A couple in Oxfordshire said a Revolut account freeze restricted access to their £37,000 house deposit as they approached completion on a property purchase. The money was held in a joint savings account linked to the wife’s account, which Revolut had placed under a “routine security review”.
The customer said no documents, identification or information about the source of funds had been requested. The couple had already given notice on their rental home, while some direct debits were bouncing and they were worried about the effect on their credit records.
The husband said Revolut also temporarily restricted his personal account, leaving the couple without access to money. He added that deadlines for lifting the restrictions were missed and that staff he reached by phone had limited ability to explain the situation or resolve it.
Banks can freeze accounts under anti-money-laundering rules when transactions or activity raise concerns. They do not have to warn customers or explain a freeze if they suspect wrongdoing. Customers who believe they have been treated unfairly can complain to the Financial Ombudsman Service.
After the case was raised with Revolut, the accounts were restored nearly three weeks after being suspended. The company offered the wife £175 as a goodwill gesture and said regulatory constraints had prevented it from explaining the review. Revolut apologised for the delay and said its communication had fallen short, particularly during an important moment for the couple.
Sources: The Guardian Business.