In today’s world, financial transactions have become an integral part of our daily lives. However, sometimes we encounter unpleasant situations when the Bank refuses to make payments. This can happen for various reasons, from technical failures and incorrectly entered data to suspected fraud or lack of funds in the account. This situation can cause stress and frustration, especially regarding essential payments — utility bills, transfers between accounts, or the final stages of a significant transaction. In this article, we will look at the main reasons why the Bank may not make payments and offer recommendations for actions that will help you quickly resolve the problem and restore the normal financial process.
Why you need to know the procedure in case the Bank doesn’t make payments
When a bank does not make payments, it is essential to have a straightforward course of action to minimize stress and restore the normal financial process. Here are a few reasons why this is necessary:
1. Quick problem resolution
A clear action plan will help you immediately understand what steps to take to solve the problem. This will reduce the time required to wait and resolve the situation.
2. Reduce stress
Knowing what to do in such a situation will help you avoid excessive panic and nervousness while maintaining calm and clarity of mind.
3. Proper communication with the Bank
By following these steps, you can interact more effectively with the Bank’s representatives, providing them with the necessary information and asking relevant questions.
4. Prevent repeated errors
By defining the sequence of actions, you can better understand what might have gone wrong and take steps to avoid similar situations.
5. Protecting your financial interests
If you have a strategy, you can quickly respond to possible financial losses and minimize the risks associated with non-completed payments.
By staying calm and communicating with the Bank, you will increase your chances of successfully solving the problem and keep your financial health under control.
The method of action depends on the reason the Bank does not make payments. Therefore, we recommend that you first find out the reason, which will determine the procedure.
Why does the Bank not make payments, and what should I do?
Let’s examine the main reasons why the Bank may not make payments and suggest ways to resolve such situations.
Reason 1: Lack of money
There may not be enough money in your bank account. Therefore, the Bank refuses to make the payment.
How to solve:
Top up your bank account with a transfer from another bank account or in cash. The Bank may charge a commission fee when depositing funds into a bank account in cash. The commission is usually from 0.5 to 2% of the amount. You can find the exact amount in the Bank where the account is opened.
Reason 2. The Bank doesn’t have any identification documents
A person or company that wants to make a payment must submit to the bank documents that confirm their legal capacity and other information, including about the payment recipients. Such information is necessary for the Bank to take measures to prevent money laundering, terrorist financing, and the proliferation of weapons. The Bank’s identification of customer and other settlement participants ‘ data and confirmation of this data is called identification.
For an individual, these are identity documents from which the Bank takes the following information:
- Last name, first name, patronymic (if any).
- Citizenship.
- Date and place of birth.
- Place of residence and stay.
- Details of the document used by the Bank to identify the client. For Belarus citizens and those with a residence permit, this information is considered an identification number.
For companies, the Bank takes information for identification from the constituent and registration documents: the charter and certificate of state registration. These are in particular:
- Title.
- Registration number, state registration date, and registration authority’s name.
- Location.
- Payer’s account number or other identification number – for non-residents.
Banks perform remote identification, so several documents can be submitted remotely as a scan or in another way.
- When you need to pay 100 or more basic units (4,000 or more Belarusian rubles or approximately 1,100 euros), the Bank needs information about the recipient.
- When the payee is an individual, the Bank needs to know their last name, first name, patronymic (if any), bank account number, or place of residence and residence.
- When the payee is a company, the Bank needs to know its name, bank account number, and payer’s account number. The Bank requires a different identification number and location for foreign companies.
The Bank refuses payments when the client fails to provide the information and documents required for identification.
How to solve:
Submit the required documents to the Bank in person or remotely.
Reason 3. The Bank considers the payment suspicious
Internal documents of the Bank usually list signs of suspicious financial transactions (these are calculations that may be related to the financing of criminal activities or money laundering). If the Bank decides that your payment meets these criteria, it has the right to refuse to make the payment or delay it for no more than two business days to decide on payment or refusal of payment. The Bank will inform the client about the refusal to make the payment. The Bank may consider a payment suspicious for several reasons, for example:
- Several similar operations are performed at the same time.
- Suspicious location where the payer was identified.
- Making a large amount of cash for payment without documents that confirm the identity of the payer and the source of origin of the money.
How to solve:
Please try to find out why the Bank classified your payment as suspicious and provide documents that will help the Bank change its mind.
Reason 4. The Bank has information about the unreliability of the recipient bank or the recipient itself
A bank may refuse to make a payment when it has information that the receiving Bank, including the foreign Bank to which the payment is addressed and the recipient of the payment, are involved in illegal financial transactions or have been sanctioned. The Bank will notify you about the refusal to make the payment.
How to solve:
Address the payment to another bank that is not considered unreliable, under sanctions, or to another recipient.
Reason 5: Bank account operations are suspended
The Bank may have a decision of the state body to block financial transactions on the client’s account, suspend payments, or seize money on the account. The Bank does not make payments from such accounts. State authorities can block a bank account for various reasons related to violating state requirements: non-payment of taxes, fines, customs payments, alimony, damage compensation amounts, non-enforcement court decisions, etc.
How to solve:
Write a written request to the Bank to determine which government agency (or bailiff) blocked payments on the bank account. Then, apply to this state body for permission to pay a certain amount. Government agencies are not directly obligated to issue permits for settlements, but such a procedure takes place, and permission can be issued.
Reason 6. The sender or recipient of the payment is included in the list of persons involved in terrorist activities
When the sender or recipient of a payment is included in the list of persons involved in terrorist activities, the Bank refuses to make the payment.
How to solve:
Suppose operations on a bank account have been suspended by the Financial Monitoring Department of the State Control Committee of Belarus, which controls the legality of financial transactions. In that case, you must send a paper application to this state body for permission to make payments to ensure an individual’s life. A reasoned application is considered within five business days. You can get permission to make payments in the amount of the subsistence minimum per capita per month. As of August 2024, this is approximately 120 euros.
Otherwise, you can appeal the inclusion of the payment recipient or sender in the list. This process takes time and can result in unpredictable outcomes.
Reason 7. Your bank card has expired
The Bank may refuse to process a payment that you are trying to make remotely using the details of an expired bank card.
How to solve:
Extend the validity period of your bank card. Many banks ‘ apps now allow you to do this remotely without visiting the Bank.
Reason 8: Error in payment documents
The Bank is not obliged to check the correctness of your payment documents; it only checks the availability of all the necessary banking details and filling out forms. If you have entered the payee’s incorrect information, the Bank may refuse payment when the payee with such data does not exist.
How to solve:
Create a new payment document without errors.
Recommendations for individuals who are denied payments by the Bank
We have listed the main reasons the Bank may refuse to make payments. In case of failure in calculations, here are some recommendations that can help you solve this problem:
1. Check the payment details
Ensure that all the banking details (account number, amount, payment purpose) are correctly specified. Errors in the data may cause a delay.
2. Contact your Bank
You can call or visit a bank branch to find out the reason for the refusal. Employees can provide information about what exactly happened.
3. Make sure that sufficient funds are available
Check your account balance to ensure you have enough funds to complete the payment.
4. Check the limits and restrictions
Find out if there are any transaction limits or restrictions associated with your account.
5. Make sure that there are no blockages
If your account is blocked for any reason, you must resolve this issue with the Bank before making payments.
6. Apply for a review of the terms and conditions
If your Bank has previously rejected your payment due to certain conditions, find out what you can do to review them.
7. Consider alternative payment methods
If the problem can’t be resolved quickly, consider using other payment systems or cards to perform the transaction.
8. Keep all your documents safe
Keep all confirmations and documents related to payments if you need proof when reviewing the situation.
9. Learn about consumer protection
If you believe that your rights have been violated, please read the consumer protection legislation and, if necessary, contact the relevant authorities.
10. Consider changing your Bank
If payment problems become systematic, consider moving to another bank that will better meet your needs.
These recommendations will help you find a solution faster and restore everyday financial transactions, and banking services will assist you in choosing a new bank with suitable terms of service and opening a bank account, if necessary.
How to contact us
For more information or advice on issues related to financial transactions, do not hesitate to contact us. We are here to help and support you.
Phone and email communication options are available for your convenience:
- +375293664477 (WhatsApp/Telegram/Viber);
- info@spex.by.
