Banks started blocking Ukrainians' cards without warning

Banks block cards without warning

Massive blocking of bank cards has begun in Ukraine.
According to the publication «Telegraf», locks occur without any warning to customers - The reason for this is financial transactions that arouse suspicion among banks.

The main causes of blockages

Banks refer to the requirements of financial monitoring and the fight against shadow income.
Here are the most common reasons for blocking accounts:

1. Mismatch of the client's profile.
   If the income suddenly increases or exceeds the declared income, the bank may request supporting documents and block the account until they are received.

2. Suspicious transfers.
   Regular or numerous transfers from different individuals, even for small amounts (UAH 500-1000), are considered by banks to be entrepreneurial activity without a sole proprietorship.

3. Operations with cryptocurrencies.
   Transfers to or from crypto exchanges and brokers are of particular concern because the crypto market has not yet been officially legalised in Ukraine.

4. Atypical or frequent cash transactions.
   Frequent deposits or withdrawals of large amounts - from UAH 10 to 50 thousand or more - are considered suspicious for individuals.

5. Suspicious comments on payments.
   Banks respond to “triggers” in assigning payments:
   «for crypto», «currency exchange», «for goods», «debt repayment» (in case of regular transfers).

6. Inability to confirm income.
   In case of exceeding the volume of transactions, the client must provide a certificate of income, tax return or documents on the sale of property.

7. Ignoring the bank's requests.
   If the client does not respond to information requests or submits false information, the account may be automatically blocked.

For individual entrepreneurs, it is especially important to update your tax return twice a year in your online account. Otherwise, the system may block the account automatically.

What experts advise

Financiers recommend always have official proof of income, avoid regular transfers between individuals without a payment purpose,
as well as do not use a personal card for business activities.