Account Freeze
Your chair is turned backwards facing the corner, and you're told to sit in it by the bank. It's a time-out for your account. What on earth did you do to deserve this? Were you noisy again during nap time? Accounts get frozen for a variety of reasons, some of which are the fault of the account holder, like they've tried to buy something they couldn't afford, or filled out a given form improperly. But more times than not, a credit card was stolen, or an account was hacked by an angry Russian diplomat, or a product was ordered in eight cities within an hour. How do you unfreeze? Well, usually, you warm things up by just cancelling that credit card, assigning the bank to go after the ne'er do wells, and getting another reload of dough, so you can go shopping.
Related or Semi-related Video
Finance: What Does it Mean to Churn an A...14 Views
Finance allah shmoop What does it mean to churn an
account All right Well back in colonial times before america
was the good old u s a You know what
That i po and seventeen seventy six colonists would churn
cream into butter back then churning involved moving a plunger
in a wood bucket over and over and over again
Really good for the traps and lattes there Not exciting
but well that's What happens when there's No better technology
today churning is something illegal that stock brokers dio and
remember normally brokers pay their own rent by getting paid
a commission off of each trade they do for customers
So churning in the financial sense here means that stockbrokers
are making tons of trades they really don't need to
be making in a client's account in order to generate
mohr commission for themselves they're churning the account to generate
dough for themselves Illegal very bad And sometimes it can
be difficult to detect or stop You know think about
little old ladies not really paying attention to our account
or ah cardiologists who really has no idea how wall
street works They have no idea of the brokers churning
Or not Well if you fall prey to a broker
who's involved in churning you'll end up overpaying them in
commissions And you might even have to pay extra taxes
because they realized gains from all those trades they didn't
need to make But if that brokered does get caught 00:01:26.979 --> [endTime] yeah he's toast
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