3 Reasons why your Bank Account was Restricted

3 Reasons why your Bank Account was Restricted

When a bank account is restricted, it means no baking transaction can be carried out on that account most especially withdrawal and if money is deposited to that account, the account holder won’t b able to withdraw the money until the issue is cleared. Here are the reasons why an account is being restricted.

Fraudulent deposit

This is when the account holder defrauds people of their hard-earned money, and in this process, the account was reported multiple times for carrying out fraudulent activities. the bank will have to restrict the out follow of money from that account until the account holder resolves the matter.

Crypto Narration

Including any crypto narration when depositing money is no longer allowed as the use of Nigerian bank accounts can no longer accept cryptocurrency transactions. This means that you must not use any crypto narration like ” bitcoin, shib, eth and so on ” in any crypto transaction. if any of these is found, that account will be permanently restricted and closed.

Exceed Transaction limit

This mostly happens to the student account. The minimum accumulated money that a student account can receive is 300k and a single deposit of 50k-300k depending on the bank. If the account holder deposits more than the minimum amount, the account will be restricted till it is updated to a normal account.

How do I unrestrict my bank account?

If your bank account was restricted because you have passed the minimum accumulated account, then you can just simply upgrade the account to a normal saving account which allows a minimum accumulated deposit of up to 5 million Naira.

If your account was falsely reported for carrying out an illegal transaction, the only way to unrestict your account is by visiting the bank to know the major cause of the problem and also plan to get a court order which will also facilitate the process. But if it is a case where a person mistakenly deposits money into your account and a court order was used to freeze that account, the account holder will have to instruct the bank to return the money while the depositor who initiated the court order will ask his or her bank to message the other bank to unrestict the account after the reversal has been made.