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Frozen Account
An account that is temporarily inaccessible, often due to suspected fraudulent activity or a court order.
More Details
A frozen account is a financial account that has been temporarily suspended and is not able to be used for transactions or access to funds. This can happen for a variety of reasons, such as a request by the account holder, a legal order, or a bank's internal policies.
Example
You recently noticed fraudulent activity on your basic checking account. After you reported this to MCU, your account was frozen in order to protect you and your funds.
Related Terms
Flexible Spending Account (FSA)
A tax-advantaged savings account that allows individuals to set aside money for qualified expenses.
Federal Reserve
The US central bank, responsible for monetary policy, bank regulation, and government financial services.
Credit
The ability to borrow money or to purchase goods or services on the promise of future payment.