Learning that your account is frozen is certainly a nightmare. You are unable to make any purchase or write checks. Furthermore, the checks that you had written previously will also be blocked. There are many reasons that banks freeze accounts.
However, there are ways with the help of which you can unfreeze your account and lift off the financial hardship off your shoulders. Let’s take a look below:
Determine the Reason
The first step that you must take is to find out the reason behind the freezing of your account. Most banks freeze accounts when you haven’t paid off your debts and the money you owe to them. You also need to ensure that your account has not been compromised by a thief.
Therefore, the best way to learn the reason is to head to your bank. If your account was seized due to a legal judgment or any other debt issue for the matter of fact, you will need to get in touch with court for a solution.
Get in Touch with Court
If you did not know about your creditor’s action in advance, you have the right to talk to a judge. Creditors are required to send a legal notice before freezing your account and if they failed to inform you, they are liable to answer the court. Once your side of the story is proven and the creditor is at fault, the court will remove your account from the frozen list. You will then need to submit court’s ruling to your bank and get your account to unfreeze.
Pay Off the Dept
If your account was frozen because of unpaid debt, you can get it back by paying it off. When you miss multiple payments and leave your debt to pile up, creditors will take legal action against you including freezing of your account. Therefore, if you want to recover your account, you will need to get rid of the problem. Since creditors only need their money back, if you pay off all debts, your account will be unfrozen and ready-to-be-used again.
Hire an Attorney
Another way of recovering your account is to get in touch with an attorney. Attorneys are licensed professionals who have the right expertise and knowledge to handle financial issues. Your attorney will help negotiate with creditors and the court to revive your account. Furthermore, due to their strong networks, most attorneys are able to crack a deal and find a middle ground during negotiations that help you recover your account much faster. Another benefit of hiring an attorney to help unfreeze your account is that you get to save a lot of money in settlement.
Whether your account got frozen due to unpaid debts or a security issue, there are steps that you can take to recover it. Unless the problem is big and you are at the wrong end, chances are that you will be able to unfreeze your account in less amount of time.