Can Lloyds TSB hold my funds?

[dixxy]

Hi,

I've saved up around £1000 paypal for web development work i've done over time and last week i decided i wanted to withdraw to my bank account. The money went into my bank then goes back out so i can't use it so i rang up the bank and they said this is to protect me from fraud and the funds will be released into my account within 7 - 10 days?!?

Basically i had to answer a few security questions and then they said they will release the funds into my account now it's going to take 7 - 10 days??

Sorry if this is in the wrong forum just wondered if anyone has had any problems with Lloyds in the past?

Thanks.

[OldWelshGuy]

so who has withdrawn the money, paypal or Lloyds?

[johndon68]

I transfer money from my PayPal account to Lloyds all the time and I've never had a problem...

John

[BudgetB]

I've had this issue before with Santander. Essentially when a transaction appears in your account that's 'out of the ordinary' compared to how you normally bank, it can flag the fraud team to have a look into it. This is designed to be a service to protect you, and also to protect the bank, but does cause the delay of not being able to access your money.
If you've now spoken to them the money will be released in due course. Inconvenient but just one of those things.

[OldWelshGuy]

personally I would refuse to accept their 7-10 days timeframe. it is your money, they have no right to hold onto it. They removed it instantly, they should replace it instantly, or allow an overdraft for the same timephrame (free of charge)

[BudgetB]

I ranted and raved and it got me precisely nowhere. The payment they were holding onto in my case was a staff members wages; the trauma it caused was huge!

[OldWelshGuy]

It isn't a case of ranting and raving, it is a case of calmy demanding a temporary overdraft while they correct their error, or you go to the banking ombudsman :) Possibly the police as they have stolen money from your account.

[Stretchy]

Dont get me started on Lloyds, If I tell you all what i think, the language will definately get me in trouble with the mods.:D

[BudgetB]

But they haven't stolen it; and they are following their standard fraud prevention procedures, however annoying they may be.

[OldWelshGuy]

I know 'stealing' means to permanently deprive someone.

The simple answer is move banks, make an official complaint about their behaviour and get compensation for the invonvienience

[Stretchy]

But they haven't stolen it; and they are following their standard fraud prevention procedures, however annoying they may be.


Fraud prevention my backside.
You have spoken to them, I assume they asked security questions to confirm who you are, You have explained where the money is from. They are taking the Mick.