Capital One Bank account freeze

I tried to wire some money from my Capital one bank to my trading account and they froze my account. It's been a month and my bills are piling up. They want proof that trading account is really mine. Common! Is this for real? They won't tell me how to send them the proof. Every time I call it goes to Philippines and they put me on hold. Can banks really do that or someone just harassing me? Anyone had such experience?

 

Unfortunately there are numerous examples online whereby individuals have experienced similar locking up of an account via various banks, usually large corporations. Sometimes even due to politics. Yes, they can do that, and banks often err on the side of caution if their algos trigger a warning about suspicious possibly money laundering activity. As we know as traders, algos are full of subjectivity and error at times about a wide variety of things!

I also had some very bad experiences with Paypal and call centers overseas and endless back and forth after long holds.

All the best with this mess! My advice to you, if you do fortunately get this straightened out, is quickly switch to a smaller but reputable bank with a physical branch in your town or city. For example, I have an account with a good solid mid-sized bank with excellent service and logistics, where there is a branch 4 miles from my house. Importantly, I developed a personal relationship with the branch manager, who also has the vice president title, so when there are problems I have talked to her in person or emailed or called her directly, and things happened in very short order to rectify the situation.

 

Ask your broker to make the transfer.

 

not sure where you are but can you just go see a banker? as you said, a month already, doesn't seem urgent to you

 

Threads like this reinforce my opinion that banks are dinosaurs for many people.

 

I'm not buying it. 100% this is not a US citizen holding a US bank account. No way CapOne froze an American account.

 

yes, it happens. On a smaller scale they limit wire amounts per day/week, charge a lot, and sometimes call to confirm you want to wire the money and ask a bunch of questions. maybe it's kyc or cya

 

happened to me, wires to amp were marked fraudulent, and the bank capped amount per month i can fund.

 

It is possible if they have been investigated for money laundering/anticipate an investigation.
My general guess is that they are losing deposits to more nimble competitors. I have no proof. Maybe some of these security analysts should get from behind their desk and do on the ground research.













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They froze his account... which I take to mean that no w/d.