My partner and I are about to buy our first home.
asserted
partner → buy → home
Our £37,000 deposit is saved in a joint account with Revolut, and we each have a current account with the bank too.
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we → save → bank
Two weeks ago, my partner was told her current account was being put under a routine security review and had been temporarily frozen.
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account → tell → review
When we checked our savings account with the deposit inside, we couldn't access that either.
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we → check → that
We are due to exchange contracts on our house in 12 days' time and need to transfer the deposit to our solicitor then.
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We → exchange → solicitor
We've been given conflicting reasons for the account being frozen, from a 'policy breach' to something about 'crypto unstaking'.
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crypto → give → unstaking
We don't have any cryptocurrency.
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We → have → cryptocurrency
My partner just uses the account to receive her salary and for normal day-to-day spending.
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partner → use → spending
The clock is ticking and Revolut keeps giving us deadlines for when the investigation will be finished and then missing them.
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investigation → tick → them
We don't mind if her account is closed, we just need to get the money out.
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we → mind → money
This couple can't access their £37,000 house deposit because Revolut has frozen their account - and they are set to exchange in two weeks
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they → access → weeks
Helen Crane, This is Money's consumer champion, replies: Buying your first property is more stressful than sitting exams, getting divorced or even having a baby, according to surveys trotted out by the industry.
uncertain
Buying → reply → industry
So for you to lose access to your hard-saved deposit just as you were in view of the finish line caused immense anxiety.
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you → lose → anxiety
All banks (and Revolut is now a bank, having received its UK license earlier this year) must carry out anti-money laundering and identity checks on their customers, and have the right to take away their access to their accounts while they investigate.
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they → receive → accounts
Often, this happens when someone has sent or received an unusually large sum, if identity or address data is found to be out of date, or their usual pattern of spending changes - but you said this hadn't been the case.
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this → happen → changes
The bank will be tight-lipped about has triggered their investigation, as they do not want to give fraudsters intelligence that could help them evade their checks.
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them → trigger → checks
It is possible that security is heightened at Revolut.
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security → heighten → Revolut
Last month, hackers posing as Italian government officials tricked staff into handing over the personal details of 680 customers - thought to be those with large cryptocurrency holdings.
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hackers → pose → holdings
The group threatened to sell the data to other criminals unless Revolut paid a $3million ransom.
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Revolut → threaten → ransom
It's not clear whether this was paid.
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this → pay → ?
In your case, you were told the investigation of your partner's account was due to a 'policy breach,' but later told it was because she had activated the 'wealth protection' feature inside Revolut.
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she → tell → Revolut
This puts in place stricter security including a 'selfie check' when withdrawing money from an account, and ironically she had done it to protect your deposit.
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she → put → deposit
Later, you were told it was due to crypto, which you don't own.
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you → tell → which
Your partner wasn't asked to provide any identification or information about the source of funds in her account, which is common when banks are carrying out these checks.
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banks → ask → checks
You felt this wasn't always helpful and that you often had to repeat information.
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you → feel → information
Customers understandably get frustrated when they find they have been locked out of their account, but can't get an answer as to why.
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they → get → why
Readers have told me in the past that they had to borrow money for a bus ticket when they couldn't fill up their car, or were forced to survive on food in the freezer because they couldn't pay for shopping.
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they → tell → shopping
If anyone reading this doesn't have a back-up current account, this is your sign to open one - making sure it is with a different banking group than your own.
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it → read → own
While your own Revolut current account was briefly frozen as part of the investigation into your partner, access was restored quickly - which was a good job, as you have two children under the age of six to look after.
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you → freeze → six
Having your bank account frozen is distressing, but in most cases customers are at least given a clear timeline of when the bank's investigation will complete and their account will either be restored, or closed.
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account → have → timeline
If closed, the money is normally sent to another account within a few days.
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money → close → days
This wasn't the case for you with Revolut, which was particularly unfortunate because you were facing a very hard deadline to exchange on your new home.
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you → face → home
If you weren't able to send your deposit to your lawyer you risked delaying the move, or worse, the seller pulling out and the whole thing collapsing.
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thing → send → move
You'd also handed in notice to the landlord of your rented home, meaning that if the move was delayed your young family risked being left without anywhere to stay.
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family → hand → home
You were initially told the investigation would be finished a few days after the account was frozen, but nearly every time you contacted Revolut it pushed this back by a few more days, causing your anxiety levels to surge.
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levels → tell → days
You were told 'operational volume' had delayed things and paid £175 in compensation for this, but you still didn't have the crucial funds to complete on your home.
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you → tell → home
This was when you contacted me.
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you → contact → me
I spoke to Revolut to plead with them to get your deposit transferred out to an account you have with a separate bank - and fast.
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you → speak → bank
A few days later, I'm glad to report you were reunited with your cash and are now ready to exchange on your new home.
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you → report → home
A spokesperson for Revolut said: 'Account reviews are mandatory and necessary to protect our customers and the integrity of the financial system.
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reviews → say → system
…and 5 more, not listed.
The Aporia
