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Bank Freezes Account at Customer's Word
I sold a customer an item, handing it to him myself. He wired the money owed to me to my U.S. account from his U.S. account. The funds cleared my account, and I was able to access them for four days. Then my bank closed my account, and put a hold on all the money in the account. I called and asked what was going on and the bank said "the sender told us to hold the funds and you have to get them to tell us to release your money". From my understanding, and my lawyers, the bank cannot put a hold on my money on the request of the person who sent it to me via wire after it clears my account. Are we right? Is the bank doing something illegal? How do i get my money, because now I have no money for my bills, or anything.
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 Based strictly on what you've said, your bank's actions were not warranted. Wire transfers of funds are final payments and are generally not reversible once credited to the beneficiary's account, nor are they capable of being recalled by the sender once accepted.
Unless your bank can be convinced that the hold is inappropriate, you may have to contact an attorney to pry the funds loose.
Published on BankingQuestions.com 3/26/09
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