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Frozen Bank Account

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1 Frozen Bank Account on Wed Nov 23, 2011 7:13 pm


Arresto Menor
Good day, I'd like to ask some opinion on this matter.

I am a manager of a certain cooperative. Recently, I was informed thru phone by our bank that our account was frozen due to the conflict among our officers because there are two groups claiming the position of the board of directors. The signatories of the said accounts are the staff of our cooperative which is not part of the conflicting parties.

Now my question is...

Is it lawful for the bank to freeze our account despite the fact that there is no conflict or questions to the account signatories? And what are our remedies or legal options for this matter?

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2 Re: Frozen Bank Account on Wed Nov 23, 2011 9:46 pm


control over the account isn't just left to the signatories. it is ultimately in the control of the trustees, therefore the bank has the right to be cautious.

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