Freeze or Unfreeze Your Card (2024)

FAQs

What does unfreeze card mean? ›

If you lost your card, don't recognise a transaction or just don't want to use it for a while you can instantly freeze it to keep your money safe. While your card is frozen, you won't be able to use it to make any transactions. Once you're ready to use your card again, you can unfreeze it by following the same steps.

We've all been there, when you can't find your card and you start to worry about where it might be. But you don't need to worry as you can freeze and unfreeze your card using your App to temporarily block card payments (while you retrace your steps and check down the back of the sofa).

Freezing your credit card puts a temporary hold on your card to prevent purchases and certain other transactions. Only the primary cardholder can freeze or lock a credit card, but the freeze prevents all users, including the primary and authorized users, from using the card.

No. Your account number doesn't change when you freeze or unfreeze your card.

To clear the freeze, your bank may ask you to answer security questions, deliver verification codes, conduct digital 2-factor authentication, or provide some form of ID. This can be done online or through a visit to your bank.

No. Some payments will still be completed, for example: Payments that are processed by a retailer, such as on a plane or road toll. Regular subscriptions, e.g. a monthly magazine.

If you can't find your debit card, freezing it stops it being used by anybody else. That means there's no rush to report your card lost or stolen. Instead, you can take some time to look for it.

If you make the request online or by phone, the three major credit bureaus are required to lift the freeze within an hour . The request can be done by mail, but note that this is a longer process. The credit bureaus, however, are required to remove the freeze within three business days of receiving notice.

A common misconception is that a credit freeze means you can't use your current forms of credit, like a credit card. But your credit report isn't accessed when you purchase something with a credit card. So, freezing your credit file doesn't affect your ability to use your existing accounts.

While it is possible to cancel a credit card with an outstanding balance, it's not recommended. You'll still be responsible for making minimum payments and interest will still accrue. If you can't pay the card in full, consider freezing the account until you can close it.

What is the downside of freezing your credit? ›

A freeze can give you a false sense of security — you may still be susceptible to credit fraud or other fraud involving your Social Security number. A credit freeze won't affect your current accounts, but if a thief steals the information on an existing account, your credit may be used without your permission.

In most cases, getting a card lock in place only stops new purchases—recurring transactions like subscription charges or monthly bills can still go through. If you want to set or lift a credit card freeze, log into your online credit card account or use your credit card issuer's mobile app.

Account freezes prevent transactions from going through in a bank or brokerage account. Essentially, money can be deposited into the account but no money can leave the account. Account freezes can be put in place by an account holder (in the event of a lost or stolen debit card), or the bank or regulatory authority.

This means you won't be able to transfer money or withdraw funds, and any scheduled payments will be temporarily paused. This restriction is imposed due to suspected fraudulent activity, legal actions, or at the account holder's request.

When you freeze or unfreeze your Card, the change takes effect immediately.

It still allows: balance transfers and money transfers. payments into your account, such as refunds. recurring payments, such as Direct Debits or subscriptions.

Go to the 'Help' tab in the menu of your Instant Financial app and select 'Freeze Card'. This will immediately and temporarily disable your card. If you find your card or get a new one from your employer, you can easily unfreeze your card under the 'Settings' tab.