ePayments Account Blocked. A Step-by-Step Guide to Retrieving Money from a Blocked ePayments Account

Subject to the Financial Conduct Authority (FCA) decision as of February 2020, all transactions of ePayment Systems Limited…

Subject to the Financial Conduct Authority (FCA) decision as of February 2020, all transactions of ePayment Systems Limited (ePayments) were suspended. The regulator identified a number of deficiencies during an inspection of the AML systems and methods implemented by ePayments.

In this article, we will share our experience and provide guidance on how to recover money from a blocked account using the example of ePayments.

My account has been blocked. What should I do?

The funds of most ePayments users are currently blocked. While account holders are attempting to restore their accounts and contact the payment system’s support service, many of them have decided to seek help from collection agencies. But one should make haste and refer to the first specialist they come across – it is your money that is at stake. Do ePayments customers really have no chance of recovering their funds?

The best decision is to engage an experienced law firm. SBSB lawyers are frequently approached by clients facing money blocking, and our lawyers are experienced in unblocking accounts in 20 payment systems.

Retrieving money from a blocked account. A step-by-step guide

There is a specific algorithm for recovering funds from a blocked payment system account:

  • Step 1: Contact the payment system
  • Step 2: Check the current payment system status in the companies registry
  • Step 3: Refer to the dedicated compensation fund
  • Step 4: Apply for funds compensation
  • Step 5: Check reimbursement limits
  • Step 6: Check why the payment system does not fulfill its obligations
  • Step 7: Check whether there are any amounts owed to you.

It should be noted that the affected clients will find it hard to recover blocked amounts on their own: one needs to consider all requirements of the regulator, prepare a proper complaint and make the appropriate application. Payments companies often refuse to refund blocked account money willingly. To save money and time, it is best to refer to experienced lawyers at once.

If you have already faced bank account blocking or are looking to avoid this issue in the future, do not hesitate to contact SBSB lawyers. We are well-versed in the measures required and will help protect you and your company against losses. SBSB experts have already recovered over 100 million euros from blocked accounts for their customers within the shortest time possible. Join our Telegram chat to get a free online consultation.

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