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Regarding freezing a savings bank account

Date: 13 Apr 2016    Group: Finance and Investments    Category: Banking   

In the year 2013 I had opened a joint bank a/c with Axis bank. The other holder was one of my relatives. Since after opening the a/c he had never showed me either pass book or cheque book in spite of my repeated requests. Gradually I forgot the a/c no.

A few days back I talked with the other holder and asked for an account statement for my own purpose. He instantly denied to give that statement. Then I approached the branch manager and made allegations against the other holder and requested him to issue that statement.

After the statement was issued, I requested the manager to freeze the a/c completely so that no inappropriate transaction can be performed with this a/c. The manager instantly freezed the a/c.

As I don't have any ATM card or pass book with me for that a/c, how can I know whether the a/c has actually been frozen? I know only the a/c no.
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Author: Padma    16 Apr 2016      Member Level: Silver     Points : 1  (Rs 1)    Voting Score: 0

Debit card fails to function at cash register. If you have an account number, you can find the details by calling to the bank and inquire about it.

Author: Kailash Kumar    16 Apr 2016      Member Level: Platinum     Points : 4  (Rs 4)    Voting Score: 0

Legally a bank account can be frozen on any one or more of the following reasons -
1. Unpaid private loans
2. Tax dues
3. Unpaid money to a organisation/individual.
4. Suspicious activities in the account
5). Use of the account for illegal activities
6. Money laundering
7. Terrorist financing
Regulators such as the RBI, SEBI, Income Tax authorities or courts have rights to order a freeze bank accounts.
Therefore the author should check with the bank concerned, if the account is frozen or is kept inoperative due to any other reason or not. It is also relevant to note as to what was the mode of operation of the account i.e. by either or jointly? Whether any written request was taken by the bank or action was promised only on oral advice? The author should visit the bank branch and find out the actual status personally and take further necessary action as per advice of the bank official.

Author: Ashok Goyal    29 Apr 2016      Member Level: Gold     Points : 4  (Rs 4)    Voting Score: 0

In case of Joint bank account holders if there is any discord among the joint account holders then any one of the account holder can ask the bank not to make any debit transactions in the account by writing a request to the bank that there is dispute among the account holders. The joint account holder can also seek the statement of account and balance at the time of stopping further transactions in the account. The bank will be freezing the debit transactions but it is somewhat impossible to stop the credit transactions. Such account can be closed only after both the joint account holders visit the bank branch. The branch manager will allow the debit operations in the account only after both the joint account holder give their consent jointly.

Author: Venkiteswaran.    29 Apr 2016      Member Level: Diamond     Points : 5  (Rs 5)    Voting Score: 0

It is easy and simple to freeze transactions. As the just above answer says all debit transactions can be frozen and will be permitted only when both account holders sign or jointly present at the bank and withdraw the freezing instructions. Credits may be allowed. However you can inform bank to inform you when any credit comes in your favour.

You have received the account statement. You should verify the transactions and ensure there are no transaction which may involve you in some liability with others and cause litigations. You may verify all payments by cheque and discreetly enquire if your name is involved in anyway in those transactions.

But before all this you may evaluate the real intent by the other joint- holder, i.e your relative. If he had not intended anything wrong to defraud you or put you in trouble and had not involved you on any liability or transaction, then you can tell him that you are withdrawing from the joint account.

Both of you can join and present personally at the bank and give a joint letter withdrawing your name from the account and allowing the other account holder to continue as sole account in case he needs that account number. Otherwise both of you can go to the bank and close the account.

But if you doubt any mala fide action by him involving your name, then take appropriate legal steps consulting a good lawyer.

Before all that please try to have a direct discussion with him to remove any misgivings.

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