Imagine you’ve spent the last hour or two walking up and down aisles and surfing shelves for a pair of shoes that fits you best. To make it worse, there’s a long queue at the check-out counter and it takes you another hour just to get to the front of the line.
And to top it all off, after intense brainstorming, multiple dilemmas, and waiting for the longest time, the computer refuses to accept your credit card because your bank account has been frozen!
This scenario isn’t just annoying and inconvenient, but also intriguing. What did you do for the bank to have frozen your account? Let’s look at some possible reasons:
If you’ve recently been sent a huge amount of money from a foreign bank account, the bank might suspect money laundering or funding for a terrorist activity. Even if your account sees a sudden surge in domestic deposits, the bank might still suspect gambling or trade practices that involve arms, diamonds, and ammunition. In such cases, banks usually forward the case to the National Crime Agency and the matter takes more than a few days to be solved.
If you haven’t committed any of the above-mentioned acts, you’re entitled to speak to the bank and get the issue resolved. The first step is to not use threatening language. Speak to an experienced lawyer and take the legal route to pull your bank account out of crisis.
This is one of the most common reasons why banks freeze your account or credit cards. Having insufficient funds isn’t a big problem. Getting someone to put up a payment claim is. Confused? Let us explain.
For instance you wrote a check for a bill payment to your gas company and have deposited it. When the recipient of the check deposits it, the bank simply rejects the payment and charges you a fine. If you fail to comply even then, the bank freezes your account as a last resort.
You have unpaid liabilities
If you owe money to creditors and haven’t been responding to their repayment requests for a long time, they can get the bank to freeze your account— with prior approval from the courts of course. This is especially common if your loan account and routine bank account are both in the same institution. A third party can get the bank to freeze your account if it’s a commercial debt, a child liability which you haven’t been fulfilling, or personal debt.
The immediate step is to arrange money to pay back the debt. If you let it be and don’t bother about getting your account unfrozen, this can greatly deteriorate your credit score. Whether you’re a personal account holder or a bank owner, you won’t be able to apply for loans or will get them at higher interest rates.
While you’ll have to seek legal help in order to unfreeze the account, but it’ll also be important to repair your deteriorated credit ranking. For this, Master Credit Consultants is your go-to credit repair service. Our credit analysis specialists will sit with you and analyze your current standing and will help you improve it by taking corrective action.
For a free consultation, get in touch with us online. You can also give us a call at 1-844-620-8796.