Banks have recognized certain rights that most citizens are not aware of and that, when carried out, generate confusion. One of them can clearly affect the clients of these entities, since it is the power of banks to block the bank accounts of certain users.
This does not always happen and, of course, it must be substantiated. But the truth is that in very specific situations the bank can block the account(s) of your clients when it perceives that any of the movements that have been made with them may collide with anti-fraud or anti-money laundering regulations, in addition to other assumptions. It is an almost automatic, preventive maneuver, which is carried out by virtue of what the banking regulations establish.
Although these blocks are adjusted to what the law dictates, they are still an inconvenience for their users. The blocking of the account completely paralyzes the activity that can be done with it: it is impossible to make withdrawals, payments… and forces the client to wait for the bank or the relevant body to check and verify that no act has been committed. crime (if so).
The Bank of Spain informs on its website of the cases in which banking entities can block the accounts of their users. This list serves as a reference when, if this happens, we know what may be the cause of this measure.
Due to money laundering regulations
Due to money laundering and terrorist financing regulations, the bank can block the account of one of its clients. The reason is that, on a regular basis, customers might have to provide certain documentation with the aim of facilitating their identification and, in case of forgetfulness or rejection, this blocking would proceed.
In these cases, the client would be required to provide the information again. When it does, and once verified, if there are no major problems, the client will see how his bank account is quickly recovered.
Disputes between co-owners of an account
In the event that in an account with several co-owners there are discrepancies between several of them, the bank will be forced to block the account in order to maintain its neutrality. With this, it also guarantees that none of these holders carry out any operation that causes damage to the rest or that, with it, tries to impose their criteria.
In these situations, the bank does notify the co-holders in advance of the blocking of the account, forcing them to present a written agreement between them or, failing that, a judicial resolutionto unblock the bank account.
Death of the account holder
This assumption also requires prior notice from the bank. The blocking can take place for two reasons, explains the Bank of Spain:
-Because it is so stipulated in the contract that the client who died signed in the past with the bank.
-Because there are disagreements between the heirs of the account (or the rest of the co-owners, if the account is owned by several people).
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