Freeze Account?

braceface

Hi all

Is it possible to freeze a joint account while going through a separation? We have a small amount of savings and I need to stop my husband dipping into it until we come to an agreement about what to do with it.

I know I could be sneaky and just withdraw the lot, but trying to keep things above board and civil as possible.

Also, we have a joint account that our mortgage comes out of. Is it possible to stop him dipping into this also? It is only used for the mortgage & insurance. We both lodge money into it monthly to cover these but I just saw this morning he's taken some back out! GRRR (I am in the house with our young son)

Thanks!

Henry Ford III

Get legal advice.

unclebill98

No it's not possible without both parties wanting it.

You can change the account to insist that both parties have to sign for any instruction.

However this would not stop ATM cards, online banking or stop dd from being used unless they are all deactivate.

And yes....seek legal advise

amcalester

Notify the bank and they may put a block on the account. Often the T&C's have a clause stating that if 1 party informs the bank of marital difficulties between account holders then all future transactions need to be approved in writing and signed by both parties.

unclebill98

This is not possible. One party can not restrict access to an account unless they all agree.

amcalester

Contact your bank and advise them of the situation.

2 of the 3 banks I have worked with had a section in the T&C's dealing with this exact situation and once 1 party informed the bank a hold was placed on the account pending signed instructions from both account holders.

AIB also have a section along the lines of withdrawals are allowed at the discretion of the bank so they can deny an account holder access in certain circumstances.

braceface

Thanks for the advice, we have agreed to change the mandate on the account so it now requires both of our signatures for any transactions. My ex is bank staff and I relied on him for too long to organise our finances

unclebill98

Have you covered off the internet banking and ATM cards piece?

braceface

Yeah, got that covered too. I went into my branch to do it and that was my question as the form said it didn't apply to internet banking. We don't have cards for the account but it is on internet banking