LemFi savings accounts are typically restricted or closed due to regulatory compliance requirements, such as failure to provide requested Proof of Source of Funds (POSOF), suspected fraudulent or illegal activity, or failed ID verification checks. Other reasons include violating the terms of service, including suspicious transactional activity or using the account for business purposes.
What this means
Such an event can happen if:
- You may have failed to provide documentation (payslips, tax returns) within 48 hours, resulting in a temporary suspension.
- There is suspicion of unauthorized access, fraud, or anti-money laundering (AML) violations.
- You have broken the terms of the User Agreement or the Savings Account terms.
- LemFi cannot verify your identification documents or details.
- There is suspected involvement in illegal activities.
What you should do
- Check your app, email, or SMS for a notification explaining the restriction.
- Please contact LemFi via the app at your earliest convenience to understand what documentation is required.
- Be prepared to submit your Proof of Source of Funds (bank statements, payslips) to satisfy compliance.
What to expect
- Some restrictions are temporary and may be lifted
You may receive a summary of your savings activity