"You cannot log in until the character update process you recently initiated is complete."
This is what I get when trying to log into my toon that I just transferred.

I clicked finalize like 4 times and it kept going back to the same page... didn't give me a completed page.
Now 404error in account management....

What gives blizzard?!!

I better NOT be charged 4 or more times on my CC for this.

Explain!!!!!!!!!!!!!!!!!!!!!!!!!

This would be related to the current Paid Character Transfer and Paid Character Name Change issues that are currently being experienced.

Please join us here: http://forums.worldofwarcraft.com/thread.html?topicId=11693660568&sid=1 for additional information and updates.

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Q u o t e:
/resurrect

This is happening to me now. They told me that they locked the character due to "suspicious activities coupled with a server transfer and faction change" but I was leveling in dragon blight at the time. Apparently that's suspicious.

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Did you scan your systems like I recommended yesterday and get an authenticator?

This has nothing to do with being in dragonblight and everything with this account was accessed by what is most likely a malicious party on the 13th and 14th. They may not have actually touched the account, but this is definitely suspicious.

I'd get yourself an authenticator just as quickly as possible as well as do your security sweeps.

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Q u o t e:
have u found a solution i have the same problem except it wont let me logg on just 1 toon can u plz help me

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Can you give me the name and realm of the character you are having an issue with, Angermoon?

There are several reasons why a transaction may be locked - from a payment issue, to a question as to whether it was actually requested from the legitimate account holder.

In most of these cases, a call to Billing can help clear things up.

Billing and Account Services
Phone Support - 1 (800) 59-BLIZZ (1 (800) 592 5499)
Live Representatives Available 8AM – 8PM Pacific Time, 7-Day Support
E-mail Support - Billing@Blizzard.com

Players in Australia should call 1-800-041-378
Players in Singapore should call 800-2549-9273
Players in Chile should call 1230-020-5554
Players in Mexico should call 001-888-578-7628
Players in Argentina should call 0800-333-0778
All other international players should call: (949) 955-0283

Our Billing Support page can be found at http://us.blizzard.com/support/article.xml?locale=en_US&articleId=20606

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Q u o t e:
I'm having same problem. says Cannot log into character until the character update process you recently initiated is complete. Char Name: Soulart. Realm: Crushridge

if that does not work. Char Name: Spoilz Realm: Spinebreaker

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This was locked, Spoilz.

I'd recommend the most expeditious course to begin here is contact Billing. If this is a Billing issue, they should be able to clear things up right away. If it's another reason, they can direct you further on how to proceed.

Billing and Account Services
Phone Support - 1 (800) 59-BLIZZ (1 (800) 592 5499)
Live Representatives Available 7 days a week, 8am to 8pm PST
E-mail Support - Billing@Blizzard.com

Players in Australia should call 1-800-041-378
Players in Singapore should call 800-2549-9273
Players in Chile should call 1230-020-5554
Players in Mexico should call 001-888-578-7628
Players in Argentina should call 0800-333-0778
All other international players should call: (949) 955-0283

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Q u o t e:
im having this same issue with 2 of my characters, names are chopdsuey and rocklobstar, both on skywall. please help

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You will indeed need to contact our Billing and Account Services department by phone for additional assistance with these characters, Chopedsuey.

Billing and Account Services

Live Representatives Available 7 days a week, 8am to 8pm PDT
For phone assistance please call: 1 (800) 592-5499 || 1 (800) 59-BLIZZARD

• Players in Australia should call 1-800-041-378
  
• Players in Singapore should call 800-2549-9273
  
• Players in Chile should call 1230-020-5554
  
• Players in Mexico should call 001-888-578-7628
  
• Players in Argentina should call 0800-333-0778
  
• All other international players should call: (949) 955-0283

Additionally, please feel free to start a new thread if you have any additional questions that I may be able to help you with here.