- Account Freeze
- An action taken by a bank or brokerage that prevents any transactions from occurring in the account. Typically, any open transactions will be cancelled, and checks presented on a frozen account will not be honored.
Account freezes can be initiated by either the account holder or a third party.
An account may be frozen by government or regulatory authorities because of suspicious activity, suspected criminal activity, civil actions or liens filed against the account. Furthermore, a bank or brokerage account may be frozen when the account holder dies. Once the appropriate documentation is presented, a new account will be opened in the beneficiary's name with access to the assets.
Investment dictionary. Academic. 2012.
Look at other dictionaries:
freeze — freeze1 [ friz ] (past tense froze [ frouz ] ; past participle frozen [ frouzn ] ) verb ** ▸ 1 when liquid turns solid ▸ 2 preserve by making cold ▸ 3 feel extremely cold ▸ 4 weather: reach 0°C ▸ 5 stop moving/working ▸ 6 stop officially ▸ 7 stop … Usage of the words and phrases in modern English
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freeze — ▪ I. freeze freeze 1 [friːz] verb froze PASTTENSE [frəʊz ǁ froʊz] frozen PASTPART [ˈfrəʊzn ǁ ˈfroʊ ] 1. [transitive] COMMERCE … Financial and business terms
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