freezing a joint account

dipsy

Hi

does anyone know if both account members have to sign to freeze an account or can one person do this without talking/involving the other party?

thanks

Archi_Bald

If you, or the other account holder, tell your bank that there is a dispute, they will suspend the account. Obviously try to get any of your money out of the account before you report a dispute.

FireWyrm

You cant do anything on a joint account without the other party at least being informed. I suspect the answer is no, you cant 'freeze' an account without consensus from both named parties.

There was one story on here not long ago regarding a chap who wanted to simply remove his name from a joint account - but the bank wouldnt let him without first obtaining written permission from the other member on the account.

innovate

Each account holder can tell the bank that there is a dispute, and the bank will then have to block the account.

This is in all the T&Cs, and different from closing the account, which more often than not can only be done when bot account holders agree.

There are also many other things each of the account holders can do without the other one having to be told about it. For example, each of them can spend as much as they like, incl racking up an unauthorised overdraft, without anyone having to tell the other account holder. All this is in the T&Cs.

System

I read it that the OP is simply asking if a joint account can be placed in dispute / frozen without the consent of the other party; not that the other party doesn't find out.

The answer to that is yes.

FireWyrm wrote: »

You cant do anything on a joint account without the other party at least being informed. I suspect the answer is no, you cant 'freeze' an account without consensus from both named parties.

FireWyrm

Heng_Leng wrote: »

I read it that the OP is simply asking if a joint account can be placed in dispute / frozen without the consent of the other party; not that the other party doesn't find out.

The answer to that is yes.

or can one person do this without talking/involving the other party?

Really? I read that as wanting to freeze/close the account without telling the other party or getting consent...in which case, it's no. Why would you be able to freeze a joint account, effectively, withdrawing or blocking the facility from the other party without them being any the wiser or at least consulted on the matter? I'd be pretty ticked off if my abusive husband closed/froze our joint account and locked me out of it and the bank didnt tell me.

* note, this is a hypothetical scenario and doesnt mean 'me' personally.

dipsy

Hi

just to clear it up

it is a friend who's partner (soon to be divorced) as gone in twice to the bank and frozen the account without their knowledge, no letter, nothing

the first they have known about it is when they have gone to view the bank account on line.

Luckily they have moved their wages to another account, but it is believed that the other party did this to gain leverage and to cause them to have no access to their salary

Surely they have to at least write to inform you?

Archi_Bald

dipsy wrote: »

Surely they have to at least write to inform you?

No they (bank or other account holder) do not have to do this.

If you don't want to take the risk that somebody else messes about with your current account, don't take out a joint account. If you do take out a joint account, make sure you understand the T&Cs that apply to the account. The T&Cs will tell you that the bank can suspend the account if either of the account holders notifies a dispute.

henm2

It's a standard procedure for a bank to freeze an account where on notice of a dispute.
The aim afterwards will then be to get the agreement of account parties to close the account during which process a closing debit balance needs to be paid off, or any remaining credit balance needs to be divided up between the parties. Also direct debits/standing orders need to be either cancelled or moved to another account and any recurring debit transactions (continuous payment authorities) cancelled.