Use this article if you have received an SMS text message, email or call from us saying we have suspended access to your account. Use these instructions if you are locked out of online banking due to a wrong password.
What Has Happened?
Like most financial institutions, we have systems to check for unusual or suspicious activity on your account. These checks aim to keep your money safe and make sure that the credit union follows the law and relevant regulations.
Sometimes our systems may flag something on your account which we need to look into or check with you. We may need to block access to your account temporarily while we do this. If we do, we will email or text you as soon as possible.
What Happens Now?
If this has happened to you, we are sorry - we know this can be stressful and annoying. Your money has not gone anywhere - it is safe, and we will release it to you once we have checked that everything is ok with your account. It also doesn't mean you have done anything wrong, so don't panic!
As soon as an account is 'flagged', a member of our team will begin an investigation, aiming to solve the issue as soon as we can.
They will be in contact to share as much information as they can. They may also ask you for more information or to complete certain steps to unblock your account. This could include:
• Asking for proof of where money paid into your account came from
• More information about who you are paying and why
• Payment of overdue fees or negative balances
• Asking you to provide an updated address, ID or contact information.
Please respond to these requests as soon as possible to avoid extra delays.
If you are still waiting to hear from us, please get in touch by emailing cuca@creditunion.co.uk, calling 02037731751 or visiting a local branch.
Why Can't You Give Me More Details?
Sometimes, we won't be able to go into specifics about why we have flagged your account. We may also be unable to share other details about the investigation, such as how long it may take to restore access.
We appreciate this can be frustrating. However, sometimes we need to avoid sharing certain information which could help criminals find ways around our security measures or identify loopholes. There are also cases where external law enforcement (including the National Crime Agency) could be involved. By law, we must avoid sharing information that could 'tip off' or harm their investigations. We are grateful for your patience while this process is underway.
Why We Might Freeze or Close an Account
As a credit union, our first duty is to keep our customers and community safe. This means ensuring that we treat all members in a consistent and fair way. It also means doing our bit to identify and prevent possible criminal activity.
Here are some examples of reasons why we may block, freeze or close an account:
- Potential Suspicious or Illegal Activity
We check all transactions for signs of illegal activity, such as money laundering or fraud. If we detect suspicious activity, we may block access while we investigate. If we confirm illegal activity, your account may be permanently closed. - Anti-Money Laundering and ID Checks
By law, we have to carry out checks on the identity of all our members. We also need to check the source of money paid into their accounts. These anti-money laundering (AML), counter-terrorism finance (CTF) and 'know your customer' (KYC) checks are in place to prevent terrorism and organised crime. These checks mean that occasionally, we may need to ask you for extra ID or proof of where funds came from before restoring access to your account. - Breaking our Terms & Conditions
When you open an account with us, you will receive a set of Terms & Conditions that explain how the service works and how you are expected to use it. If we find you have broken any of those terms, we may need to take action to protect ourselves and other members. - Dormant or Inactive Accounts
If it has been a long time since you used or accessed your account, we may need to carry out extra checks before letting you access it again. This allows us to check if it is actually you and to make sure your details have stayed the same since you first set it up. In cases where we have lost touch with you and have been unable to contact you via letter, email or SMS text message, we may decide to close the account. - Overdue Fees or Negative Balances
It is your responsibility to keep your account in good financial standing. If you repeatedly go overdrawn, aren't paying your account fees, or have a history of bounced cheques, we may close the account. If you would like to arrange an overdraft facility, we can help, but please get in touch with us to arrange this in advance. if you are having financial problems, please also let us know, as there may be ways we can help.