What is a frozen account?
The frozen account is a bank account on which there is no activity. The account will not be frozen until the account holder will correct the problem that led to freeze the account first. A classic reason for freezing a bank account is the lien on the account from the creditor. The creditors can freeze accounts until they are paid, although they cannot take money from an account without a court order that entitles it to do so. Purchases cannot be charged to account and checks written about it will not be honored. The Bank must send the notice to the holder of the account that informs him of freezing and providing information about the bank's legal department so that the account holder has contact information to discuss the situation. It is advisable to alert people who organize excellent checks to expect the checks not to store and receive anabbying because the check could not be cleaned.
If the account frozen by creditor has been frozen, the account owner will have to pay or work out to the creditorThe terms of payment agreement before the creditor releases the lien and will allow the account to be released. People who cannot find out why their accounts have been frozen can contact the Bank's Legal Department to obtain information about the frozen account, including the one who placed the lien on the account and the amount of lien.
rarely the accounts are accidentally frozen. A fault in the banking system may result in an incorrect account to use a freezing order or error in the legal process may result in freezing that is not actually allowed. In these situations, the provision of evidence that an error will occur should allow the bank's legal department to cancel the account.
Governments can also freeze accounts. CAN account to be frozen if it is associated with criminal proceedings or in some countries, if there is evidence that it is used to provide funds to terrorist groups. In these cases, the frozen account may also be the subject of a seizure, while the government confiscated the financialThe deposit means in accordance with the laws that allow it to be. If the funds for a frozen account are at risk of forfeiture, the account holder will be provided.