i have started a new business and opened an account with coconut. I had my first invoice paid in and the next morning my account was frozen due to money laundering/fraud checks. As a new business all of my business funds was paid in which subsequently means I now cannot run my business and work with my clients. I have forwarded the invoice and still my account is frozen.
This is a completely poor service as anti money laundering/fraud checks should be carried out prior to opening any new accounts?!
Coconut have now jeopardised my business and my relationship with my new clients.
I would not recommend opening an account with this organisation and I have learnt the hard way.
Stick to major high street banks for peace of mind and level of professional service as I will be doing in future.
Reviewed on: 10th July 2019
