(WSVN) - Here is a scary thought — you cannot access the money in your bank account. The bank won’t let you have it. It’s happened to South Floridians, but can a bank block you from getting your own money? It’s why one South Florida man called Help Me Howard with Patrick Fraser.
When Alfredo was a young man, his father spoke to him about a life at sea.
Alfredo Mangachi, account frozen: “And therefore it started an infatuation with ships and machinery that lasted to this day.”
From the Italian Navy on a torpedo boat to an engineer in the cruise line industry, Alfredo couldn’t have been happier.
Alfredo Mangachi: “I love it, I love it.”
And then he decided to open his own business.
Alfredo Mangachi: “Why not give it a try to be an independent contractor? Start a business of repairing cruise ships.”
Today, Alfredo’s company is all over the world taking care of cruise ships. And recently, his wife mentioned they needed to take care of something in his home port as well.
Alfredo Mangachi: “And she convinced me we should have a trust in case we both died. The trust would take care of our children.”
Opening a trust account for their children seemed like a great idea until it was not.
Alfredo Mangachi: “My checking account, the one that is linked to the trust, is frozen.”
Alfredo has been a customer with Citibank for 30 years. In fact, he has five personal and business accounts with the worldwide financial firm.
Alfredo Mangachi: “They should know more about me than my wife does.”
After Citibank froze Alfredo’s checking account, which was attached to the trust account, he provided the information they wanted.
Alfredo Mangachi: “The information that they wanted to get was information that they already had.”
After that, the bank re-opened his account. Then suddenly without warning froze it again. And this time, the bills he pays automatically are not getting paid.
Alfredo Mangachi: “The checks bounced.”
He’s frustrated and fuming with a bank he has trusted for 30 years.
Alfredo Mangachi: “This is something I would expect to be done for criminals, for drug runners, but not for someone like me that they should know inside out.”
Well Howard, can a bank block you from accessing your own money?
Howard Finkelstein, 7News legal expert: “Under the Bank Secrecy Act, financial institutions are required to maintain certain information so they and law enforcement can detect money laundering and criminals. That means they can freeze any customer’s account. But first they have to give you notice and the opportunity to provide the missing information to reopen your account. Unfortunately, sometimes innocent people like Alfredo get their accounts frozen.”
When I contacted Citibank, they sent a statement saying they review accounts under the Bank Secrecy Act.
Adding, “if we are unable to verify or update the required account information after numerous attempts to contact the account holder, we will restrict access to the account, including closure.”
But Alfredo says he was not contacted before the account was frozen. And after it happened, the information he sent was information they already had.
Bottom line is that two days after we contacted Citibank, Alfredo’s account was reopened and he was allowed access to his checking account.
But he still doesn’t know how many checks he sent out bounced while the account was frozen.
Howard Finkelstein: “If freezing any customer’s account was not done properly and checks bounced, the bank has to reimburse the customer for anything that it cost them.”
Alfredo Mangachi: “Why was it blocked to begin with? Nobody seems to know.”
Citibank did one thing Alfredo wanted, which was to reopen his account, but they still have not answered his question of why they keep freezing his account.
Alfredo Mangachi: “It may sound strange but I am not angry. I am puzzled.”
Well fortunately, very few businesses have a monopoly, so if you don’t like one, you can take your business and money and go somewhere else.
Alfredo says he will not do that because Citibank has been great to him for 30 years. He just wishes they would explain why they kept freezing his account.
A problem deposited in your lap? Banking on someone coming to help you? Check with us. We will do our best on account of we like to help.
CONTACT HELP ME HOWARD:
Email: helpmehoward@wsvn.com
Reporter: Patrick Fraser at pfraser@wsvn.com
Miami-Dade: 305-953-WSVN
Broward: 954-761-WSVN
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