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Frozen Account |
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Frozen account A disciplinary action taken by the Federal Reserve Board for some violation of Regulation T, where an individual investor cannot sell securities until they are paid for in full and certificates delivered. Frozen Account A bank account that the customer may not use because of a debt that has not been paid. This means that money can neither go into nor come out of an account. A creditor is allowed to freeze an account for up to twice the amount owed if the debtor is consistently delinquent. The account remains frozen until the debt is settled or the creditor is otherwise satisfied. Generally speaking, an account holder is notified in writing that his/her account has been frozen, but this is not always the case.
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The decree allows the transfer or payment of foreign exchange from frozen accounts with the approval of a government ministry, business sources familiar with the resolution told Reuters, adding that 600 accounts--with frozen funds estimated at $600 million to $1 billion--would potentially be involved. Andrew Meadors, the Little Rock insurance broker I recently interviewed about his adventures with frozen accounts in the Stanford Financial Group debacle, reminisced about "happy hour" parties in the spring of 1999, when he and his friends celebrated making $25,000 in paper gains in a single day. Nass's precarious funding position, which has been addressed over the last 12 months, has been further improved by the British Horseracing Authority board's recent decision to release pounds 100,000 from a frozen account. |
Frozen Account |
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