Investopedia explains that bank accounts may be frozen for a variety of reasons, including civil court judgements, suspected illegal activities or suspicious activities that have been detected by government agencies or regulatory bodies. The death of the account holder may also trigger a temporary freeze on bank accounts.Know More
The most likely cause of a frozen bank account is a civil lien due to unpaid debts. MFY Legal Services says that during this process, a plaintiff files a court case against the account holder and wins a judgement that authorizes the plaintiff to collect on the debt. One tool at the plaintiff's disposal is compelling the account holder's financial institution to freeze funds.
MFY Legal Services advises owners of frozen accounts to contact their financial institution to learn the identity of the lien holder. The account owner has the option to prove that certain types funds, such as Social Security, veterans benefits and child support, are exempt from collection or to settle the debt. Some circumstances allow a frozen account's owner to obtain an order to vacate the judgement responsible for the account freeze by proving the action is the result of fraud or that the court lacked the proper jurisdiction to freeze the account.Learn more about Bank Accounts
Individuals with bank accounts in countries that use the international bank account number model can get their IBAN from their local branch or bank website, according to NatWest. This includes a number of countries in Europe, Asia and Africa but doesn't include the United States or Canada.Full Answer >
As Investopedia explains, a "bounced check" is a slang term referring to a check that cannot be paid by the bank because the account on which the check was drawn has insufficient funds. Banks typically charge penalties to account holders who write checks that bounce.Full Answer >
A checking account is a transactional bank account through which a person can make deposits and withdrawals of money, according to Investopedia. The money held in checking accounts is considered highly liquid because the account owner can easily withdraw it via checks or electronic debits.Full Answer >
To close a bank account, send a written request to close the account, along with contact information, personal information, account number and any other required documentation, according to About.com. Banks send the remaining account balance and a letter of verification once the request to close the account is finalized.Full Answer >