meseta

1.If you have your residence visa cancelled, will your bank immediately freeze your account ? ( how do they know your have left your job/been fired or made redundant ? )

2.If you have a car on finance, and continue to make to regular payments, will the bank try to force a sale ?

3.If you continue to make the scheduled payments on your credit card, will the bank also freeze that ?

Any facts on the above would be welcome, thank you all.

Meow

Most banks will freeze an account when a 'final' salary payment is made by an employer as a matter of course. They will immediately unfreeze upon request when you do not have any outstanding debts.

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banter64

1)The bank will only know visa 2 ways a) your employer informs them b) when they transfer final dues it will state on the payment - gratuity final salary.

2) No, but what they may do is take a lump sum from the amount in your account and place it in a holding account

3) If they freeze your account they will also freeze the card until a new labour contract is received,

coffindodger

Here in Saudi, when i left my old employer i was waiting for about 5 weeks inbetween contracts and my Bank never closed / froze my account down. ?? when i arrive here in Riyadh nothing was said by my bank.
I still have the same bank account etc, but yes i updated my information on my yearly iquama renewal.