As a banking provider, we’re required by law to detect and prevent criminals using our platform – and this task falls to our in-house Financial Crime team. As well as preventing and detecting criminals using Tide, they’re dedicated to protecting you and your money.
Tide will only permanently block an account in rare instances. Most of the time, an account is temporarily paused whilst we undertake our checks. Normally, our Financial Crime team is able to complete the checks and reactivate an account very quickly, without the member needing to be notified or losing access to their account.
Why might my account be paused or blocked?
Your account could be paused for a number of reasons, including:
- We’ve noticed unusual activity on your account. This could be unusual based on the way you normally send and receive money, such as a large payment amount or a sudden foreign purchase. We may pause your account in these instances to protect your money, to check that it’s definitely you using your account, or to ask more information about the way you use your account
- We’ve been informed that you’ve committed fraud, or a financial crime. For example, Barclays might inform us that one of their customers has been the victim of a financial crime, carried out by a Tide member. In this scenario, we’d pause the Tide member’s account whilst we conduct our investigation. We’ll ask the member to explain their account usage or specific transactions, providing proof where possible. We’ll use this information to help us make an informed decision about next steps.
- Law enforcement has asked Tide to pause your account. Occasionally, the police will ask us to pause the account of a member that they suspect is committing financial crime. Pausing the account will prevent any further fraudulent transactions, the account that could be the proceeds of crime or sending any money out of the account that could otherwise be returned to a victim.
What should I do if my account is paused?
One of the Financial Crime team will be in touch with you soon after your account’s been paused. By answering our questions and requests as fully and clearly as you can, you’ll be helping us make a decision about your account as quickly as possible.
My account’s been paused, but I haven’t done anything wrong.
If we’ve paused your account, we appreciate that this can be frustrating and we’re sorry for the inconvenience. Our systems may have picked up unusual behaviour from your account, so first and foremost, we’ve paused your account to keep your money safe. Please cooperate with us to answer our questions and documentation requests as promptly as possible, and we’ll do everything we can to resolve the issue quickly and re-activate your account.
How long will it take to reactivate my account?
The time is takes to review an account really varies. Sometimes, there’s a simple explanation as to why your account’s been flagged, and we’ll be able to resolve it and reactive your account very quickly. Other times can be more complicated, and we may need to wait on documentation or information from you before we can take next steps. We also occasionally have to rely on third-parties, such as law enforcement, to advise of next steps before we can reactivate an account.
I’ve seen negative comments and reviews online from members who have had their account blocked.
We’re aware that some members can become vocal about their accounts being paused or blocked on social media. Sometimes if a member has had their account blocked and they know that they’ve committed financial crime, taking to social media is a way to exert pressure on Tide to release their account funds. Unfortunately, if we suspect that a member has committed financial crime, we have a legal obligation to report them to law enforcement. We’re sorry if you’ve been concerned by a negative comment or review that you’ve seen – hopefully, you’ll now understand a little more about why this might happen.
The Financial Crime team works hard to keep your money safe, stop criminals accessing Tide and to detect them when they do – and it’s a continual learning process, so we’re grateful for your patience and support.
Boring, but important
Sections 16, 17 and 19 of our Terms and Conditions detail the reasons why we may close an account.