Blocked account | Practical Law

Blocked account | Practical Law

Blocked account

Blocked account

Practical Law UK Glossary 6-107-7566 (Approx. 2 pages)

Glossary

Blocked account.

In the context of a finance transaction, a bank account from which monies cannot be withdrawn without the lender's specific consent. Blocking of the account may be achieved by the account being in the borrower's name but with the lender being the sole signatory for making withdrawals from the account.