Here, FT Money looks at the steps you can take to avoid being frozen out by your bank, and your rights if it happens to you. Yet at the same time, Covid-19 has limited access to in-branch services, putting increased strain on telephone helplines as customers attempt to resolve problems and ‘unfreeze’ their accounts. Under lockdown, financial fraud has risen sharply, and banks are on high alert for suspicious transactions. They are caught between the need to prevent money laundering, and their duty to look after their loyal customers. The reason? Banks find it hard to distinguish between unusual account activity and criminal behaviour. Customers suddenly find they have no access to cash their direct debits and standing orders are suspended. The decision to freeze an account often happens with no warning or explanation. The greater your bank balance and your international connections, the more likely you are to match the profile. Do you look like a criminal to your bank? Thousands of people a year now fit this description, judging by the number of complaints to the Financial Ombudsman about frozen bank accounts.
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