|
|
| *Loan,banking and credit>>>bank account |
Can a bank accept a cash or direct deposit to a frozen account? |
My friend was making a cash deposit into a bank account this morning. It was AFTER she made the deposit that the bank gave her a hand written note stating that she was minus in the account by a huge margin. She went to see the bank manager and she was told that her account had been frozen. I would expect a frozen account to be frozen both ways, and that the deposit shouldn't have been allowed to go through. "Frozen" does not mean closed to credits and debits. It just means that there is an uncollected funds hold placed on the account that will need to be satisfied before debits will be paid. For instance: I work with the accounts of deceased customers. Per Indiana Code, I must place death holds on the accounts, depending how they are titled (accounts owned by only husband and wife or accounts that don't earn interest are exempt), and no debits can be paid until the proper paperwork is filed with the county assessor and the bank. Credits will post, but debits will not. If your friend's account is overdrawn and has been "frozen," then all that means is that she cannot write any more checks or use her debit card any more until she pays back the overdraft, at which time the account will be open to debits again. No worries: the deposit will post just fine. :) my job--1st Source Bank, Branch Administration lign="right" > Sign in to vote! At one time I was a manager of a Bank, If the back account is over-drawn they will except deposits. They pulled her up account saw she was in the negative, took the deposit to bring her negative balance lower, standard practice of banking. If her negative balance is huge they may close her account for good. Keep in mind that many banks charge a fee for each day a account is in the negative. If there are outstanding checks then there is a fee for the returned check. Plus if the check is returned to the merchant then there my be a additional fee from the merchant. This can be a terrible snow-balling effect !! Which could cost your friend hundreds of dollars in fees. Tell her to get the her account back to a zero balance ASAP, The bank may credit her account for some of the overdraft fees. Hope this helps !! Melanie lign="right" > Sign in to vote! lass="explain-text">Sometimes none of the answers get it just right. If so, pick "No Best Answer". Voters DO NOT get any points for voting on the No Best Answer. lign="right" > Sign in to vote! |
| Tags |
| alliance bank bank loan financial services online banking bank account bank checks bank holidays |
SiteMap--Copyright/IP Policy--Contact Webmaster For personal non-commercial use only. |