When you freeze your bank account, it means that the bank is preventing any new transactions from going through your account. While this might seem like a good idea at first, there are some potential downsides. In this article, we will explore the different ways that bank accounts can freeze and explain the possible reasons why they might do so. If you are looking for How long Does it Take For a Bank Account to Freeze then read full guide.
In this Guide
How long Does it Take For a Bank Account to Freeze?
There are several factors that can influence how long it takes for a bank account to freeze. Here are a few of the most common ones:
- Reason for the freeze: If your bank account has been frozen due to a court order or legal action, it may take longer for the freeze to be lifted.
- Type of account: Some types of accounts, such as joint accounts or accounts with multiple signatories, may take longer to freeze because they require more coordination among the parties involved.
- Bank’s policies and procedures: Each bank has its own policies and procedures for freezing accounts, which can vary in terms of how long the process takes.
What is a bank account freezing?
A bank account freezing is when a bank causes your account to be blocked so that you cannot access it. This can happen if you have not reached your overdraft limit, if your account has been inactive for a long time, or if you have had a lot of fraudulent activity on your account.
If you think your bank has frozen your account, there are a few things you can do to try and resolve the issue. First, contact your bank and see if they can unblock your account. If that doesn’t work, you can file a dispute with the bank. Finally, you can contact a financial institution protection service to try and get your account unfrozen.
What to do if your bank account freeze
If this happens to you, there are a few things you can do to try and get your account unfrozen.
1) Account Not in Use
First of all, you have to visit or call your bank and ask what happened with your bank account. If you are not using a bank account for a long time, this can be the cause of an account freeze. If your account is frozen just for not being in a used bank account, you can deposit a small amount and can unfreeze it.
2) Legal Action Against Your Account
If a person or company has taken legal action against you, your account may not be active until it is closed. Most credit card or loan companies do this if you don’t pay on time or commit any type of fraud.
If you have the same problem, you can use your account by paying off your debt and approaching the court. This often requires a guarantor. Your account will remain frozen until your issue is resolved.
3) Account Limit Crossed or Fraud Payment Issue
If you receive money in your account from a country that the government does not allow, then the bank can freeze your account and the money too. In addition, if you have fraudulently requested money from someone or if you receive money from an unknown address in your account that exceeds the daily or monthly limit, your account may be suspended immediately. Such reasons are seen in most account freezes.
In such a situation, you should go to your bank immediately and bring a receipt or proof that the money is indeed yours. The bank imposes such restrictions to prevent money laundering, corruption and stolen money.
4) Misuse of chequebooks
Misuse of chequebooks can also lead to bank account freezing. If you give someone a check with a higher amount and that person goes to the bank to cash the check, the bank will contact you. If the bank is unable to contact you, they may freeze your account. In such a situation, the bank freezes your account for 24 hours, after which it returns to its normal position.
5) Suspicious Activity
Online transaction is highly leveraged which can be harmful due to a small carelessness. If you or someone tries to access your account login and password on a new device, your account may be temporarily frozen.
Logging in from another country will automatically disable by the system, which is used to keep the account safe. When someone finds out your account password and tries to hack it, the bank immediately suspends the account. You cannot make online transactions or use your card.
To resolve this issue you can call the helpline and get your account reset. Sometimes the account suspends for 12 hours after entering a wrong password and then returns to normal.
If this has happened to you, you should immediately change your bank account login and password and set a difficult password or PIN. Do not give your account information like account login, password, email and registered number to anyone.
In general, it is difficult to predict exactly how long it will take for a bank account to freeze, as it will depend on the specific circumstances involved. It is always a good idea to contact your bank directly if you have any concerns about your account being frozen.
During this time, you will not be able to make any transactions or withdrawals from your account. However, once the bank has frozen your account, they will work with you to find a solution.