Cashplus account frozen!

[tuffguy]

Hi,

I have always come to the forums for help and information and find everyone so helpful. This is my first post, so please go easy on me!

I have (perhaps foolishly) been transferring money from my stealth Paypal account to a personal Cashplus account for the past couple of years.

I never kept a large amount in my Cashplus account but there were lots of transfers over the months from Paypal.

Around 4 or 5 weeks ago, a lady from Cashplus rang me to advise that the account had been frozen and she quizzed me over the reason that I had opened the account and asked what I was using it for. She mentioned the many Paypal transfers in and then the transfers out to my Halifax account.

I explained that I was selling on Ebay and the Paypal transfers were from my sales. She asked me to confirm that the Paypal payments were from C*****'s Collectables (different name) and I said yes but she did not query the fact that it was a different name. The lady asked why I wasn't using a business bank account or indeed my Halifax account. I told her that I had set up the Cashplus account to keep sales separate and that I started off selling personal goods but then it took off and I started buying/selling. She asked me if I had declared this to HMRC, to which I advised that I had an accountant and that I was yet to do a tax return but would be meeting with him when the lockdown ends.

I also asked if I should/could open a Business account with Cashplus but she did not reply.

I rang Cashplus today but the account is still frozen.

I'm sure that many of you must have had a similar experience.

Is there anything that I can do? Should I be worried?

Thank you, TuffGuy

[Bigblackdog]

Originally Posted by tuffguy

Hi,

I have always come to the forums for help and information and find everyone so helpful. This is my first post, so please go easy on me!

I have (perhaps foolishly) been transferring money from my stealth Paypal account to a personal Cashplus account for the past couple of years.

I never kept a large amount in my Cashplus account but there were lots of transfers over the months from Paypal.

Around 4 or 5 weeks ago, a lady from Cashplus rang me to advise that the account had been frozen and she quizzed me over the reason that I had opened the account and asked what I was using it for. She mentioned the many Paypal transfers in and then the transfers out to my Halifax account.

I explained that I was selling on Ebay and the Paypal transfers were from my sales. She asked me to confirm that the Paypal payments were from C*****'s Collectables (different name) and I said yes but she did not query the fact that it was a different name. The lady asked why I wasn't using a business bank account or indeed my Halifax account. I told her that I had set up the Cashplus account to keep sales separate and that I started off selling personal goods but then it took off and I started buying/selling. She asked me if I had declared this to HMRC, to which I advised that I had an accountant and that I was yet to do a tax return but would be meeting with him when the lockdown ends.

I also asked if I should/could open a Business account with Cashplus but she did not reply.

I rang Cashplus today but the account is still frozen.

I'm sure that many of you must have had a similar experience.

Is there anything that I can do? Should I be worried?

Thank you, TuffGuy

You are using a Cashplus personal account to conduct business - while that is doable for a while it is not sustainable in the long term

I have run a cashplus business account for many years - it is very easy to set up for stealth - just a few 'organising' steps

You have crossed the line rather than play the game

First thing to do is open a business account - and then PM me before stealthing on it

[13obby]

Originally Posted by tuffguy

Hi,

I have always come to the forums for help and information and find everyone so helpful. This is my first post, so please go easy on me!

I have (perhaps foolishly) been transferring money from my stealth Paypal account to a personal Cashplus account for the past couple of years.

I never kept a large amount in my Cashplus account but there were lots of transfers over the months from Paypal.

Around 4 or 5 weeks ago, a lady from Cashplus rang me to advise that the account had been frozen and she quizzed me over the reason that I had opened the account and asked what I was using it for. She mentioned the many Paypal transfers in and then the transfers out to my Halifax account.

I explained that I was selling on Ebay and the Paypal transfers were from my sales. She asked me to confirm that the Paypal payments were from C*****'s Collectables (different name) and I said yes but she did not query the fact that it was a different name. The lady asked why I wasn't using a business bank account or indeed my Halifax account. I told her that I had set up the Cashplus account to keep sales separate and that I started off selling personal goods but then it took off and I started buying/selling. She asked me if I had declared this to HMRC, to which I advised that I had an accountant and that I was yet to do a tax return but would be meeting with him when the lockdown ends.

I also asked if I should/could open a Business account with Cashplus but she did not reply.

I rang Cashplus today but the account is still frozen.

I'm sure that many of you must have had a similar experience.

Is there anything that I can do? Should I be worried?

Thank you, TuffGuy

I’ve been in the same situation as you accept I withdraw all my funds before the accounts was frozen and to be honest cash plus was excellent for stealth accounts initially but as soon as it was turned into a bank that’s when things went down hill.

Have they not requested invoices etc from you?

[tuffguy]

Hi 13obby,

Many thanks for your reply.

I have not been asked for anything else other than the line of questioning mentioned in my first post, when the Cashplus lady rang me a few weeks ago.

What was your experience when Cashplus froze your account?
How long was it frozen for and did they unfreeze or close it?
What were the subsequent consequences and outcome?

I am understandably anxious, as I don't really know what will happen next.

Best regards,
TuffGuy

[13obby]

Originally Posted by tuffguy

Hi 13obby,

Many thanks for your reply.

I have not been asked for anything else other than the line of questioning mentioned in my first post, when the Cashplus lady rang me a few weeks ago.

What was your experience when Cashplus froze your account?
How long was it frozen for and did they unfreeze or close it?
What were the subsequent consequences and outcome?

I am understandably anxious, as I don't really know what will happen next.

Best regards,
TuffGuy

Hey TuffGuy,

Well as all my funds were pulled out of the before the account was frozen they requested various docs from suppliers and and wanted to see links to my eBay account and to be honest as my funds were out I did bother providing anything however there still requesting docs and I’ve advised the LADY that I’m not interested in providing any information just please go ahead and close the account however 4 months later the account is still active and frozen with no funds in the account.

Now from what I understand you may actually have funds within the account so in your case of which I’m surprised that’s they’ve not requested any further information I would contact them and speak to that Lady and request are likely to in-freeze the account which believe it’s very unlikely they will unless you provide them whatever they require therefore ask her what’s required and provide it.

[tuffguy]

Thanks again, 13obby

I did ring back earlier today and spoke to an Advisor, who put me on hold but could not get any update on my account freeze. He said that he had put a request into the relevant team/lady and asked to ring back in a couple of days, as their should hopefully be an update in the next 48hrs or so.

The above all sounded really vague but I will ring back at the end of the week and see if I can get anywhere.

Like most people, I took the the internet and googled 'bank account frozen' and you read about SAR reports going to the NCA (National Crime Agency), etc, so it naturally has me anxious and fearing the worse!

From what you say, it sounds like Cashplus froze the account and there were no further consequences.

Has anyone else had similar happen to them with Cashplus?

Best regards,
TuffGuy

[13obby]

Originally Posted by tuffguy

Thanks again, 13obby

I did ring back earlier today and spoke to an Advisor, who put me on hold but could not get any update on my account freeze. He said that he had put a request into the relevant team/lady and asked to ring back in a couple of days, as their should hopefully be an update in the next 48hrs or so.

The above all sounded really vague but I will ring back at the end of the week and see if I can get anywhere.

Like most people, I took the the internet and googled 'bank account frozen' and you read about SAR reports going to the NCA (National Crime Agency), etc, so it naturally has me anxious and fearing the worse!

From what you say, it sounds like Cashplus froze the account and there were no further consequences.

Has anyone else had similar happen to them with Cashplus?

Best regards,
TuffGuy

Yes there’s a particular department that deals with this you’ll have to discuss it with them.

Look I had over 100k go through that account in the space 8 months and I always use to move it to my Barclays business account.

They will ask you for docs proving how and where these funds came from so it all depends on how much money you have in the account and if your willing to go the extra mile to get your funds back.

As to the NCA I wouldn’t worry much and for future reference always use business accounts.

I wish you the best of luck and if you have questions or concerns PM me.

[tuffguy]

Thank you, 13obby

You have been really helpful and reassuring and are a credit to the forums, which have been such a source of great info and support from like-minded people!

All the very best,
TuffGuy

PS. I am still interested in hearing about other people's experiences, if they care to share x