Chapter 1: What is a Frozen Card?
When a bank card is frozen, it can prevent the card from being used normally, blocking any transaction activities and temporarily freezing the funds. There are typically three reasons for a frozen card: 1) Overdue bank loans; 2) Civil litigation; 3) Involvement in economic or other criminal activities. Additionally, if a bank suspects unusual behavior such as cashing out, it may also freeze the card to prevent losses.
In cryptocurrency transactions, a frozen card may occur under very special circumstances. So, how can we prevent a frozen card? What should we do if our card is frozen?
Chapter 2: How to Effectively Avoid Illegal Funds and Prevent Card Freezing
To effectively prevent illegal funds from entering the platform and causing user losses, the platform has the obligation to take measures to minimize and avoid illegal fund inflows, ensuring safe transactions in the fiat trading area. Additionally, please make sure to read and follow the rules below to help resist such issues:
1. Do not accept transfers from accounts that are not your own: If you receive a transfer from an account that does not belong to you, make sure to return it to the original source.
2. Handle transfers with sensitive remarks cautiously: If you receive a transfer with sensitive keywords in the remarks, you can filter the funds or return them to avoid risk. When returning funds, note “mistaken transfer” to minimize risk of being flagged or frozen.
3. Separate receiving and payment cards: Do not use a single card for both receiving and making payments. Use separate cards for receiving and paying. Due to the higher risk of freezing on receiving cards, filter the funds before transferring them to a safer card. (Note: The receiving card must be a card registered with the platform.)
4. Avoid keeping large amounts in frequently used receiving cards: Do not leave large sums of money in a frequently used receiving card for a long time. After using the card for a period, transfer out the funds and temporarily stop using the card to avoid freezing from illegal funds.
5. Verify inactive or long-unused cards before transactions: When reusing a card that was previously inactive or unused for a long time, check if it can still process payments to avoid discovering it is frozen after receiving funds.
Chapter 3: How to Properly Filter Funds
1.After receiving funds in a bank card, transfer the funds to a financial product account like Alipay’s balance management or Yu’ebao, then filter the funds before transferring them to a safer bank card.
2.After receiving funds in a bank card, transfer the funds to a secure investment platform, purchase liquid or short-term financial products, and withdraw the funds to another safe bank card after the investment matures.
3.After receiving funds in a bank card, withdraw the funds and deposit them into a secure bank card. (This method is suitable for small transactions.)
Chapter 4: What to Do If Your Bank Card is Frozen
Bank card freezes generally fall into two categories: bank freezes and judicial freezes. After a card is frozen, contact your bank to obtain the following information: the freezing period, the type of freeze (bank or judicial), and the freezing authority.
1. Bank Freeze
Reasons for Freezing:
•Some countries and regions do not support digital asset transactions. If a bank account is used for digital asset transactions or involves digital assets, the bank may freeze or suspend some transaction privileges (e.g., due to remarks like BTC, ETH, USDT during transfers).
•Abnormal activities in the account may trigger the bank’s anti-money laundering system, leading to a freeze (e.g., large transfers late at night, frequent transactions with multiple parties, long periods without balance, remarks with virtual currency terms).
Resolution:
•These freezes are usually due to abnormal transactions triggering the bank’s risk control system (anti-money laundering system). The card status may show as “suspended for non-counter transactions” or “receiving only.”
•If the freeze is due to these reasons, visit the bank’s counter to provide relevant documents (identity proof, source of funds, etc.). After verification, the bank usually unfreezes the card.
Preventive Measures:
•When trading with sellers, remind them not to use sensitive terms like USDT, BTC in the remarks.
•Avoid using a single bank card for all transactions; use different cards for receiving and paying, and filter funds properly.
2. Judicial Freeze
Reasons for Freezing:
•Judicial freezes occur when a victim of fraud reports to the police, and the police freeze the bank accounts related to the funds involved in the fraud.
Police Temporary Freeze: 36-72 hours. If the card is not directly involved in illegal activities (such as leading or participating in a pyramid scheme, illegal fundraising, telecommunication fraud), it will automatically unfreeze after the period.
Police Long-term Freeze: If the police apply to the court for a freeze, it can last from six months to one year, with the possibility of extension until the case is closed or withdrawn.
Processing Steps:
1. Prepare Materials:
•Essential: ID card, recent transaction proof, bank statements (with official stamp).
•Supporting: Proof of income (not from crypto trading or investments), employment verification.
2. Basic Procedure:
•Case Flow: Report to the police station, gather evidence; submit to the anti-fraud center for account freeze; case transferred to criminal investigation or economic investigation units.
•Unfreeze Procedure: Cooperate with the local police to record statements, and submit relevant documents. Generally, unfreezing takes about a week, but local regulations vary. Some areas may unfreeze or release part of the assets upon submission of documents, while others may only unfreeze after the case is resolved. If a large amount is frozen, request to only freeze the involved funds.
Unfreeze Operations:
•Since cases may involve multiple regions, there is a risk of being frozen by multiple police forces. After unfreezing, promptly transfer the funds to avoid re-freezing.
Evidence Collection:
•Proof Information: Generally includes source of funds, transaction details, user information, etc. If details for platform fiat transactions are needed, contact customer service.
•For obtaining evidence or funds through Megabit, local judicial authorities must provide judicial proof or court rulings and contact us directly at help@megabit.vip.
Preventive Measures:
•Fund Filtering:
•Recommended: Separate receiving and payment cards. After receiving funds, recharge to Alipay (for large amounts, consider high-value recharges), then transfer to Yu’ebao, and from Yu’ebao to the payment card (currently only for funds within 1.15 million).
•Alternative: Transfer received funds to investment platforms like Lufax, purchase liquid investment products, unbind the old card, bind a new card, and withdraw to the new card (this method may have longer processing times and risks of platform issues).
•Other Measures:
•Avoid keeping large balances in a single card.
•Require the payer to use real-name payments that match the platform’s real-name verification.
•Return non-real-name payments and note: “Mistaken transfer.”
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