bomberbrown Posted July 24, 2020 Share Posted July 24, 2020 (edited) How is this (small trading) any different to say eBay? Could happen to any of us is what I’d be worried about? To be honest, I never really thought about business/personal bank accounts..... but there again, I don’t run a small business. Edited July 24, 2020 by bomberbrown grammar Quote Link to comment Share on other sites More sharing options...
Peter Hun Posted July 24, 2020 Share Posted July 24, 2020 15 hours ago, shlomo said: All £527.54 i am now wary of all banking apps, and I am not a Luddite but will only use banks that have branches A paper based bank will do the same, its illegal to run a business from a personal bank account. Open a business account. 2 hours ago, GregBowman said: Whats that got to do with it ? They are a bank not HMRC They have to apply the law. Banks are highly regulated. Criminals have no rights.. Quote Link to comment Share on other sites More sharing options...
Pindar Posted July 24, 2020 Share Posted July 24, 2020 2 minutes ago, Peter Hun said: A paper based bank will do the same, its illegal to run a business from a personal bank account. Open a business account. They have to apply the law. Banks are highly regulated. Criminals have no rights.. Unless they're wealthy criminals.. Quote Link to comment Share on other sites More sharing options...
Peter Hun Posted July 24, 2020 Share Posted July 24, 2020 1 hour ago, bomberbrown said: How is this (small trading) any different to say eBay? Difference between setting up a personal account with occasional buying and selling second hand shit and setting up a personal account and trading from it. Quote Link to comment Share on other sites More sharing options...
This time Posted July 24, 2020 Share Posted July 24, 2020 49 minutes ago, Peter Hun said: A paper based bank will do the same, its illegal to run a business from a personal bank account. Open a business account. They have to apply the law. Banks are highly regulated. Criminals have no rights.. Sole traders don't legally need a business bank account. Quote Link to comment Share on other sites More sharing options...
Peter Hun Posted July 24, 2020 Share Posted July 24, 2020 59 minutes ago, This time said: Sole traders don't legally need a business bank account. I'd guess he's not a sole trader and set this up in addition to his personal account. Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted July 24, 2020 Share Posted July 24, 2020 3 hours ago, Peter Hun said: A paper based bank will do the same, its illegal to run a business from a personal bank account. Open a business account. They have to apply the law. Banks are highly regulated. Criminals have no rights.. Really, illegal, as in against the law? If so what law? Quote Link to comment Share on other sites More sharing options...
Peter Hun Posted July 24, 2020 Share Posted July 24, 2020 1 hour ago, Bruce Banner said: Really, illegal, as in against the law? If so what law? Ok, I think I'm wrong. All I can find is there are tax penalties for failing to notify the HRMC. Quote Link to comment Share on other sites More sharing options...
Bluestone59 Posted July 24, 2020 Share Posted July 24, 2020 2 hours ago, Bruce Banner said: Really, illegal, as in against the law? If so what law? It might be because it subverts the purpose of the banks' ID checks. Banks' charging structures tend to be more expensive for business accounts, or used to be. Trying to get onto the lower tarriff by misrepresenting who you are could be fraud, though on a pretty small scale in money terms. Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted July 24, 2020 Share Posted July 24, 2020 (edited) 7 minutes ago, Bluestone59 said: It might be because it subverts the purpose of the banks' ID checks. Banks' charging structures tend to be more expensive for business accounts, or used to be. Trying to get onto the lower tarriff by misrepresenting who you are could be fraud, though on a pretty small scale in money terms. I'm sure there are various rules, regulations and possibly banks' terms and conditions that may or may not apply, but I doubt that using a personal account for business purposes is against the law. Edited July 24, 2020 by Bruce Banner Quote Link to comment Share on other sites More sharing options...
This time Posted July 24, 2020 Share Posted July 24, 2020 1 minute ago, Bruce Banner said: I'm sure there are various rules and regulations that may or may not apply, but I doubt that using a personal account for business purposes is against the law. It's not illegal unless it's a limited company. Quote Link to comment Share on other sites More sharing options...
Fishfinger Posted July 24, 2020 Share Posted July 24, 2020 6 hours ago, Peter Hun said: A paper based bank will do the same, its illegal to run a business from a personal bank account. Open a business account. They have to apply the law. Banks are highly regulated. Criminals have no rights.. If criminals have no rights why is HSBC still trading? They’ve been done for money laundering on more than one occasion. Quote Link to comment Share on other sites More sharing options...
mjhpc Posted July 24, 2020 Share Posted July 24, 2020 They have closed your account because they think you are money laundering / money mule. They will already have filed a SAR (suspicious activity report) on you. This is the reason why they won't talk to you about it as if they do then the Bank is in trouble as it is an offence to 'tip off' that a customer has been reported for AML reasons. This does not help you as the authorities barely have the capacity to look at serious SARs and certainly won't be interested in £500 so you are stuck in no man's land. However the Bank are also stuck as they are the rules they have to follow and following some high profile fines they follow them as dilligently as they can and take a conservative approach. Quote Link to comment Share on other sites More sharing options...
A.steve Posted July 24, 2020 Share Posted July 24, 2020 12 hours ago, Peter Hun said: ...its illegal to run a business from a personal bank account. Is it? Which statute makes this illegal? I consider it ill-advised. I am not aware of anything that would make it illegal. Even if it were illegal, a bank would not be entitled to confiscate the funds. Quote Link to comment Share on other sites More sharing options...
Peter Hun Posted July 25, 2020 Share Posted July 25, 2020 15 hours ago, A.steve said: Even if it were illegal, a bank would not be entitled to confiscate the funds. So why did they? Quote Link to comment Share on other sites More sharing options...
Hullabaloo82 Posted July 25, 2020 Share Posted July 25, 2020 Have you considered the possibility it's because the expression "kosher food" could be taken to mean "high quality drugs" in some parts of England? Maybe they think you're selling drugs on the darknet. Quote Link to comment Share on other sites More sharing options...
A.steve Posted July 25, 2020 Share Posted July 25, 2020 (edited) 18 minutes ago, Peter Hun said: So why did they? I don't know that they did - and if the did, I don't know why. That a company or individual not be entiteld to do something does not necesarily imply that they will not do it. Edited July 25, 2020 by A.steve Quote Link to comment Share on other sites More sharing options...
Peter Hun Posted July 25, 2020 Share Posted July 25, 2020 2 minutes ago, A.steve said: I don't know that they did - and if the did, I don't know why. That a company or individual not be entiteld to do something does not imply that they necesarily will not do it. Quote Banks are allowed to close accounts without a reason or explanation if there are concerns the account is being used - whether knowingly or not - for financial crime or fraud, according to the regulator the Financial Conduct Authority (FCA). Quote Link to comment Share on other sites More sharing options...
A.steve Posted July 25, 2020 Share Posted July 25, 2020 2 minutes ago, Peter Hun said: ... Closing an account and confiscating funds are two distinct concepts. Quote Link to comment Share on other sites More sharing options...
Peter Hun Posted July 25, 2020 Share Posted July 25, 2020 1 minute ago, A.steve said: Closing an account and confiscating funds are two distinct concepts. Closing the account and seizing the funds suggest fraud, so allowing the funds to be return to the victims. Quote Link to comment Share on other sites More sharing options...
Peter Hun Posted July 25, 2020 Share Posted July 25, 2020 17 hours ago, mjhpc said: They have closed your account because they think you are money laundering / money mule. They will already have filed a SAR (suspicious activity report) on you. This is the reason why they won't talk to you about it as if they do then the Bank is in trouble as it is an offence to 'tip off' that a customer has been reported for AML reasons. Probably not a good idea to tip him off in that case. Quote Link to comment Share on other sites More sharing options...
A.steve Posted July 25, 2020 Share Posted July 25, 2020 1 minute ago, Peter Hun said: Closing the account and seizing the funds suggest fraud, so allowing the funds to be return to the victims. A court may order the siezure of funds... but the OP said that the bank kept his funds - which is conceptually distinct. Quote Link to comment Share on other sites More sharing options...
Timm Posted July 25, 2020 Share Posted July 25, 2020 17 hours ago, mjhpc said: They have closed your account because they think you are money laundering / money mule. They will already have filed a SAR (suspicious activity report) on you. This is the reason why they won't talk to you about it as if they do then the Bank is in trouble as it is an offence to 'tip off' that a customer has been reported for AML reasons. This does not help you as the authorities barely have the capacity to look at serious SARs and certainly won't be interested in £500 so you are stuck in no man's land. However the Bank are also stuck as they are the rules they have to follow and following some high profile fines they follow them as dilligently as they can and take a conservative approach. I love the fact you went to the trouble of setting up an SPV to post this! Quote Link to comment Share on other sites More sharing options...
Dreamcasting Posted July 25, 2020 Share Posted July 25, 2020 18 hours ago, mjhpc said: They have closed your account because they think you are money laundering / money mule. They will already have filed a SAR (suspicious activity report) on you. This is the reason why they won't talk to you about it as if they do then the Bank is in trouble as it is an offence to 'tip off' that a customer has been reported for AML reasons. This does not help you as the authorities barely have the capacity to look at serious SARs and certainly won't be interested in £500 so you are stuck in no man's land. However the Bank are also stuck as they are the rules they have to follow and following some high profile fines they follow them as dilligently as they can and take a conservative approach. So basically if a bank wants to steal your money, they could just claim they believe your are laundering money. Then because the bank can't talk to you and the authorities aren't interested, and because you don't even have proof that you had the bank accounts in the first place, you have indeed lost everything? Quote Link to comment Share on other sites More sharing options...
Peter Hun Posted July 26, 2020 Share Posted July 26, 2020 17 hours ago, Dreamcasting said: So basically if a bank wants to steal your money, they could just claim they believe your are laundering money. Then because the bank can't talk to you and the authorities aren't interested, and because you don't even have proof that you had the bank accounts in the first place, you have indeed lost everything? He can make an official complaint and get his money back, if he is legit. Doesn't look like he is. Quote Link to comment Share on other sites More sharing options...
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