Quote:
Originally Posted by AmeliaG
Can you share details of what happened when your account got closed? The industry really needs to know more about this. Did they ask you questions first? Did they just close without warning?
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might be a different situation than NA's but in the aftermath of the Pacnet/Chexx situation the US bank I used for my business closed my account.
It's kind of funny in retrospect (it takes a special sort to get dumped by a bank, my boys still tease me about that) but at the time it was pretty devastating. just like, boom, boom, boom, one fucking thing after another after the ofac sanctions were levied.
basically I got a bank letter certified/registered/whatever mail stating that they would be closing my account on xx day. the reason given was that my account "may not fit within our requirements" and "legal requirements".
they gave me plenty of time (41 days) to switch things over so no complaints there, and were very respectful and communicative with me. awful situation but was very well treated.
initially the bank froze 9k of my cash in that account (I'm not entirely clear if that was at the behest of the gov or just a bank decision, it was made clear to me that both were involved) but that was resolved fairly quickly (weeks, not months) and on the day my account was closed they mailed me a check for the remaining balance. the check cleared
I'm happier with my new bank now anyways but not a fun process.
anyways, figure the process is probably fairly similar under other sorts of situations. they won't just close your account next day but they can absolutely hold your money if they want