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Three Reasons Government May Freeze Your Bank Account - Business - Nairaland

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Three Reasons Government May Freeze Your Bank Account by Nobody: 10:17am On May 12, 2017
Apart from your activity causing the bank to freeze your account, there are certain times when the government or court may ask the bank to freeze your account.

It can be a nasty surprise to find out that your current account is frozen. When a bank freezes your account, you still have limited access to it. You are able to check your transactions and receive certain deposits. However, you are not able to withdraw or transfer your money until the issue that caused the account to be frozen is cleared.

Make sure to contact your bank immediately if your account is frozen. Bank accounts are frozen for a number of different reasons, and each reason requires specific actions to unfreeze the account.



According to investopedia.com, the following are the top three reasons as to why a bank account may be frozen.

Suspicious or illegal activity
A bank can freeze your account when it suspects that you are using your account illegally, such as for money laundering or cashing back cheques. Sometimes a bank also freezes an account in correlation to terrorist financing. This includes receiving suspicious payments from an outside country or depositing large amounts of money suspiciously, which results in your account being flagged. Even gambling can cause a bank to freeze an account if it suspects suspicious activity.

It is rare for bank accounts to be frozen for these instances, especially for users who are innocent. It is best to seek the help of a lawyer to help you clear up this kind of case.

Unpaid debts through creditors
Creditors can access your account for unpaid debts; however, the creditor must gain approval from the courts before taking this action. For accountholders who have their loan accounts at the same institution as their bank account, the lender can gain access to a current or savings account in order to collect payment on defaulted loans without filing a lawsuit or obtaining a judgment first. Usually, with these accounts, you must first sign the fine print, which grants the bank this authority.

Once your account is frozen over unpaid debts, it is crucial to get the attorney’s information from your bank immediately. You need to have a better idea of what is going on with your account and work out a payment arrangement. Unfortunately, ignoring a frozen bank account can make the problem worse, causing drops in your credit score and a build-up of bank fees.

Unpaid debts to the government
Individuals who owe taxes to the government may also find their bank accounts frozen. For unpaid taxes, the government can issue a tax levy that is not to be lifted until the debt is paid in full.

Should you find out your account is frozen, consult your bank and thereafter seek legal help to aid you in unfreezing the account.

http://punchng.com/three-reasons-government-may-freeze-your-bank-account/

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Re: Three Reasons Government May Freeze Your Bank Account by wickyyolo: 10:39am On May 12, 2017
If you're an opposition party member. grin

26 Likes

Re: Three Reasons Government May Freeze Your Bank Account by DaniDani(m): 10:40am On May 12, 2017
And the last reason: If you are patience a.k.a mama piss, and you don't have any verifiable business that's worth millions of dollars but you have millions of dollars in your account simply because your husband is a former President, then your account must be frozen.

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Re: Three Reasons Government May Freeze Your Bank Account by Nobody: 11:24am On May 12, 2017
DaniDani:
And the last reason: If you are patience a.k.a mama piss, and you don't have any verifiable business that's worth millions of dollars but you have millions of dollars in your account simply because your husband is a former President, then your account must be frozen.
Re: Three Reasons Government May Freeze Your Bank Account by willian10: 11:25am On May 12, 2017
...

2 Likes

Re: Three Reasons Government May Freeze Your Bank Account by Tazdroid(m): 1:06pm On May 12, 2017
4. Your occupation on your account says Litigation officer and your bank balance reads N10,000,000

Abeg, wetin u dey litigate tori olorun?


5. You have been hospitalized and you receive monthly alerts of N1m.

Biko, na ur ghost dey work?

16 Likes 4 Shares

Re: Three Reasons Government May Freeze Your Bank Account by BUSHHUNTER: 1:08pm On May 12, 2017
Am just here to read comments.





Thank You.

5 Likes

Re: Three Reasons Government May Freeze Your Bank Account by Bioboy1213(m): 1:08pm On May 12, 2017
.
Re: Three Reasons Government May Freeze Your Bank Account by frankobaba(m): 1:08pm On May 12, 2017
Tell that to This guy in the pix below...

MMM GUIDER NUMBER 1

12 Likes

Re: Three Reasons Government May Freeze Your Bank Account by sunshineV(m): 1:09pm On May 12, 2017
Thank God


#teamKOLO
Re: Three Reasons Government May Freeze Your Bank Account by Ra88: 1:09pm On May 12, 2017
Ok

1 Like

Re: Three Reasons Government May Freeze Your Bank Account by Jay1F(m): 1:09pm On May 12, 2017
contact me for your sure 2 odds... @N2000 only
Re: Three Reasons Government May Freeze Your Bank Account by tyaccess(m): 1:10pm On May 12, 2017
You want to submit, pick or deliver your documents within Ibadan. Please contact me, a trust hand you can count on. Thanks
Re: Three Reasons Government May Freeze Your Bank Account by corperscorner: 1:10pm On May 12, 2017
They can also freeze your account if you are into frozen foods or bet9ja




See this mumu comment below grin

1 Like

Re: Three Reasons Government May Freeze Your Bank Account by Ikenna17(m): 1:10pm On May 12, 2017
Booking Space...
Re: Three Reasons Government May Freeze Your Bank Account by Sexytemi(f): 1:11pm On May 12, 2017
Okay..
Re: Three Reasons Government May Freeze Your Bank Account by Ekakamba: 1:11pm On May 12, 2017
Transacting business with an enemy State (Nation). We no get enemy sha. tongue
Re: Three Reasons Government May Freeze Your Bank Account by kings09(m): 1:12pm On May 12, 2017
Nothing special here
Re: Three Reasons Government May Freeze Your Bank Account by duos(m): 1:12pm On May 12, 2017
The person next have something to say tongue

Re: Three Reasons Government May Freeze Your Bank Account by Lilimax(f): 1:13pm On May 12, 2017
frankobaba:
Tell that to This guy in the pix below...

MMM GUIDER NUMBER 1
undecided undecided
Re: Three Reasons Government May Freeze Your Bank Account by IMASTEX: 1:13pm On May 12, 2017
Nice tip
Re: Three Reasons Government May Freeze Your Bank Account by Pavore9: 1:15pm On May 12, 2017
Tazdroid:
4. Your occupation on your account says Litigation officer and your bank balance reads N10,000,000

Abeg, wetin u dey litigate tori olorun?


5. You have been hospitalized and you receive monthly alerts of N1m.

Biko, na ur ghost dey work?

But e get the kind investment whey you get whey fit dey earn you that N1m whether hospitalized it not.

4 Likes

Re: Three Reasons Government May Freeze Your Bank Account by chuose2: 1:15pm On May 12, 2017
The main reason is to fight PDP, nothing else.

2 Likes 2 Shares

Re: Three Reasons Government May Freeze Your Bank Account by redbottles(m): 1:15pm On May 12, 2017
Na only freeze dem sabi, dem no dey ever deposit..

2 Likes

Re: Three Reasons Government May Freeze Your Bank Account by TPAND: 1:18pm On May 12, 2017
I doubt if this is true....
Re: Three Reasons Government May Freeze Your Bank Account by quentin06: 1:18pm On May 12, 2017
You forgot to add whistle blowers report this can make govt freeze your account especially if you re in the wrong party.

Mama patience can testify of this.
Re: Three Reasons Government May Freeze Your Bank Account by passey: 1:23pm On May 12, 2017
I first think say na Daddy Freezer name I see! shocked shocked shocked shocked
Re: Three Reasons Government May Freeze Your Bank Account by Divinerace(m): 1:24pm On May 12, 2017
Even gambling can cause a bank to freeze ur account??


MaKa Why??

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