Knack for writing and reporting on latest updates and news.
There could be any reason why your bank account is blocked. However, some possible reasons include illegal activities, and unexplained transactions, etc.
Do you have a blocked bank account? Wondering how you can open one easily? Then you have come to the right place. There could be any reason why your bank account is blocked. However, some possible reasons include illegal activities, and unexplained transactions, etc.
However, often banks make a mistake that negatively impacts personal or business account holders. Banks further do not provide a concrete reason for the closure of accounts. This leads to time-consuming efforts made by account holders to reactivate their accounts or access their funds.
Why do You Have a Blocked Bank Account?
It is important to understand that a bank may file a Suspicious Activity Report (SAR) to block an account even if they have little proof. Their threshold for suspicion is very low as they need to ensure their accounts are not involved in any illegal activity to uphold a good reputation. Hence, any negative news about the account holder, dealings with a suspicious party, or just someone whose name matches that of a criminal can lead to the bank account being blocked.
Whatever the reason may be, banks do not tell their customers why their account is blocked to avoid the possibility of losing hold of a potential criminal. They only ever make excuses about following regulatory procedures or correcting IT problems.
Therefore, it is difficult to assume the amount of time a bank may take to go through all the procedures and reopen a blocked bank account. However, the customer in question can avoid such delays by providing evidence to prove their innocence.
What can be Done to Open a Blocked Bank Account?
To fasten the process and ensure reactivation of a bank account, the customer must first figure out the reason behind the blockage. To do this, he needs to look into data regarding the dealings or deposits that led to his account being blocked.
He must then collect all proof necessary to showcase the occurrence of a fair business. Then, provide such evidence to the investigators investigating his account via bank. If seen correct, the bank will then close any underlying investigation and reopen the account as quickly as possible.
The banks may or may not deliver the evidence provided to the investigators. This dependss on why the account was blocked in the first place. They may consider the evidence unauthentic resulting in long investigations and slow actions. In such a case, the account holder reserves the right to take action against the bank in court. He can try and halt the process of account closure or at least get his funds back.
However, court rulings prove to be even more time-consuming and tiresome, with delays being extended. Therefore, it is advised only to take up such an action if the account blocked is equally important. Or, has a better chance of winning the case. As in the case of a loss, the consequences may be far worse than those of closure of an account.
A little patience may result in the reopening of the blocked bank account anyways.