Frozen account

A frozen account is actually quite a good description, as it refers to an account that no-one is allowed to access and make withdrawals or deposits into.

An account can be frozen for a range of different reasons, for instance it could be that is potential fraud or foulplay suspected.

A common reason for an account to be frozen is that the account is that of someone who is recently deceased and so the account is frozen whilst the heirs are found.

Note that an account where access is stopped due to problems with the account (for instance someone breaking the terms of their account and so on) tends to be called a blocked account rather than frozen.

Related Articles

Electronic banking
Call Option
Intestate
Central bank
Loan Shark

More Financial Words and Vocabulary Explained