Ending the blocked bank account is a problem. The money is still there, but the customer can’t touch it. If the bank’s restriction is total, you will not be able to withdraw money, or pay for purchases, or pay your bills, or collect your payroll. Nothing at all. And today the dependence on banks is such that ending the blocked account can become a real headache.
Nobody imagines that it will happen to them until it does. But it is enough to take a walk through various Internet forums to realize that the blocks are more common than it seems.
“Many times, it can be avoided, for example by having your ID updated, but sometimes the blocking is unpredictable,” explain the experts from the financial product comparison HelpMyCash.com, who have analyzed why our bank account can end up blocked.
One of the reasons that can cause a bank to end up restricting the operations of its clients is that their DNI, their passport or their NIE has expired and they have not presented a new valid one. Banks are obliged to have their clients identified and to keep their information updated, therefore, when their documentation expires, they block their accounts. This problem has an easy solution: just go to a branch with the new document to scan it, although some banks make it even easier and allow you to upload a photo to their app.
The bank usually warns when the client needs to update their documentation, but many times these messages are ignored. Of course, what the bank should not do is block an account without having previously notified the client. However, the reality is that many times it blocks first and warns later.
Another reason that may explain why the bank limits customer operations is that it detects any unusual movement. “If your bank detects that you are making movements that do not correspond to your profile, if you enter very large amounts of money or if you receive transfers from other countries, it can block your account under the money laundering prevention regulations,” they explain. at HelpMyCash. In these cases, in general, the origin of the funds must be justified.
In the event of a blockage, it is a good idea to contact the bank quickly to ask for the reasons and the procedures that must be carried out to solve it. “Customer proactivity is important to streamline the process,” they say in the comparator.
To mitigate the damages of this situation, it is worth having a current account opened in another bank with some money. Because? Because while the main account is blocked, the client will be able to use the money from the other to pay for their purchases, make transfers or pay their bills. In addition, if the block is extended, you can ask your company to enter the payroll in the secondary account.
Of course, so that the remedy is not worse than the disease, it is convenient to open a second account that is free and that has no ties if the only objective is to have a backup in the event that the main account ends up out of service. “It is not that the new account gives us problems, so the fewer requirements it has, the fewer worries we will have,” say HelpMyCash experts.
And are there accounts that meet this premise? Yes a lot. In fact, most banks sell accounts without commissions or conditions for new clients, from large banks to online entities.
Banco Santander, for example, offers an Online Account with no maintenance fees and no mandatory payroll with a free debit card. To contract it, it is not necessary to direct deposit income or receipts or maintain a minimum balance. Of course, let’s not forget that if we want this second account to be of any use to us if the main one ends up blocked, we have to have some money to be able to use it in case of need.
Another similar option is the Banco Sabadell Online Account, also for new customers. It has no commissions or conditions, it includes a free debit card and, in addition, it has an extra advantage: it has a return of 2% APR the first year for a balance of up to 30,000 euros, so it can be used to save. In addition, although it is not mandatory, customers who deposit their salary or receive monthly transfers of at least 700 euros will receive a 250-euro gift (offer for the first 20,000 new customers).
BBVA also has its own Online Account with no commissions and no payroll for new customers. In addition, this bank provides a debit card without numbers and with a dynamic CVV, which makes it more secure than most.
