The situation can be really unpleasant: l’home banking it doesn’t work for no apparent reason. The ATM on the corner repeatedly refuses our card and the same thing happens to the bank ATM. We wait for the branch to open and the employee tells us about the cold shower. Operation has been suspended for a few days and we didn’t even know it. They can really do it, they can block your checking account without even warning you, that’s why.
The law, in fact, does not oblige the institutions to give a formal communication to customers who are blocked in the current account. This happens because blocking is often a preventive action, aimed at preventing a problematic situation from further degenerating. The source of the problem can be too high liabilities, a suspicious transaction or foreclosure at the request of a creditor. In this article we will try to understand what an account holder can do in these cases and how to avoid these situations.
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The causes of the block
If our account has a constantly worsening negative balance, the bank can initially block the payment instruments. ATM and credit card will then stop working and it will be impossible to order an outgoing bank transfer. However, the check book will remain in the hands of the customer and this could aggravate the situation.
A new check for collection would increase exposure to the bank or, at worst, lead to a protest. In these cases the bank proceeds to block without notifying but certainly only after a few reminders to repay the existing debt. Even a violation of the anti-money laundering legislation can result in the blocking of the current account. In case of crediting of a suspicious bank transfer, for example, the bank must block its availability and inform the authorities. A further possible cause of blocking a current account is a foreclosure. In this case the bank would block the account to meet the court’s requests.
They can block your checking account without even notifying you, here’s why
Banks can interrupt the operation of the accounts on their own initiative or of a magistrate. At the end of the checks or after the repayment of debts, the institute will proceed with the release of operations. However, the law provides for limitations to this faculty. If only salaries or pensions flow into the account, at least 1,345.53 euros must remain available, or triple the social allowance. If, on the other hand, the account is jointly held, the maximum block will be 50% of the stock.
A final cause of blocking a current account is the death of the holder. In this case the IBAN will disappear permanently and the deposited sums will go in succession. If the account is jointly held, the survivor will still be able to access 50% of the balance. In conclusion, we remind you that our banking relationships will be increasingly subject to the exchange of information and data. In this regard, we recommend reading a our study.
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