In case of an account freeze, all your transactions are stopped. Know how you can unfreeze your 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. You will not be able to use even your cheques.
Your bank account may freeze due to these reasons-
Personal loan not repaid
If you have taken a loan and have not repaid it 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.
Other 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 it by depositing or withdrawing money. For this, you will 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 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 like social security, disability benefits, the government gives automatic protection. 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 unfrozen.
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