- The U.S. banks reported in reference to customer-accounts sudden closures.
- No prior notices before sudden closing of bank accounts given to the customers.
Reports say that in the U.S., the banks have been suddenly closing customer’s accounts without any warning being given. Apparently, it’s a questionable activity as to what triggered this closure of bank accounts all of a sudden without even informing the account holders.
Banks all over United States
Not unknown to the people who have been in some forms of day to day dealing with banks and such institutions. A normal bank closure of an account in the branch is done on the demand of the customer if he wishes to no longer continue with the bank. It is a common process followed from ages we can say but it’s about The U.S. banks who are bashing customer accounts are making the customers worry as to what suspiciously has been happening behind their backs within the institution that stores their hard earned currency.
Report on Chase: Case study
An incident reporting the same issue has been up where a member of Chase bank named Naafeh Dhillon, whose account was abruptly closed without prior intimation of information to him. He got held back at time of payment for his dinner when he found both his Debit and credit cards declined. On his call to the bank, a support agent informed him that the bank had let him go. Email will be soon forwarded to him about the same.
The cause? ‘Unexpected activity.’
On his visit to the bank, he was handed over a cashier’s cheque for his balance amount without any subtle reason and explanation for the same.
He has been a legitimate citizen of the US since 2013, also his family from Pakistan on a regular basis sent him money from the beginning when he started in New York.
As of Chase’s Case, The U.S.
Us Law Enforcement agencies bashed Chase with more than $2 billion fine for violation of the Bank Secrecy Act and not reporting any suspicious activities in connection with scammers or scamming.
According to the Financial Violation tracker, Chase has paid over $36 billion for categories including toxic securities abuses, mortgage abuses, competition violations, additional violations and anti-money laundering deficiencies since 2000.
Usual Bank Account closures in The U.S.
In usual terms when a person is enrolled as an account holder in any US banks, for closure of accounts you have to call 800-673-3555 and speak with a representative addressing him all about the context of your call. Relay calls are accepted but no such sudden closures or any automated account closure programme is there in the frame. Even the option of visiting the branch for any such purpose is expected out of the customer from the bank‘s end. A proper appointment can be managed for a proper Question and answering session as to what has led the customer to this decision.
Majorly, banks close the accounts when the account holder has violated terms in agreement which can include activities like inactive accounts for a long time, repeated overdrafts or any sort of illicit activity.