Definition of Frozen account:
Bank account from which no funds may be withdrawn because of a legal ruling or process. A deceased customers account is automatically frozen until its legal beneficiary or a heir is appointed, declared, or found. A forfeiture order by a court can also freeze an account.
A frozen account is a bank or investment account through which no transaction can be made. Account freezes are normally the result of a court order and, in some cases, they may be done by the bank itself. This usually occurs when the account holder has unpaid debts to creditors or the government, or when there is suspicious activity detected through the account.
Frozen accounts do not permit any debit transactions. When an account is frozen, account holders cannot make any withdrawals, purchases, or transfers, but they may be able to continue to make deposits and transfer into it. Put simply, a consumer can put money into an account, but cannot take money out of it. There is no set amount of time that an account may be frozen. Freezes are usually lifted once the account holder satisfies the conditions of the freeze.
How to use Frozen account in a sentence?
- A frozen account is a bank or investment account through which no debit transaction can be made. .
- Account freezes are not permanent, and generally require certain actions from the account holder before they can be lifted. .
- When a bank account is frozen, it may be because of money owed to another individual or business. .
- Account freezes are normally the result of a court order and, in some cases, they may be done by the bank itself. .
Meaning of Frozen account & Frozen account Definition