Sunday, January 29, 2023

Why does the bank account freeze? Learn how to reactivate a closed account

If you have taken a loan and have not repaid your loan even after several reminders, then the bank can freeze your account. Apart from this, non-payment of tax can also become the reason for freezing of bank account.

Bank accounts are an important part of our financial management. If for some reason the bank freezes them, then it can become a problem for us. In case of an account freeze, all your transactions are stopped. Even your checks will not be able to be used. 

Your bank account may freeze due to these reasons-

Personal loan not repaid

If you have taken a loan and have not repaid your loan even after several reminders, then the bank can freeze your account. That is why it is important that you take a loan and repay it on time. 

tax is due

Non-payment of tax can also become the reason for freezing of bank account. The best examples of this are Kingfisher Airlines and the Sahara case. Their bank accounts were frozen due to non-payment of tax dues.

Read More: Cyber ​​Crime: Victims of Online Financial Fraud? Get your full money back, here’s the process

Your bank account may freeze due to these reasons-

Even if you do not repay the loan taken from any organization or individual, your account can be frozen. Your account may also get frozen due to any suspicious activity in the account. Your account can also be frozen due to any illegal activity, money laundering, and terrorist financing. 

How to reactivate dormant account-

If your dormant account has become inactive then you can activate your account by depositing or withdrawing the account. For this, you have to visit the home branch of your bank. Here you have to put a request to reactivate the account in writing. Do carry the necessary documents for KYC with you. Remember that the bank cannot charge you any fee for reactivating your account.

How to unfreeze bank account-

motion to vacate

If your account has been frozen then you should file a Motion to Vacate. For this, you will need a debt-collection defense attorney. If the judge gives the verdict in your favor then your account will be released. 

automatic protection 

In many cases, the government gives automatic protection in many cases like social security, disability benefits. If your account falls in this range, then you can demand the release of your account. Even if the verdict is pronounced against you, your account will be unfreezed.

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