What happens if a debt collector freezes the wrong bank account?

An erroneous bank levy can cause major issues for your finances, but there may be ways to resolve the issue. Snorkulencija/Getty Images You can do everything right with your money — pay your bills on time, keep a cushion in savings, owe nothing to anyone — and still wake up to find your checking account locked , your debit card declined and a pending mortgage or rent payment about to bounce. In some cases, the cause isn't fraud or a banking glitch, either. …