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Written by: RJ
The New York Times has an interesting article about banks and their rational behind closing customer accounts.
It’s worth a read as many of us here can related to random closures with no reasons given.
Thoughts
Interesting read. The problem with getting my own accounts closed in the past is a lack of accountability and ownership. As highlighted in the article, the bank can and will shut you down for whatever reason they want. Problem is being able to get a reason why, next steps, and access to your money in a timely manor.
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Yes. People are amazed when their transaction get declined in the retail days when I would see it happen with a decent amount saying they have the money in their account. Would explain the terms of (virtually all) issuers can decline for any reason and not have to give a reason too. Would then would ask if they could go to their bank and get cash.
Ironically saw that article yesterday.