated, how do I know when they'll release/send us the money?

And yes, they haven't notified us.

I'd appreciate the help.

Why not saying the name?

Vertofx

Please tell us the name. I have a similar issue with Wise right now

Vertofx

Legit question, but I guess they don’t want to cause a run on the bank.

I can suggest a very good UK law firm, with presence also in the US. Sometimes a letter from a lawyer is sufficient to unblock the situation, so you might get away with a $1-2k bill.

Thank you for your suggestion. I'll consider it as soon as I see all possible options.

Can you please share the name of the EMI?

Vertofx

 

[Alexmorgan]

Vertofx

Well it seems they are doing a lot of bad parties in their Trustpilot reviews lately

They rated as 4 but now they will go down it sounds like an eye opened on them and they started doing this party

Thanks for alerting us anyway i recommend you an attorney and it will help releasing

BTW

ARe you connected to Talents Valley LLC ??

 

[ShillGates]

Can you please clarify? Should I contact the NCA?

I've searched Home but I couldn't find where do they receive such inquiry.

If this is automated, how do I know when they'll release/send us the money?

And yes, they haven't notified us.

I'd appreciate the help.


Vertofx


Vertofx



Thank you for your suggestion. I'll consider it as soon as I see all possible options.


Vertofx

lol dont contact the nca. call the lawyers i shared a link for , or google the same keywords in google and choose any other lawyer. you need someone with knowledge to fire them a letter and give them npotice. I cant be of further assistance in this

 

[myhand]

Please keep us posted how this will workout. To me a lawyers letter sounds like to be the best.

 

[wellington]

I had a old account in the UK, hadn't used for a long-long time, funeral expenses came up and i transferred in some funds.

Found out the account was frozen when tried to pay a bill, it was a KYC update process, so gave them all the information they asked for... didn't hear anything... they called my 95 yrs old grandmother (no clue where they got that number from - they had my number and email as i used to log into their e-banking) anyway she told them i'd been gone overseas for a decade.

Around 8 months later i seemingly could transfer the funds, so tried, it didn't work, few days later the account was closed, and the funds transferred to another account (never heard of) and still heard nothing.

That's the UK banking system for you lol.

*it's not worth visiting the UK for the funds, lowest flights would cost 3x the value.

 

[lacomaco]

I had a old account in the UK, hadn't used for a long-long time, funeral expenses came up and i transferred in some funds.

Found out the account was frozen when tried to pay a bill, it was a KYC update process, so gave them all the information they asked for... didn't hear anything... they called my 95 yrs old grandmother (no clue where they got that number from - they had my number and email as i used to log into their e-banking) anyway she told them i'd been gone overseas for a decade.

Around 8 months later i seemingly could transfer the funds, so tried, it didn't work, few days later the account was closed, and the funds transferred to another account (never heard of) and still heard nothing.

That's the UK banking system for you lol.

*it's not worth visiting the UK for the funds, lowest flights would cost 3x the value.

No, that is the UK EMI banking system, you get what you pay for