How to Unfreeze Bank Account in Nigeria?

Read all about how to unfreeze bank account in Nigeria.

When a bank account is frozen, it means your account raises some red flags and has been put under investigation until the issue has been resolved. However, it is to stop future regulatory violations, illegal transactions or cost saving measures.

Additionally, it is helpful for you to keep your account secure in a scenario when you are sure your account details have been exposed.

There are several reasons why banks freeze an account, ranging from a court order served on a bank through a law enforcement agency or a customer request for the account to be frozen to prevent fraud.

This article will discuss why banks freeze an account and how to unfreeze a bank account in Nigeria.

The Reason Why Banks Freeze an Account

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A frozen bank account is an account that has been disabled or deactivated from accessing services such as transferring funds and withdrawals. The following reasons are why the bank freezes accounts;

Unpaid Debt

 over time, customers with an active transaction record are allowed to obtain loans from the bank, but when the customer defaults in repayment, the bank has the power to freeze the account.

Inactive Account

When an account is opened with no activity or history of transactions over time, the bank will become suspicious and the account will be frozen.

Fraudulent Act

If there is some suspicious activity linked to your account, such as money laundering, bad cheque, terrorist financing, etc., the account will be frozen.

Tax Levy

When a customer default on the payment of tax, the government can request a bank to freeze the account.

Account Protection

It is a temporary freeze on your account requested by the customer in case your debit card or phone is stolen to ensure the safety of your money.

Court Order

There are several reasons why a customer account is frozen by court order. Banks are obligated to act as instructed when issued an order by the court to freeze an account through the police, the Economic and Financial Crimes Commission (EFCC).

How to Unfreeze Your Frozen Bank Account

• Visit the bank branch and reach out to the available customer care representative.
• Request to unfreeze your account
• The staff would request your account number and full name for verification.
• The staff will inform you of the reason why your account was frozen.
• If the reason why your account was frozen does not demand much to reactivate, then you would be given a form to fill out and submit with a copy of your ID.
• However, if it was a court order, you need to seek legal advice from a lawyer.

The Requirement to Unfreeze Your Frozen Bank Account

The following are some basic things you may need to unfreeze your account;

• The account number of the frozen account
• The full name of the account
• The mobile number registered by the bank
• Means of ID verification such as Driver’s license and national ID.
• BVN
• A recent utility bills

How to Prevent Your Bank Account from Been Frozen

• Pay your debts or contact your lender to make a repayment plan.
• Pay attention to your bank statement to ensure no fraudulent activity
• Pay your tax levy
• Avoid leaving your account dormant for a long time.

FAQs

Can you withdraw money if your account is frozen?

No, you are not permitted to withdraw and transfer if your account is frozen, but you can still receive a deposit into the account.

Can I unfreeze my bank account online?

No, it would be best if you visited the nearest branch of your bank to unfreeze your account.

How do you tell if your bank account has been frozen?

If your bank account has been frozen, you won’t be able to transfer and withdraw.

Conclusion: How to Unfreeze Bank Account in Nigeria

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A frozen account means the customer will only have the right to access the funds in their account once the reason why the account was frozen has been resolved.

To unfreeze an account frozen by a court order, the account holder must approach the court to vacate the order. However, if found innocent by the judge, the court may unfreeze the account, but the fund in the account is lost to the government if found guilty.

I hope you got a lot of helpful information from this article; please share and leave your comments.

 

 

 

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