Thousands of people a year find themselves frozen out of their bank accounts.
The decision to freeze an account often happens with no warning or explanation. Customers suddenly find they have no access to cash; their direct debits and standing orders are suspended.
Often, banks and building societies freeze accounts without any notice and they do not tell customers their reasons for doing so. Most customers never find out exactly why their account caught the bank’s attention.
For banks, spotting potential fraud is usually algorithmic, running through transaction analysis to spot unusual behaviour.
What rights do you have?
As expected, freezing bank accounts and denying consumers access to their money is one of the most complained about actions taken by banks and money apps.
If you have been frozen out of your bank account, contact us at Sydney-Lawyers.com for legal advice and representation.