Mission Report # 1
Category: Alert

NO ACCESS TO YOUR BANK ACCOUNT
Banks will act against you in a flash.


THE SITUATION

You have signed off on (banking) account agreements with your financial institution and credit card issuer. You are having problems with someone you have had a banking transaction with. Your bank receives a complaint from that someone (your new enemy) that you or your business has committed a fraud or misrepresentation insinuating the money in your account is from illegal activities. No proof is provided by the instigator. It's just a serious allegation.


FACTS
  
Chances are really good (bet on it) that your bank account or credit card can be frozen for this cause, without notice. See the following excerpts from actual account agreements.  

CONSEQUENCES
The bank can become protective – for themselves. They do not want to get involved in your disputes. They use the authority they have (remember the account agreement you signed off on?) to freeze your bank account. They tell you access will be granted when they receive a court order. They have protected themselves – not you. You can imagine the consequences.    

OPTIONS   
Carefully review your (bank) account agreements. Look for content similar to the following excerpts. Have you agreed to allow the bank to suspend your account activity? Have a fit, then be calm; ask lots of questions to gather as much information as possible from your bank contact, including their suggestions and experiences with similar situations. Call your legal. Consider immediate response to your new enemy to demand retraction of their complaint. It may be too late. You can still set up another account somewhere else and advise all stakeholders of the new account (see implementation below).      

THERE’S MORE…  
Other reasons your bank account or credit card can be frozen or raided faster than a champion at a chug-a-lug contest are:  

 $ Your financial institution suspects unusual activity. They limit access until they verify transactions with you – this is good.

 $ Tax department Requirements. They tell the bank to send funds to them, the bank has to (except maybe if you owe the bank money).

 $ Late credit card payments (like one week late) where the credit card issuer is the same or related institution.

 $ Loan covenant or payment defaults of any kind. Did we just mention – read the banking agreement – it probably says words like ‘closing’, ‘suspension’ or ‘otherwise limit services (access)’ for – ‘reserves the right’ to…   Neither Joint accounts nor Trust accounts are immune.   It’s time to ask your account manager a few hard questions and enjoy the BS pandering you will receive. It’s also a helpful time to think about what the other holders of the accounts have on the go and what their ‘friends’ and they themselves are capable of.    

IMPLEMENTATION  
Seek legal advice. Of course your bank account is frozen so you have to find another source to pay them. Costs and anguish escalate. Diversify financial institutions; don’t bank, invest, or have credit cards at the same institution. Set up those extra bank accounts. Now. Of course this means the new institution will be performing credit checks. Be careful of who has access to your credit reports. They can discover your alternative banking sources because credit reporting agencies place a record on your credit report of all inquiries (for a limited time). How nice of them.

 EXCERPT FROM ACTUAL ACCOUNT AGREEMENTS

 THINK TANK COMMENTS  

This hell freezing over circumstance happens more that you realize. There are legal issues if you are the instigator. Complaints to third parties to get them to intervene on your behalf are just nasty. What is a complaint (legally) anyway? Do not use this ability to harm others. On the other hand, it’s time to think hard about who could or is likely to do this to you (after you have refused their demands too many times). This hurts. Have a nice day.
© Lookout Mission Central

Please note: This content has been prepared by Lookout Mission Central from the experience of numerous professionals. It is not part of a consultation or engagement. We recommend you discuss any content related to situations you may be in with your professionals. 


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