Bank holding back money sent to my savings account with another bank

[TeaAddicted]

Hi everyone,

I'm having some issues with my bank blocking online bank transfers from my current account to a new savings account I set up with Hodge Bank. I know Hodge Bank is a smaller bank but I've read all the reviews, checked Trustpilot, read everything on their website and they've even been written about in newspapers so I know they are not a fraudulent bank and my money is safe there.

I only have 14 days to add money to the account as it's a fixed term bond. However, my bank has held every payment I sent over and has started fraud investigations. Currently, my money is in limbo and I have no idea where it is because it's not in my current account or savings account. I've tried to resolve it in person at the branch and also on the phone but I'm not getting anywhere. They've been holding the money for 5 days now. The woman at the bank was dubious about Hodge Bank being real and started Googling it in front of me. I feel like they think I've fallen for a scam but I haven't.

Does anyone else have any experience of this happening? I don't think it's right that the bank is not releasing my money.

https://www.fscs.org.uk/check/check-your-money-is-protected/

Check it's listed here

I’ve not heard of Hodge Bank personally.

I think the only advice really is to just keep following up with your bank. I find banks notoriously slow with everything, I know it’s frustrating. I get that you don’t think it’s fair that they’re holding the money, but we need these safety precautions for instances that are scams. It’s unfortunate that you’re caught up in it, I’d just keep calling.

Who is the sending bank?
I was going to open an account with Hodge too but maybe not if this is going to happen.

A couple of points that might help . Have you sent the money from the account you nominated with Hodge , they won’t be able to accept funds from any other bank account , although normally it bounces back to you quite quickly . Hodge normally only allow 10 days to add funds to a new account not 14 , are you already over the allowed period . You say the bank has done this to every payment , how many times have you added money to a new FRB in the 10 day period , I can imagine this would trigger fraud proceedings at your bank . Have you spoken to the fraud team of your bank , the branch doesn’t normally have control of fraud processes . Hodge are legitimate though as long as you went via their main webpage and FSC protected.

Keep complaining to your bank, escalate until you receive compensation for your time and worry. It’s the only way they will learn, sadly.