Creditors can collect your money as part of their debt-collection tactics to satisfy the judgment. It is a different story when the account is frozen due to a judgment creditor. Read more on tips to avoid fraudulent money transfer. To protect your account, the bank may freeze the account unless you contact them and prove your identity. Making purchases abroad without warning using your credit card or debit card could be flagged as being stolen. Unusual large purchases can be flagged by your bank. In suspected fraud transactions, you may resolve the issue by contacting your bank to verify your identity. What should you do when your bank account is frozen?ĭifferent rules may apply for different reasons on why your bank account got frozen. You may discover the court case only when your bank account gets frozen. However, a creditor needs to inform you about the lawsuit filed and judgment against you. The judgment creditors are not liable for notifying you before obtaining a judgment. This is because banks are authorized to freeze your account immediately without even informing you after receiving a levy notice. Since banks usually do not notify you before freezing your account, it can be one of the stressful experiences, especially when you find out while making purchases at the store or the ATM, or during an urgent need of money.
Once the bank account is frozen, you cannot make withdrawals but can only put money in your account until the freeze is lifted. Also when you have unpaid debts like the student loans or unpaid taxes to the government, your bank accounts are likely to get frozen.
Or when a credit card company or a debt collector has a court judgment against you. Banks or financial institutions can freeze your bank account if they suspect any fraudulent transfers from your account. Bank accounts can get frozen for a variety of reasons.
0 kommentar(er)
