diff --git a/api/src/ol/validators/validators.service.ts b/api/src/ol/validators/validators.service.ts
index 68fcab5f..b1b9fae1 100644
--- a/api/src/ol/validators/validators.service.ts
+++ b/api/src/ol/validators/validators.service.ts
@@ -193,7 +193,9 @@ export class ValidatorsService {
         const balance = await this.olService.getAccountBalance(validator.address);
         const currentBid = await this.olService.getCurrentBid(validator.address);
         const slowWallet = await this.olService.getSlowWallet(validator.address);
-        const unlocked = Number(slowWallet?.unlocked);
+        // If we hit an uninitialized V7 slow wallet we need to override the unlocked balance as zero
+        const initialized = await this.olService.getInitialized(validator.address);
+        const unlocked = initialized ? Number(slowWallet?.unlocked) : Number(0);
         const addr = validator.address.toString('hex').toLocaleUpperCase();
         if (!handles.get(addr)) {
           this.logger.debug(`handles miss for address ${addr}`)
diff --git a/web-app/src/modules/core/routes/Account/Account.tsx b/web-app/src/modules/core/routes/Account/Account.tsx
index 69c7a9d8..244f15fe 100644
--- a/web-app/src/modules/core/routes/Account/Account.tsx
+++ b/web-app/src/modules/core/routes/Account/Account.tsx
@@ -95,8 +95,13 @@ const Account: FC<Props> = ({ accountAddress }) => {
       }
     >
 
-      // Correct balance display for un-migrated V7 slow wallets:
-      // If it's a slow wallet and not initialized then display unlocked as zero and balance as correct, add a note that account is not initialized
+      {
+        // Correct balance display for un-migrated V7 slow wallets:
+        // If it's a slow wallet and not initialized then display unlocked as zero and balance as correct,
+        // add a note that account is not initialized
+        account.initialized && ( <div>Note: this account has not been initialized</div> )
+      }
+
       <div className="grid grid-cols-12 gap-4">
         {data.account.balance !== null && (
           <div className="col-span-12 md:col-span-3 mt-5 gap-5">