135 Views

Don’t Be A Victim: Here Are The 3 Reasons Why Government May Freeze Your Bank Account!!

Although your bank account is exclusively your private property, certain situations can warrant the government freezing and taking charge of it.
File photo: A banking hall
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.
1. 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.
2. 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.
3. 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.
Culled from The Punch

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Leave a Comment

Your email address will not be published.

Latest Posts

10 Things That Change When You’re Finally In The Right Relationship
Romance and Love
32 views
Romance and Love
32 views

10 Things That Change When You’re Finally In The Right Relationship

PH - February 20, 2018

1. You don't get anxious. I once heard great philosopher Kourtney Kardashian say on Keeping Up With The Kardashians — and I'm paraphrasing here: When you're with…

BBC Launches Igbo And Yoruba Channels
Entertainment
38 views
Entertainment
38 views

BBC Launches Igbo And Yoruba Channels

PH - February 20, 2018

BBC Igbo and Yoruba services launched today, two of the 3 new languages to be launched by the BBC for Nigeria and the West and Central Africa…

Meet Young Don, One Of Delta State’s Youngest Multimillionaires (Photos)
Richest
42 views
Richest
42 views

Meet Young Don, One Of Delta State’s Youngest Multimillionaires (Photos)

MT - February 20, 2018

Meet Joseph Ebosa, the Nigerian big boy popularly known as ‘Young Don’. Local reports claim that Young Don is one of Delta State’s youngest multi millionaire who has kept…

Nollywood Star, Kate Henshaw Rocks Super Eagles Jersey, Talks On Reasons She Believes In Nigeria (Photos)  
Entertainment
50 views
Entertainment
50 views

Nollywood Star, Kate Henshaw Rocks Super Eagles Jersey, Talks On Reasons She Believes In Nigeria (Photos)  

MT - February 20, 2018

Popular Nollywood actress, Kate Henshaw, has taken to her Instagram page to share a motivational piece to her fans and followers about the need for Nigerians to…

How Nigerian Music Sensation, Tekno Disappointed Abuja Fans
Entertainment
54 views
Entertainment
54 views

How Nigerian Music Sensation, Tekno Disappointed Abuja Fans

MT - February 20, 2018

One of Nigerian finest artistes, Tekno let his fans down when he put up an uninspiring performance at an event at the Transcorp Hilton in Abuja where…

Lesbian Practice Actually Started From The Igbos Before Colonization – Lady Claims
Shocking
42 views
Shocking
42 views

Lesbian Practice Actually Started From The Igbos Before Colonization – Lady Claims

MT - February 20, 2018

Trying to take us Back to the Beginning of time, A Twitter user with the name Christiana1987 has declared the generation of G.ay started from the Igbos,…

Photos From Oba Tejuoso’s Pre-80th Birthday Family Dinner
Art, History and Culture
39 views
Art, History and Culture
39 views

Photos From Oba Tejuoso’s Pre-80th Birthday Family Dinner

MT - February 20, 2018

Wives, Children and grandchildren of the Osile of Oke Ona of Egbaland, Oba Adedapo Tejuoso, gathered at his residence to host him to a pre-birthday dinner last…

PHOTOS: Singer Jaywon Visits Orphanage Home In Kogi State
Entertainment
47 views
Entertainment
47 views

PHOTOS: Singer Jaywon Visits Orphanage Home In Kogi State

MT - February 20, 2018

Singer Jaywon was yesterday in Kogi State and visited an orphanage home there. Taking to his IG, Jaywon says he's glad he could make the kids smile…

How Wole Soyinka Inspired My Passion For Road Safety – FRSC Executive, Kayode Olagunju
Inspiring
53 views
Inspiring
53 views

How Wole Soyinka Inspired My Passion For Road Safety – FRSC Executive, Kayode Olagunju

MT - February 19, 2018

An Assistant Corps Marshal with the Federal Road Safety Corps (FRSC), Dr Kayode Olagunju, has revealed how Nobel laureate, Prof. Wole Soyinka inspired his passion for road…

Meet The Nigerian Lawmaker Who Empowered His Constituents With Cutlasses And Hoes. [Photos]
Best of Nigeria
57 views
Best of Nigeria
57 views

Meet The Nigerian Lawmaker Who Empowered His Constituents With Cutlasses And Hoes. [Photos]

MT - February 19, 2018

Our lawmakers have got to do better in the aspect of empowering their constituents. Just when we thought we’ve seen it all, comes this shocker. Honourable Mandela…

Daniel Amokachi Reveals The Country His Footballer Twin Sons Will Play For.
Sports
68 views
Sports
68 views

Daniel Amokachi Reveals The Country His Footballer Twin Sons Will Play For.

MT - February 19, 2018

Ex International and football pundit, Daniel Amokachi has said he would want to see his twin sons play for the Super Eagles of Nigeria instead of Tunisia, the country…

Despite Recession, Nigerians Spent N3.208 Trillion On Airtime In 2017 – Research Shows
Best of Nigeria
61 views
Best of Nigeria
61 views

Despite Recession, Nigerians Spent N3.208 Trillion On Airtime In 2017 – Research Shows

MT - February 19, 2018

With the cry of economic recession in almost all Nigerians' mouths; the economy meltdown which started in Nigeria sometimes in 2016 and lingered till a greater part…

Romantic Photos Of Davido And Girlfriend, Chioma After His ‘Sold Out Concert’ In London
Entertainment
95 views
Entertainment
95 views

Romantic Photos Of Davido And Girlfriend, Chioma After His ‘Sold Out Concert’ In London

MT - February 19, 2018

After his sold out concert in London yesterday, The Lovebirds are pictured together in a room probably to refresh themselves following a busy day on stage. See more…

Child Comedienne Emmanuella Lands Disney Film Role
Entertainment
68 views
Entertainment
68 views

Child Comedienne Emmanuella Lands Disney Film Role

PH - February 19, 2018

Popular Nigerian comedienne, Emmanuella Samuel, is set to feature in a Disney Hollywood film. The 7-year-old revealed this on her Instagram page. She captioned the post: “Thanks…

In Photos: Super Falcons Star, Francisca Ordega All Smiles As She Poses With Athletic Madrid Star, Diego Costa
Sports
108 views
Sports
108 views

In Photos: Super Falcons Star, Francisca Ordega All Smiles As She Poses With Athletic Madrid Star, Diego Costa

MT - February 19, 2018

This is a one-in-life time opportunity for Super Falcons player, Francisca and trust her she made a better use of it. The Falcons star player and Athletico…

Here’s What Nigerian Musician, Pasuma Has to Say About His ‘Presidential Ambition’ Ahead of 2019 Election
Entertainment
106 views
Entertainment
106 views

Here’s What Nigerian Musician, Pasuma Has to Say About His ‘Presidential Ambition’ Ahead of 2019 Election

MT - February 19, 2018

Legendary Nigerian Fuji musician, Wasiu Alabi Odetola, popularly known as Pasuma Wonder, has taken to his Instagram page to reveal to his fans and folowers that he…

Meet The 5 Talented Nigerians Who Featured In Blockbuster Hollywood Movie ‘Black Panther’ (Photos/Video)
Best of Nigeria
298 views
Best of Nigeria
298 views

Meet The 5 Talented Nigerians Who Featured In Blockbuster Hollywood Movie ‘Black Panther’ (Photos/Video)

MT - February 19, 2018

  Undoubtedly, the movie, Black Panther is already 2018’s most-anticipated movie and imagine the year just started. The movie, which has gathered a movement, is the first…

$11.489m: Why We Rejected Patience Jonathan’s Settlement Offer – EFCC
Politics
77 views
Politics
77 views

$11.489m: Why We Rejected Patience Jonathan’s Settlement Offer – EFCC

MT - February 19, 2018

Former First Lady Patience Jonathan’s bid to settle out of court the brewing dispute over the strange payment of $11,489,069.03 into her domiciliary accounts has been rejected.…

Loading...