Freeze/Unfreeze Account Function - Introduction

Account can be frozen due to the various reasons, such as follows:-

  • Deceased of account holder and pending the grant of probate

  • Bankruptcy faced by account holder

  • Legal action brought against the account holder for some other various reasons

This function basically allows user to either freeze the selected credit facility account, or to revoke the frozen status of the credit facility account.

The freeze options that are allowed in this function, are as follows:-

  • B - Both Credit And Debit (User is not allowed to perform any debit or credit transactions in each related credit facility account at all)

  • C - Credit (User is only allow to perform credit transactions in each related credit facility account)

  • D - Debit (User is only allow to perform debit transactions in each related credit facility account)

  • N - Unfreeze (To remove the frozen tag of each related credit facility account, and allow all types of transactions to be performed)