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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

frozen account

A brokerage account in which a customer must pay in full before securities are bought and must deliver certificates before securities are sold. An account is frozen when a customer fails to maintain the proper margin required by Regulation T. Compare freeriding.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
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The special court judge also directed the bank managers to apprise the court of reasons behind allowing withdrawal from the frozen accounts and a delay of two years in sharing these details with the court.
He said judges were in dilemma and asking for this strange happening of missing money from the frozen accounts but they are not getting satisfactory reply for the mystery by the concerned quarters.
'Annuar made this admission when he claimed that Umno's current frozen accounts had nothing to do with 1MDB as the funds from the former Umno president, Datuk Seri Najib Razak, were 'used up by 2014'.
According to FT, the frozen accounts represent less than 5% of total number of expatriate accounts operated by Lloyds Bank International.
Al-Subaiy, who was added to the UN terror blacklist in 2008, has been withdrawing funds up to $10,000 from frozen accounts for "basic necessities." Home countries of blacklisted individuals apply for UN exemptions to sanctions that allow access to small amounts of money in order to pay for living expenses and food.
The agency filed the application seeking the forfeiture of about S5 million.BANK ACCOUNTSThe frozen accounts include six at Equity Bank registered in the name of Lilian Muthoni Mbogo, which had $67,331.9, an account in the name of LIDI Estates Ltd, which had $28,981, another in the same bank and the same name that had Sh2,297,495 and another with $8,979.83.Another account at Equity Bank in Ms Omollo's name had Sh1.68 million, while another registered as Sahara Consultants at Diamond Trust Bank had Sh5.65 million.
Speaking on a Point of Order Ahsan Iqbal said recently transactions were made from the frozen accounts of former President General (Retd) Pervez Musharraf.The breach of Supreme Court orders should be investigated.
Special prosecutor Ahmed told the court that the FIA would investigate the withdrawal of money from the frozen accounts and submit a detailed report in the court by Feb 15.
ISLAMABAD -- The Accountability court hearing former prime minister Benazir Bhutto murder case expressed anger on Tuesday when it emerged that transactions have been made from two of the frozen accounts of former military ruler Gen (retd) Pervez Musharraf.
The police have confirmed that the frozen accounts hold more than USD 6.5 million.
The authorities have also frozen accounts of five businessmen and three companies believed to be proxies or associates of the county boss.
Omni group maintained that the frozen accounts are the conglomerate's normal financial dealings and transactions upon which the court has issued a notice to FIA prosecutor.