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• An account on which funds may not be withdrawn, and/or deposited, until a lien is satisfied and a court order or other legal process makes the account available for withdrawal (e.g., the account of a deceased person is frozen pending a court order distributing the funds to the new lawful owners). An account may also be frozen when there is a dispute regarding the true ownership of an account. The financial institution will freeze the account to preserve the existing funds until legal action can determine the lawful owner.

  National Credit Union Administration - Cite This Source - This Definition
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  Cite Definition for Frozen Account

  American Psychological Association (APA)

  Frozen Account. (n.d.). Pocket Cents Glossary. Retrieved February 1, 2023, from website: http://www.expertglossary.com/definition/frozen-account.

  Chicago Manual of Style (CMS)

  Frozen Account. www.mycreditunion.gov. Pocket Cents Glossary. National Credit Union Administration. http://www.expertglossary.com/definition/frozen-account (accessed: February 1, 2023).

  Modern Language Association (MLA)

  "Frozen Account." Pocket Cents Glossary. National Credit Union Administration. 1 February. 2023 http://www.expertglossary.com/definition/frozen-account.

• Browse Related Terms: Automated Clearing House (ACH), Automated Teller Machine (ATM), Error Resolution, Frozen Account, Garnishment/Garnish, General account, Joint Account, Margin account, Minimum Amount to Open, Point of Sale (POS), Right of offset, statement

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