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What are the steps that a bank uses to put a hold on an account?
Wiki User
∙ 13y ago
Many banks will not put a "hold" on an account unless asked to by a customer (if there is evidence of fraud or identity theft) OR by the government (if there is evidence of criminal actions).
The policies associated with a hold are regulated and slightly differ based on the type of financial institution (because different types of financial organizations have different regulators).
While the detail is far too much to go through in this answer, many financial institutions use the following steps:
* (if not informed) Inform the owner and provide an understanding of how to remove the hold/when the hold is automatically removed
* Inactivate (not close) the account so transactions will fail (similar to a credit card that has been lost or stolen)
* (time passes) Once the precipitating event has been resolved, the account is reactivated (or closed)
Wiki User
∙ 13y ago
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Can you keep money the bank deposited into your account in error?
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What side particularlly part in the ATM can you find your account number?
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Who is a client of a bank?
If a person has any kind of account relationship with the bank, he will be termed as a customer or a client of the bank. It could be any account like say checking or loan or credit card or any kind or service the bank provides. If the person uses them, he becomes a customer/client of the bank.
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It is possible to draw money from an account while at a different bank if the person in question has the bank accounts linked. Another option would be, if the person uses a checkbook, to write a check from the bank they want to draw money from and cash it at the bank they're at, but this may result in a service charge from the bank they're at if they do not have an account with them.
