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Folasade B

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Review of the Countingup, Business Account:

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Beware Small Business Owners Countingup’s Actions...

Beware Small Business Owners – Countingup’s Actions Have Cost Me £20,000! I strongly advise any small business owner to think twice before banking with Countingup. Their poor practices have caused me catastrophic financial loss and personal devastation. I recently purchased a property at auction and transferred funds to my solicitor without issue the day before completion. However, Countingup inexplicably reversed the payment and placed my account on hold, claiming they were “investigating” transactions. They requested proof of funds, which I provided immediately, including invoices and emails from clients confirming payments. I also notified them that this payment was for an auction property that required completion the following day. Despite this, they informed me—without any empathy—that they would hold my funds for up to 45 working days under their terms and conditions. This response left me confused and devastated, especially since I had already supplied all the required documentation proving the source of income. We are now on day 22 of their hold, and the property sale has fallen through. I’ve lost my deposit, solicitor’s fees, and other associated costs—over £20,000 in total. Countingup was fully aware this was an auction purchase; I provided the auction catalogue and related documents. Yet, they showed no urgency or care. Their responses were robotic, rude, and devoid of any customer service. To make matters worse, the initial deposit I paid at auction was taken against my home, and now I am at risk of losing it. This experience has not just destroyed my business but my life. I genuinely question what Countingup is investigating when all proof of funds has been provided. Their insistence on holding money for 45 working days feels unjustifiable and exploitative. I can only assume they are using customer funds for their own gain during this time, as no logical reason has been provided for such delays. I never imagined a banking institution could so recklessly destroy a customer’s livelihood without any accountability. Avoid Countingup at all costs protect yourself and your business! Reviewed on: 28th November 2024

Reply from Countingup Hello Folasade, We understand how frustrating and upsetting this situation is for you, and we’re truly sorry for any distress this has caused. Please know we take your concerns seriously and are committed to resolving this matter as quickly as possible. We strive to handle requests with the highest level of care and efficiency and apologise that you do not feel this has been the case in this instance. We are required to continuously monitor customer accounts to comply with industry regulations. Occasionally we may find that an account, or application, does not meet our internal review criteria and/or those set by our regulators. In these cases we do need to close an account, it's never a decision taken lightly. I can see that the team were in contact with you during this process and have also sent you further messages. If you ever need us in the future, please don’t hesitate to get in touch by sending us a message in the app or by contacting "[email protected]", we will get back to you as soon as we can! Response date: 8th January 2025

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