Blocked account (frozen account)

Credit balance at a bank that is contractually not freely disposable within a certain period of time, i.e. no withdrawals are possible: A credit balance at a bank that can only be freely disposed of after the occurrence of an agreed condition, e.g. after reaching the age of majority. – Accounts set up during the forced exchange economy in Germany in 1931 for non-residents who held German securities but henceforth no longer had the proceeds exchanged into their domestic currency. Payments were made in blocked marks, which could in principle only be issued in Germany. – In particular, also – from 1938 in Germany, amounts obtained from the (forced) sale of the property of Jewish fellow citizens, which had to be deposited in corresponding accounts; access was granted to certain departments of the state; – after 1945, money taken away from organizations, public officials and, in some cases, only ordinary members of the National Socialist German Workers’ Party or its branches, as a rule irrespective of the amount of the deposits. – In connection with financial aid in the wake of the European Stabilization Mechanism and the Greek crisis, a proposal put forward by the German government to transfer aid provided by eurozone members to members in distress to a special account administered by the EU, from which the accumulated debts would be repaid. This is to ensure that the financial aid is not used for other purposes, such as luxury consumption. It was concluded that even a gambling addict or a drug hype addict could hardly spend money allocated to him for his recovery for the actual purpose. Strangely enough, this was emphatically rejected by the social democratic and green politicians in Europe. – See fixed account, blocked period, assets, blocked, prepayment compensation.

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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