In banking terminologies, a "lien amount" typically refers to a hold placed on funds in an account by the bank. This hold could be due to various reasons:
1. Loan or Credit Facility: If you have taken a loan or availed of a credit facility from Union Bank, they might place a lien on your account to secure the amount owed. This ensures that they can recover the dues directly if needed.
2. Legal Reasons: In some cases, a lien could be placed on your account due to legal reasons, such as a court order or a government directive.
3. Overdraft Protection: Banks sometimes place a lien to cover potential overdrafts or to secure a credit line.
To get specific details about the lien amount on your Union Bank account, it's best to contact your branch directly or check your account statement or online banking portal for any notifications or messages regarding the lien.
In banking terminologies, a "lien amount" typically refers to a hold placed on funds in an account by the bank. This hold could be due to various reasons:
1. Loan or Credit Facility: If you have taken a loan or availed of a credit facility from Union Bank, they might place a lien on your account to secure the amount owed. This ensures that they can recover the dues directly if needed.
2. Legal Reasons: In some cases, a lien could be placed on your account due to legal reasons, such as a court order or a government directive.
3. Overdraft Protection: Banks sometimes place a lien to cover potential overdrafts or to secure a credit line.
To get specific details about the lien amount on your Union Bank account, it's best to contact your branch directly or check your account statement or online banking portal for any notifications or messages regarding the lien.
A lien amount in a bank account is the amount that is temporarily held or frozen by the bank and cannot be used by the account holder until the hold is lifted.
