
Banking and financial law advisor
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Description
On the 28th of October 2016, I called The Co-operative bank and informed them that I just got an approval for a personal loan for £240,000.00 which my father had applied for from his bank.
I was advised by Co-operative bank that I could credit my account with any amount and there was no limit to the amount of money that can be paid into my account. .
I informed Co-operative bank that I had some large business transactions to carry out as I was just starting my business. Co-operative bank informed me that my account was a personal account and I cannot carry out any business transaction on it. I informed them that the money would be transferred to my account first pending when my business account will be opened. However, there were some large personal matters that had to be addressed too including my mother and father's medical bills. They said this was ok.
On Tuesday 15th of November 2016, I received the sum of £240,000 from my dad's bank. This is a personal loan to my father Mr Adeniyi by him releasing equity from his house. I have specific instructions from him as to how the amount has to be discharged. This includes his and my family personal disbursements and an amount which he is providing to support my business which I have to pay this money back.
On Wednesday 16th of November 2016, I proceeded to execute money transfers for bills for personal transactions which I had earlier informed the Co-operative bank of. but to my dismay they had frozen my account.
I called Co-operative bank and proceeded to make enquiries which have resulted in a monotonous message getting read out to me over and over again without any explanation. In frustration and with creditors breathing down my neck because the money is no longer available to put into my business account.
To my dismay, I was told the exact same thing by bank staff who were reading a script about statutory law and the banks responsibility although none of the Co-operative bank staff is able to tell me what law, act, section or statute the Co-operative bank are referring to.
I am well able to prove the source of the deposit of £240,000.00 which is easily traced to my father's bank.
it is now 1 week now the bank have refused to say anything to me.
i need this money by friday to settle my bills. how can i get the bank to release my funds to me .
Extra notes:
Kemi Z.
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Which Co-operative Bank in Nigeria?
And which branch?
Accounts held in GBP or Naira?
Loan advanced in which currency?
You cannot lawfully be the recipient of funds advanced to a third party without the appropriate power of attorney / assignation of rights; do you have such an agreement being in place?
Are funds to be utilised for any cross border transactions / transfers or to satisfy debts / liabilities incurred in currencies other than Naira?
Where is the property against which the loan was advanced?
Who holds title to the property?
Where exactly has the process broken down?Kemi Z.22 Nov 2016Hi, My father and I are both British citizens. I am an account holder at the Co-operative bank UK. My father and I started 2 companies. An energy drink and a cosmetic company. He used his house in London to gain equity for our business from FBN UK limited. ( This is a UK registered bank operating in the UK ) . I understand that FBN strated in Nigeria. But they have a branch here in the UK. A registered bank. Once the funds were available, my dad transfered the money to my Co-operative account pending when our business account would be opened. A move that was made after I spoke to my bank and they had told me it was fine & I had no limit on my account. So when I began to make transfers they froze my account & seize the funds. It's been 7 days now. And they treating like a criminal. Witheld information from me. What's worse is I have to pay the balance of £70,000 to the beverage manufactures or I lose £30,000 deposit previously made. So I need help fast. Pls help
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You could go to court and ask for a same day hearing to assess a suggested order to free the funds. You may have a problem with the type of bank you are tranacting with. Some of the guidance given to you already seems wrong, you can trade as a Sole Trader. You maybe initially need to have someone on the phone to them outing what issue in particular they have..they are obliged to look into potential Money Laundering transactions for example..
Kemi Z.21 Nov 2016Thank u..so what steps do I need to take to get my funds released this week.
Francis E.21 Nov 2016Personally first I would hire someone to negotiate with the bank asap, understand their position, and write a note back to you explaining this