The bank must have good reason to freeze an account and must give the account holder sufficient notice to avoid losses caused by refused payments, debits and withdrawals.
Once the account holder has been notified, the bank may freeze the account, provided it has a valid reason, such as:
- Failure to submit required documentation. Anti-money laundering and terrorist financing regulations require banks to ask customers for the documentation needed to identify and monitor account holders and account transactions. If the account holder does not respond to a request for this documentation, the bank will be considered justified in freezing the account.
- Disagreements between account holders: If the account holders (or their heirs) give the bank contradictory instructions, the bank must take a neutral stance and avoid favouring any of the parties. If absolutely necessary, the bank may freeze the account, notifying the holders, until the parties reach an agreement or the court decides the matter.
Find our more in our 2018 Complaints Report (in Spanish) (96 KB)
FREQUENTLY ASKED QUESTIONS
What happened to ‘aportaciones de fondos’ (fund contributions)?Read answerabout
What happened to ‘aportaciones de fondos’ (fund contributions)?
Can I withdraw cash at a branch other than where my account is held?Read answerabout
Can I withdraw cash at a branch other than where my account is held?