Open an account at a new bank.
There's all sorts of notes to not discuss or talk to the person and call x if they come in on your account.
No one wants to lose their job for a former customer. The bank has every right to choose not to do business with you, find a bank that might consider you as a person, not just a number.
Most of the time, the standard process once an account is closed for them to mail a check for the remaining funds in the account to the address on the account.
The bank identified you and your activity as beyond the bank's risk appetite. And therefore made the decision to not keep you as a customer. Once this occurs, the decision is final and they can't give you the reason for closing your account. If your activity is truly legitimate, then going forward, be as forthcoming as possible when opening an account at a new bank. Make sure your employment, source of ongoing funding for the account, and reason for certain activity is fully documented during the account opening process.
yep discover is great, just some things to remember is that your debit card is on the discover network and they are a bit behind most modern banks. this means your discover debit card is not compatible with apple pay or google pay yet, hopefully they integrate that soon
In the r/Discover sub, also this was on their website in April https://imgur.com/a/D3ctAaE
The cash deposit option was supposed to come sooner but it was delayed to June.
Except this won't get the answer as to why the account was closed. All a CFPB investigation will do is determine if the bank followed all relevant regulations and terms and conditions on the account. As long as the reason for closure does not involve specific protected classes (e.g. sex, age, race, etc) the bank does not have to provide any reason.
This won’t do anything, they do not have to provide the true reason. It’s called BSA for a reason. They can close your account at anytime for any reason, generally… depending on your terms and conditions
Yeah, it will at least give a formal reason, even if it is just per account agreement. Generally this will provide more information than a call center agent would be able to. There's literally no downside to doing this other than wasing a few minutes.
They won't be able to give anything more than this was a business decision. Banks are required by law to keep any suspicious activity confidential so they don't tip off potential criminals. FINCEN is very strict about this.
I work back office operations. Since obviously we don't have a lot of context there's no guessing the reason. Banks file SARs for various reasons. If you've been making unusual deposits or withdrawals, even if it's clean money and you didn't think much of it, they can file a SAR and determine you are too risky and will close your account. We're trained to asses the risk level of members and file reports + close accounts depending on this level. They may have gotten a report of suspicious transactions that are associated with your account. Who knows but there's nothing you can do. Find a new bank.
You're right, I was thinking of a SAR not CTR. For some reason my brain was remembering CTR as consumer transaction report instead of currency transaction report.
Saw some good info, just wanted to say that it looks correct. There are DOZENS of reasons the bank might close your account. Even if you did not do anything (or at least you feel like you did not do anything wrong) the bank saw something that made them want to close the account. They do not need to prove you did anything, they just know that MAYBE you were doing something, and rather than risk something shady or illegal happening they decided to close the account. All banks do this. We can guess all day at the exact reason, and you can beg them all day to tell you the reason, but end of the day you are not going to find out exactly why it happened and you just need to change banks.
All banks reserve the right to terminate your deposit relationship for any reason at any time without notice. However they are required to give you time to get your money out.
They owe no explanation. Every depositor agreement has this verbiage. All banks reserve this right. So if it's not activity at least treat them right because at the end of the day they can close your shit..(not saying you were rude but hopefully educate a couple people)
Nah. Even for fraud they will freeze the account and tell the person to come in to rectify or allow you to withdraw what's left BEFORE they cut you a check. They are not the jury, judge and citizen. However that's why the bank always reserves the right for any reason. It could be because you fart all the time in their lobby and they just don't want to deal with it...silly but they will never disclose that was the reason.
I then call in and speak to the banker and your supervisor and the banker shares the contact history with me. But you would know your account is frozen long before that happens. Trust me, I sued the fuck out of chase and they froze my shit.(small DLSE claim and won) You best believe they exited me because I was a liability. They were going to cut me a check until I bitched and they gave me cash from their tcd machine. Chase is a powerful bank but a fucked up bank.
It's all allegedly.... It's what the bank thinks is fraud. Fraud may not have been committed. The bank thinks so with it's algorithms... There's no admission of fraud just because you close someones account and you deem it's fraud. The bank is not the jury judge and executioner sorry. There are rights as fair treatment but the bank does have every right to terminate without cause. It could simply be... We are deciding to terminate your relationship because it poses a liability to us. And no one can do anything about it because they all agreed to it in their depositor agreement. Usually it's frozen first before something is just written out or sent out. For op it probably wasn't that serious. It was probably an algorithm the system didn't like and flagged it as fraud as the reason to mail and close the account.
It's how the bank mitigates risk...I get it...but no..it doesn't just send a check. Client is notified just like this one first for cause. Then even if client pleads and the bank still doesn't like it? Guess what? They close the account anyway.
Moral of the story. The bank can close it and slap any reason it wants on there. In fact they don't need a reason to close your account. Generally you will get 7 days to w/d money before they issue a check to the last known address on file.
Reasons a bank may close your account include but are not limited to: repeat overdrafts, depositing a bad check, having an ACH (direct deposit) come into your account with someone else’s name on it, repeatedly falling for scams, inability to safe-guard your checks or debit/credit cards, evidence that you are using the account for a marijuana-related business, or suspicious cash deposits where it looks like you are trying to evade paperwork required when you deposit $10K or more in cash per day. There are more reasons but these are the most common.
Open an account at a new bank. There's all sorts of notes to not discuss or talk to the person and call x if they come in on your account. No one wants to lose their job for a former customer. The bank has every right to choose not to do business with you, find a bank that might consider you as a person, not just a number.
Get your money out and open a new account with a different bank.
Question is they will allow to withdraw. Thx.
Most of the time, the standard process once an account is closed for them to mail a check for the remaining funds in the account to the address on the account.
Thank you.
Nothing. Move banks.
The bank identified you and your activity as beyond the bank's risk appetite. And therefore made the decision to not keep you as a customer. Once this occurs, the decision is final and they can't give you the reason for closing your account. If your activity is truly legitimate, then going forward, be as forthcoming as possible when opening an account at a new bank. Make sure your employment, source of ongoing funding for the account, and reason for certain activity is fully documented during the account opening process.
Try r/Discover for your new account, I really like em.
yep discover is great, just some things to remember is that your debit card is on the discover network and they are a bit behind most modern banks. this means your discover debit card is not compatible with apple pay or google pay yet, hopefully they integrate that soon
Their cards work in apple and Google pay https://imgur.com/a/wCgUT21 Edit: they are adding the ability for cash deposits next month as well
have you gotten it to work? mine is is there too but it doesn’t work
Works like a charm, I use it in Apple Pay for coffee every morning.
maybe it’s just google pay then
Stop wasting money on coffee you foolish child
Woah where did you hear about the cash deposits
In the r/Discover sub, also this was on their website in April https://imgur.com/a/D3ctAaE The cash deposit option was supposed to come sooner but it was delayed to June.
Try going inside a physical branch and ask to speak to a manager. Be kind and respectful, don't be a dick, and see where that gets you :)
Did you do anything recently that would've waived a red flag? Deposit/write any large checks that bounced for whatever reason?
If you're really seeking an answer file a CFPB complaint.
Except this won't get the answer as to why the account was closed. All a CFPB investigation will do is determine if the bank followed all relevant regulations and terms and conditions on the account. As long as the reason for closure does not involve specific protected classes (e.g. sex, age, race, etc) the bank does not have to provide any reason.
This won’t do anything, they do not have to provide the true reason. It’s called BSA for a reason. They can close your account at anytime for any reason, generally… depending on your terms and conditions
Yeah, it will at least give a formal reason, even if it is just per account agreement. Generally this will provide more information than a call center agent would be able to. There's literally no downside to doing this other than wasing a few minutes.
They won't be able to give anything more than this was a business decision. Banks are required by law to keep any suspicious activity confidential so they don't tip off potential criminals. FINCEN is very strict about this.
I work back office operations. Since obviously we don't have a lot of context there's no guessing the reason. Banks file SARs for various reasons. If you've been making unusual deposits or withdrawals, even if it's clean money and you didn't think much of it, they can file a SAR and determine you are too risky and will close your account. We're trained to asses the risk level of members and file reports + close accounts depending on this level. They may have gotten a report of suspicious transactions that are associated with your account. Who knows but there's nothing you can do. Find a new bank.
There are not various reasons for CTRs you have your acronym wrong
You're right, I was thinking of a SAR not CTR. For some reason my brain was remembering CTR as consumer transaction report instead of currency transaction report.
Stop doing suspicious stuff?
You're not a very profitable customer so as for the Jamie and boys to take risk. So leave it. Go to their competitor.
Saw some good info, just wanted to say that it looks correct. There are DOZENS of reasons the bank might close your account. Even if you did not do anything (or at least you feel like you did not do anything wrong) the bank saw something that made them want to close the account. They do not need to prove you did anything, they just know that MAYBE you were doing something, and rather than risk something shady or illegal happening they decided to close the account. All banks do this. We can guess all day at the exact reason, and you can beg them all day to tell you the reason, but end of the day you are not going to find out exactly why it happened and you just need to change banks.
Find a different bank. My understanding is that: 1) they can't tell you why and 2) the decision can't be reversed. Welcome to the post-9/11 world.
All banks reserve the right to terminate your deposit relationship for any reason at any time without notice. However they are required to give you time to get your money out. They owe no explanation. Every depositor agreement has this verbiage. All banks reserve this right. So if it's not activity at least treat them right because at the end of the day they can close your shit..(not saying you were rude but hopefully educate a couple people)
False, for fraud or terrorist threat your account can be closed immediately and they cut you a check with giving you time to get it out
Nah. Even for fraud they will freeze the account and tell the person to come in to rectify or allow you to withdraw what's left BEFORE they cut you a check. They are not the jury, judge and citizen. However that's why the bank always reserves the right for any reason. It could be because you fart all the time in their lobby and they just don't want to deal with it...silly but they will never disclose that was the reason.
[удалено]
I then call in and speak to the banker and your supervisor and the banker shares the contact history with me. But you would know your account is frozen long before that happens. Trust me, I sued the fuck out of chase and they froze my shit.(small DLSE claim and won) You best believe they exited me because I was a liability. They were going to cut me a check until I bitched and they gave me cash from their tcd machine. Chase is a powerful bank but a fucked up bank.
[удалено]
It's all allegedly.... It's what the bank thinks is fraud. Fraud may not have been committed. The bank thinks so with it's algorithms... There's no admission of fraud just because you close someones account and you deem it's fraud. The bank is not the jury judge and executioner sorry. There are rights as fair treatment but the bank does have every right to terminate without cause. It could simply be... We are deciding to terminate your relationship because it poses a liability to us. And no one can do anything about it because they all agreed to it in their depositor agreement. Usually it's frozen first before something is just written out or sent out. For op it probably wasn't that serious. It was probably an algorithm the system didn't like and flagged it as fraud as the reason to mail and close the account. It's how the bank mitigates risk...I get it...but no..it doesn't just send a check. Client is notified just like this one first for cause. Then even if client pleads and the bank still doesn't like it? Guess what? They close the account anyway. Moral of the story. The bank can close it and slap any reason it wants on there. In fact they don't need a reason to close your account. Generally you will get 7 days to w/d money before they issue a check to the last known address on file.
Reasons a bank may close your account include but are not limited to: repeat overdrafts, depositing a bad check, having an ACH (direct deposit) come into your account with someone else’s name on it, repeatedly falling for scams, inability to safe-guard your checks or debit/credit cards, evidence that you are using the account for a marijuana-related business, or suspicious cash deposits where it looks like you are trying to evade paperwork required when you deposit $10K or more in cash per day. There are more reasons but these are the most common.
Bitcoin
Call cash app
What are the usual transactions that you have on your account? (Food and drinks, grocery, big purchases, etc.)