When I saw this question can money be deposited into a frozen bank account, I saw the need to write a post about it. It will be of a lot helpful to people whose bank account is frozen, and are confused if they can still deposit money into the account.
On my previous post, I mentioned about my bank account frozen by my bank. So I know the experience and everything one needs to do when it comes to this case. And with my experience, I’m writing this post on can money be deposited into a frozen bank account.
Can money be deposited into a frozen bank account
The answer is yes. Money can be deposited into a frozen bank account without any restriction of any kind.
The bank do allow a frozen bank account to receive cash deposit of any amount, but where the problem lies is withdrawing the cash or using it for payment.
The question is, why would you want to deposit money into a frozen bank account knowing fully well that you won’t have access to the money until the restriction is removed.
In my own case, I never knew that my bank account was frozen and I deposited a large amount of money into the bank account. When I wanted to use the money for a payment, it didn’t go through and I tried it multiple times.
I also noticed that I can’t make transfer from the account. When I contacted my bank about the issue, that’s when they told me that my bank account was frozen. I have to come to the bank to resolve the problem.
When i went to the bank, I asked them why I was able to deposit money into the bank account since the account was frozen. They customer service representative replied that you can deposit money into a frozen account, but can’t make withdrawal on the account or use it for payment.
That is to say you won’t have access to your money.
On the contrary this is crazy, you freezed my bank account, but still made it available for money to be deposited into the account but I won’t have access to the money.
This example explains the question on can money be deposited into a frozen bank account.
When i further asked the customer service representative why it is possible to deposit money into a frozen bank account, they reply he gave me is the case of a frozen account due to court order by a creditor.
For example, a creditor getting a court order to freeze a debtor’s bank account. In the case that the debor has an insufficient funds in it’s bank account, any amount deposited into the account will be given to the creditor until the payment is complete.
The debtor can receive money into it’s bank account, but wont have access to the money. Any amount paid into his account will be removed immediately and given to the creditor, until the debts are paid complete.
Going by the question on can money be deposited into a frozen bank account, the answer is yes. However, the account owner won’t have access to the bank or the money until the issue is resolved.
If you know that your bank account is frozen, I don’t recommend you to deposit money into the account. You shouldn’t do that, but rather look for any account to deposit the money.
In case you don’t fancy depositing money into your family or friends account, you can quietly open a new with another Chase. That’s very much possible unless you caught because of money laundering, and your name is on the media and on the news.
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Opening a new bank account
Some people thinks it is not possible to open a new bank account while their account is frozen.
You’re wrong if you think that way.
You can open a new bank account even though you have a frozen bank account. Frozen bank account means that you will not have access to that very or particular bank account.
In terms of money laundering, the bank through the court order will confiscate your bank account. Still it doesn’t mean you can’t open a new account. What this means is that you have lost everything (money) in the bank account.
As long as you don’t end up in jail, you can open a new account. Nobody will prevent you from doing that, opening a new bank account.
So instead of depositing money into a frozen bank account, I recommend you to open a new account or deposit the money into your friends or a family member account. When you’re done resolving the issue you have, and the restriction removed from your account, you can then start to deposit money into the account.
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Can you close a frozen bank account
Absolutely not possible, you can’t close a frozen bank account. Before you can close a bank account, the account must be in good standing with the bank.
There will be no debts accrued.
So how do you think it will be possible to close a frozen bank account. Once an account is frozen, it is quite similar to being closed. The only difference is that you can deposit money into the account.
Before you can close a frozen bank account, you need to first clear up the air with your bank, unfreeze your account and then close the bank account. However, you don’t want to use the bank account anymore, then you let go of the account.
And this include the money in the account.
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Can money be paid into a frozen bank account
Yes of course, money can be paid into a frozen bank account. This is the same with can money be deposited into a frozen bank account.
Like I said, frozen account doesn’t necessarily mean that the account is closed. There’s a difference between closing an account and freezing an account.
If a bank closes a customer account which is very rare to see, money can’t be deposited into the customer’s account. The customer’s bank account will no longer exist in the bank database.
This case is different from a frozen bank account.
In a frozen bank account, the customer’s account is still in the bank database, and money can be deposited into the customer’s account. The only problem is that the customer won’t have access to his or her money.
The customer can check her account balance, account number, receive notification about the deposit but can’t touch the money in terms of withdrawal or payment. If the customer didn’t come up to clear things up, after some years the bank might confiscate or close the account.
Going back to the question on can money be paid into a frozen bank account, the answer is yes. You can receive money into your frozen account though I don’t see the reason why you should do that unless you want to use it and pay a creditor the debts which you owed.
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To round this post up, I don’t recommend depositing money into a frozen bank account unless you have a good motive for such action.