What Happens When an Account Is Frozen?

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When a bank account is frozen due to software problems, contact the bank or wait 72 hours. For an account that has been frozen for other reasons, contact the bank and discuss the problems. Find out how internal auditors, the government or the compliance department may freeze a bank account with information from a financial consultant in this free video on money management and personal finance.

Part of the Video Series: Money Management & Personal Finance
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Video Transcript

Do you have an online account and have tried to login and made a mistake and gone to login again and made a mistake and all the sudden that sign comes up that says account frozen? Hi, I'm Roger Groh with Groh Asset and we're here today to talk about what happens when your account is frozen. Well there are two parts to this, one is on the software side. If you, like me, you're in a hurry, you're in putting numbers and do it wrong and you're a little frustrated and you do it wrong again and then this frozen thing comes up, generally an 800 number will be available, if you call them you explain who you are and they will lift that hold. Also, generally, those holds will lift automatically after 72 hours. So that's a little bit about the software side. On the other hand, if a bank or institution or a group felt that there were errors occurring for whatever reason within your account, to protect you and to protect them, they might very well freeze that account. If your account is frozen, well you're not going to be able to do anything in there. If it's a bank account, you wouldn't be able to take money out and you probably aren't able to put money in. If it's in your medical account, probably the same thing is happening. Who would freeze an account? Well it might be the compliance department within a group, it might be the internal auditors of the group or it might be the government who is deeply concerned with what's happening in your account. Each probably has the authority to do that. In an extended situation you would want to contact your tax attorney to have them discuss it with the institution involved. Mostly you can avoid all of this by calling the bank immediately and discussing with them why. Listen to their demands, solve them and then go on your way. I hope that help, I'm Roger Groh with Groh Asset, don't get frozen. Thank you very much for spending time with me.

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