This article discusses what to do if your account with a JP Morgan bank has been frozen. It discusses the two main reasons for an account being frozen: suspicious activity and a judgment allowing a creditor to levy the account. It also discusses what options you have in both cases.
If you have an account with JP Morgan that has been frozen, then you probably want to learn why your account was frozen and what you can do about it. In general, there two reasons your bank account could be frozen: suspected fraudulent withdrawals and a creditor has a judgment against you and is seizing money from your account for it. Read on to learn what you can do about both situations.
Contact JP Morgan
The first thing you need to do is see why your account was frozen. Contact JP Morgan and ask customer service why your account has been frozen. Phone, help desk, chat, and email options are available.
If Your Account Was Frozen for Suspicious Activity
It is possible that the suspicious activity that got your account frozen is the result of a stolen card or identity theft. However, it is also possible that you simply used your card in another city, or made an unusual number of withdrawals, and the freezing was unwarranted. Ask the customer service representative which transactions were flagged as suspicious. If you recognize them as valid transactions, tell the bank that there is no reason for concern because you made those transactions, and ask them to unfreeze your account. If you did not make those transactions, ask your bank what your next steps need to be.
If Your Account Was Frozen Because of a Creditor Judgment
There is no easy way to regain access to your money if your account was frozen because a creditor won a judgment against you that allows the creditor to seize your assets. You cannot, for example, just close the account and withdraw the funds from it.
You may wish to consider hiring a debt collection defense attorney, if you can afford one. He or she may be able to get your account unfrozen for you. If you cannot afford to hire one, you could try talking to your creditor and seeing if you can work out a deal. If you agree to pay a large enough lump sum, or make a sufficient payment arrangement, the creditor might be persuaded to vacate the judgment against you.
It is possible that filing for bankruptcy could also allow you to regain access to the funds in your frozen account, if you begin the process quickly enough. Bankruptcy automatically halts all collection activity and, if everything goes right, the funds in your account will be accessible to you again, eventually. However, there are serious repercussions to bankruptcy. Consult with a professional financial advisor before making such a decision.
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