tl;dr
Starling Bank apologized to a client for blocking a money transfer of $16,789, demanding excessive evidence and causing frustration. The client, a professor, was asked to provide a Zoom conversation recording and his friend's tax bill. The bank admitted it went too far with the demands, unfroze the ...
Starling Bank has issued an apology for excessively blocking a client's money transfer and imposing stringent verification measures. The bank admitted to going too far and promptly unfroze the account for payment or closure.
The client, a professor, encountered frustration when Starling Bank blocked a $16,789 money transfer, demanding excessive evidence. The bank requested a Zoom conversation recording and the friend's tax bill, which the professor found absurd.
The bank acknowledged its overreach, unfroze the account, and initiated an investigation to enhance procedures.
Starling Bank's apology came after it reportedly blocked the money transfer and subjected the client to a series of "absurd" requirements. The client, a professor named John MacInnes, faced the freezing of a $16,789 transfer to a friend in Austria, known for over 20 years. The bank raised suspicions about the payment and requested evidence, including a recording of a Zoom conversation discussing the transfer.
MacInnes described his interactions with the bank's fraud team as increasingly surreal, culminating in demands for his friend's tax bill and past correspondence. Frustrated, the professor sought to close his account, only to discover it had already been frozen by the bank.
Upon investigation by the Guardian, Starling Bank, with around $19.5 billion in assets, admitted to overstepping with MacInnes. The bank cited the need for additional information due to the payment's narrative resembling romance scams, but acknowledged that their information requests went too far. They promptly unfroze the account, expressing regret and committing to an investigation to improve processes.
What are your thoughts on the excessive verification measures by Starling Bank? Have you encountered similar challenges with financial institutions?
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Industry: FINANCE, COMMERCIAL BANKS, NEC
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PE Ratio: 18.66
EPS: 4.02
Dividend Yield: 3.18%
Beta: 29.5
ROE: 0.157
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