The woman who entered the bank was surprised: without specifying the duties and salary, she blocked the account

Transfer failed after connecting to bank

After joining her Swedbank smart app on Monday, Kristina was preparing to make a money transfer. However, the gadget did not allow him to do so as the message “Cannot place an order from this account” kept appearing.

“I was surprised, because I made payments with a bank card that day, everything worked fine, but for some reason my bank account was blocked through the application. “I have never encountered such a situation in my life and I have not taken any action that could result in the account being blocked,” he says.

After calling Swedbank’s short number, Kristina discovered that her account had been blocked because she had not updated her details. The consultant explained that the bank cannot block card activity, but may not allow the execution of bank transfers until the client has provided an update of their data.

“The consultant explained very quickly what I had to do to redo bank transfers and updated my information during the interview, which I really didn’t need to update, because my personal identification number and date of birth have not changed, but I had to indicate what position I have and how much I earn. “Says the interlocutor.

The whole situation turned out to be strange for the woman: “Why hasn’t anyone warned me that my ability to make bank transfers will be revoked if I don’t update the data? Why didn’t I get a message immediately after logging into the smart app that says “Hello, your account has been locked for x reasons, please do x to use your money?”

The woman testifies asking a banking consultant why no one warned her and why this information is not clearly provided. “She responded that this is a very good question and that the bank is working to keep customers informed. As he explained, this problem is due to the fact that most people use the app instead of the online version, ”says Kristina.

Swedbank: the client is informed 90 days in advance through different channels

Swedbank’s representative, Ernestas Ramonas, highlights that the customer is always informed about the need to provide the necessary data in various stages and different channels 90 days before the end of the data update period.

“The information is provided through various channels, such as Internet banking, email, short messages, paper letters, etc., so that the information reaches the customer as much as possible,” he assures.

The bank representative notes that providing information to the bank is important for several reasons. First, banks have very strict legal requirements that force them to implement the “Know your customer” principle. The implementation of this principle is linked to international action to prevent money laundering and terrorist financing. As they say, various security threats have recently escalated around the world, and there have been instances where banking systems have funded movements that pose such threats.

“Banks must ensure that their infrastructure is not used by malicious people and people who pose a threat to others. If banks do not comply with these requirements, they may face official sanctions, and foreign financial institutions may terminate their cooperation with such. banks ”, explains a representative of Swedbank.

Having up-to-date data makes it easier for the bank to guarantee the security of the accounts, prevent illegal fraud, stop suspicious monetary transactions and thus prevent the customer from incurring financial losses.

If the client does not provide the information or it is not sufficiently detailed, the bank may refuse to execute or suspend the execution of the client’s operations or monetary transactions, since not doing so would violate the requirements of the legal acts. Also, in the absence of the necessary customer information, the bank may consider terminating the business relationship.