What exactly is a frozen account?
A frozen account is referred to as an account where no depositor can do either withdrawals or purchases. The main reason an account can be frozen is if the account holder does not pay for his purchases that are charged to his account. Deposits can be made, but any money that is deposited, cannot be used, for it is frozen with the account. Even checks that are written against the account will be no good, as long as the account stays frozen.
Heading – Who can freeze bank accounts?
Any time you engage in a transaction with a company, and you have to pay the transaction back. This creates debt. The person you owe money to becomes your creditor. As such, if you do not pay your creditor when required, the creditor can freeze your account. All the creditor has to do is place … Read More