Our house purchase is at risk from a frozen Revolut account
Access to our £37,000 deposit in a savings account is restricted after a ‘routine security review’ My wife’s Revolut account was frozen in what it calls a “routine security review”
By The Guardian
A couple’s home purchase was put at risk after Revolut restricted access to £37,000 held in a joint savings account during what it described as a “routine security review”.
The woman’s account was frozen for more than a week, with the couple saying they had not been asked to provide identification, proof of funds or other documents.
They were approaching completion of their property purchase and had already given notice on their rental home. Direct debits began bouncing, while the couple feared the situation could affect their credit records.
The account holder’s partner said his personal Revolut account was also restricted at one stage, leaving them effectively unable to access their money. They said deadlines given for restoring access were missed and that customer service staff were unable to explain when the restrictions would end.
The couple’s £37,000 deposit was held in the joint savings account and was needed for the property transaction.
Banks can restrict accounts under anti-money-laundering rules when transactions or account activity raise concerns. They do not have to warn customers in advance or explain the details of a review where doing so could breach regulatory requirements.
In this case, there was no suggestion that Revolut suspected criminal activity. The accounts were restored nearly three weeks after the suspension began.
Revolut offered the woman £175 as a goodwill payment and said regulatory constraints prevented it from providing a fuller explanation. The company apologised, saying the review had taken longer than usual and that its communication had fallen below its normal standard.
Customers who believe a bank has acted unfairly can complain to the Financial Ombudsman Service.