We will reveal as we speak that the Co-op financial institution, the financial institution through which we use for our enterprise account, has been holding and denying us of our firm funds for greater than 70 days, for solely baseless causes. On the threerd October 2023, we got formal notification of the withdrawal of our account services with The Co-operative Financial institution p.l.c. We have been then instructed we’ve 60 days from the date of the letter to make different banking preparations. The letter proceeded to say that “After the 03/12/2023 you’ll now not have the proper to make use of the accounts.” As we speak is the 15/12/2023 and the account continues to be not closed and funds nonetheless not launched.
It’s key for us to stress that no causes for this sudden motion got to us, and after we enquired as to why on earth this had occurred, we have been instructed solely this:
“Closure is because of modifications in financial institution coverage and standards which suggests we are able to now not offer you banking services, you would wish to make different banking preparations, no additional cause for the closure must be given, please check with your phrases and situations.”
It has now been greater than 70 days since we obtained this letter from the Co-op financial institution and we’re nonetheless no nearer to retrieving the six-figure sum they’re withholding from our small enterprise.
This preliminary electronic mail response we obtained from the financial institution was from the fraud division. That is implying some type of fraudulent conduct on the a part of this firm, which is wholly unfaithful, but it surely seems we’ve no proper of enquiry and to be heard.
Earlier than we proceed exposing the injury the financial institution has completed to our small enterprise, we should point out that we’ve been buying and selling for 15 years efficiently as a legit enterprise, publishing common articles and podcasts on rip-off firms and defending individuals from them. Our accounts are updated at Corporations Home and we’ve a digital footprint courting again to the graduation of our enterprise. For the Co-op financial institution to insinuate that we’re working in an illegitimate manner is totally baseless and admittedly offensive.
The extended denial of entry to funds by the Financial institution for over 70 days has inflicted immense reputational injury and vital monetary loss upon our enterprise. Regardless of repeated complaints to the Financial institution, their silence concerning the extreme affect on our small enterprise is regarding. The delay in finishing investigations raises questions on why it’s taking so lengthy to confirm the legitimacy of transactions involving our financial institution accounts, affecting each present operations and new enterprise prospects.
Now we have made a number of makes an attempt to contact varied senior and customer support crew members together with Nick Slape, the CEO, to not solely attempt to resolve why our funds have been frozen, but in addition to make sure the discharge of them. Nonetheless, we’ve been constantly stalled and instructed it’s ‘being regarded into’.
For a financial institution of this caliber, who’s motto is ‘Moral then, now and at all times’, to function in such a clumsy, unprofessional method, is startling. The extent of communication we’ve skilled from the Co-op financial institution is sub-par and desires trying into as a matter of urgency.
Although it’s enterprise as standard for us, we’re nonetheless completely shocked by the financial institution’s actions, and have completely no concept why the financial institution has taken this course. We name on Nick Slape, the CEO of the Co-op financial institution, to take fast motion to rectify this case, and to instantly launch our funds.
