Why is my Truly Financial account suspended/closed? - Truly Financial

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Why is my Truly Financial account suspended/closed?

Every financial service company is required to understand the nature of their customers’ businesses. This means we should fully understand your business profile and if your payments align with your stated business. So, we continuously review your account as a whole or for a specific transaction.

As a part of our account reviews, we occasionally request identity, business, transaction, or other documentation. However, failure to provide such information in the stipulated time frame or information that is not determined to be genuine may lead to the account being suspended or closed. If your account is suspended/closed, you will not be able to withdraw or move funds, and you will contact us via email at [email protected] to unfreeze your account. Based on the outcome of our review, we may choose to close your account. This might be because:

  • We are still unable to verify your account information
  • We identified that you are engaging in unsupported behaviour (for example, using your Truly Financial Account as a personal account or for one of the business purposes not accepted by us as part of our compliance policy)
  • Other factors or a combination of factors based on our risk evaluation of your account and/or transactions

Our decision in such cases is taken after very careful evaluation, is final and cannot be reversed.

If your account was closed, we understand this may not be the desired outcome, and we apologize for any inconvenience caused. If we identify that your account is not a great fit for Truly Financial, we aim to make the account closure process as smooth as possible. Any valid funds will be returned to your other business account for which you provide us valid proof of account ownership.