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 05:00:04 · 9 answers · asked by Charles R 1 in Business & Finance ➔ Personal Finance
CAN THEY FREEZE MY BANK ACCOUNT IF I OWE MONEY FOR STUDENT LOANS IN US?
2007-03-18 05:04:31 · update #1
1 second ago
CAN THEY FREEZE MY BANK ACCOUNT IF I OWE MONEY FOR STUDENT LOANS IN US?
2007-03-18 05:04:49 · update #2
Who is 'they' sounds rather mysterious.
Anyway if THEY are the IRS then it means you can not take any of your assetts ie. money out of that account until whatever issue you have is resolved.
2007-03-18 05:05:59 · answer #1 · answered by howtodream 2 · 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..
2007-03-18 05:13:20 · answer #2 · answered by kenweston2002 2 · 0⤊ 0⤋
Freezing a bank account means you cannot have any contact with that account until further notice, they do not remove the money they leave it there until all issues are sorted out and there is a legal agreement between you and the bank and the account is re-opened. Oh and yes if you owe student loans they can Freeze your account until you pay them off.....
2007-03-18 05:05:25 · answer #3 · answered by Tigerluvr 6 · 0⤊ 0⤋
not sure how this works in the USA but in the UK banks freezing a bank account means there is no access to it.generally this is done because of some offence made by the holder often as a result of defaulting on a loan either bto a bank or some other institution. it is not usually an arbitrary decision made by the bank but rather as a result of an instruction by lender unless of course you've been found guilty of drug trafficking in which case the court would advise the bank
2007-03-19 11:09:33 · answer #4 · answered by Anonymous · 0⤊ 1⤋
No. It means you cannot withdraw or use the account until it is released. It will only be frozen for a reason and if you are not sure ask at the bank. None of your money will be going anywhere or to anyone else. It is literally in an unmoveable state for a period of time.
2007-03-18 05:05:46 · answer #5 · answered by SYJ 5 · 0⤊ 0⤋
if there is a dispute between joint a/c holders then the a/c gets frozen at one of the holders requests. This is so the bank cannot be held responsible for fraudulant use of funds or disputes between transactions. An a/c also gets frozen after a death until probate is sorted. The banks should not make profit from these situations. Any monies paid in remains locked until disputes are sorted.
2007-03-18 05:08:30 · answer #6 · answered by Anonymous 3 · 0⤊ 0⤋
If your bank account is frozen, you cannot make any withdrawals from it. You may or may not be able to make deposits, but it wouldn't be a wise idea to do so as you would effectively lose access to the money.
2007-03-18 05:16:07 · answer #7 · answered by Bostonian In MO 7 · 0⤊ 0⤋
When it is frozen nothing moves it just stays there,nothing goes in nothing goes out,
2007-03-18 05:08:17 · answer #8 · answered by taxed till i die,and then some. 7 · 0⤊ 0⤋
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Yep, they turn you into a criminal of terrorist-status.
2016-04-11 01:52:11 · answer #9 · answered by ? 4 · 0⤊ 0⤋