Why Millions of UK Bank Accounts Are Frozen

Why Millions of UK Bank Accounts Are Frozen

(ReliableNews.org) – At the end of June, the financial company Wirecard collapsed in the United Kingdom, taking down a number of payment card services with it. The company admitted that $2 billion on its books was a fraud and it’s actually insolvent with a debt of $4 billion. Now, almost a week later, countless people are suffering as a result.

On July 1, millions of people are still not able to access their money. The payment cardholders and online banking customers had their accounts frozen when the UK Financial Conduct Authority (FCA) suspended Wirecard. Regulators refused to lift the sanctions against the company.

The FCA said it wasn’t lifting the suspension but it’s “… maintaining pressure on the firm to resolve…” the issues. Unfortunately, that means millions are now stuck in limbo and can’t access their money. At a time when the coronavirus has ravaged the world economy, that has to be unimaginably stressful.

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