How does this work??
Do they just take out money at certain times ( like if you have a big chunk in there)?
or do they absolutely close down your bank account , where if you deposit ANYTHING it goes to them?
2007-03-18 04:58:07 · 23 answers · asked by Charles R 1 in Politics & Government ➔ Law & Ethics
CAN THEY FREEZE MY BANK ACCOUNT IF I OWE MONEY FOR STUDENT LOANS????
2007-03-18 05:03:55 · update #1
CAN THEY FREEZE MY BANK ACCOUNT IF I OWE MONEY FOR STUDENT LOANS????
2007-03-18 05:03:56 · update #2
Yep, they turn you into a criminal of terrorist-status.
2007-03-18 09:37:52 · answer #1 · answered by Anonymous · 0⤊ 0⤋
A freeze on a bank account is a temporary hold on the funds inside. It begins with a hold/ lock down to prevent anything going in or out. If the state or government get involved, they can or will remove the funds for payment of bills or back taxes etc. Banks are on a public network within the federal system which is why they are your best friends and worst enemy. If you bounce a check, they ping your credit. If you owe school loans they can place a hold on the account by a court order and the school will not transfer any credits until payment is fulfilled. If you owe money to the government for taxes, watch out, they end up having full access to your life. People in the older days would always hide money in the house, under the beds etc. Not many people trust banks, but most have to use them for direct deposits. It's never a win/ win story, sorry if your on lock down.
2007-03-18 05:39:38 · answer #2 · answered by Belkin 3 · 0⤊ 0⤋
UK banks will freeze accounts only generally as a result of a court order, although there are some circumstances where the court order is not needed. Freezing a account means that no transactions can be made, either in or out, until the freezing is reversed. It really is that simple. It's not a very common course of action, though. As regards a US student loan not being repaid, it is doubtful that a UK bank account could, or would, be frozen for that reason; if the account is frozen then the student loan would not be repaid from that account because no transactions can take place, not even that one, irrespective of how much money there might be in the account..
2016-03-29 04:49:58 · answer #3 · answered by Deborah 4 · 0⤊ 0⤋
Usually means. You can't make any transactions or anything of the sort until you go into the bank and deal with the issue. If you need to take cash out or use your debit card i suggest you proceed to the bank as soon as possible and get the issue resolved or what ever money, if any that is in there will not be accessible. Just go in.
2007-03-18 05:02:40 · answer #4 · answered by peze2 2 · 1⤊ 0⤋
Freezing a bank account is where they don't allow ANY deposits or withdrawals until a certain condition is met (maybe you owe them money?).
2007-03-18 05:01:51 · answer #5 · answered by paulbilsborough 3 · 1⤊ 0⤋
It means you have no access at all to your money and other funds. You owe this money and they will get it. They can not only freeze your bank accounts but can attach any future wages, attach and seize any personal property of value - like your car.
They can contact your employer and seize your paychecks.
You better just pay what you owe. You borrowed it from US, the taxpayer and you need to pay it back.
2007-03-18 05:08:13 · answer #6 · answered by Anonymous · 0⤊ 0⤋
When your bank account have been frozen, that means
that you can't make any transactions. Certainly don't put
any money in the account until you know why this happened.
If you owe some outstanding balances, than someone has
had your account frozen. You can't do anything until you
deal with this matter.
2007-03-18 09:59:40 · answer #7 · answered by boxmaker40 5 · 0⤊ 0⤋
If you owe any kind of money that you are delinquent on, they can freeze the account until you get a notice for due payment and when this has been established, then they will unfreeze the account.
2007-03-18 05:10:27 · answer #8 · answered by Anonymous · 0⤊ 0⤋
A freeze means the account status cannot change.
It cannot be closed, no money can be added, and no money can be taken out. The account must stay exactly the way it is.
Frozen.
2007-03-18 05:07:39 · answer #9 · answered by coragryph 7 · 0⤊ 0⤋
It mean that they have stopped all money transfers into and out the account.
They might take money out but it depends on who "froze" like if the IRS froze it (and they can), say if you were getting audited, if it ends up you owe money they will take it and there isnt anything you can do.
2007-03-18 05:02:16 · answer #10 · answered by Sundown 3 · 1⤊ 0⤋
Your access to the account is completely shut off. You can neither withdraw nor deposit money. No checks written will be honored.
This happened to me once, with a previous marriage.
We couldn't get ANY access to our accounts until we settled with the I.R.S.
MAJOR headache.
2007-03-18 05:02:38 · answer #11 · answered by marianddoc 4 · 1⤊ 0⤋