This Massive Bank Is Now Closing Accounts and Credit Cards

February 14, 2024

This massive bank is now closing accounts and credit cards in an abrupt manner and without warning, sources report.

While many would hope for a seamless banking process, one Fifth Third Bank member was barred off from their money, reports The-Sun.

The person who remained anonymous vented their fury on a Reddit thread dedicated to personal finance.

It all started when they made the choice to help out a “friend,” the user said.

He would often ask the user to borrow $100.

In return for the user giving money, he would then send $150 to them through Zelle.

The user explained how their Zelle was linked to their Fifth Third Bank mobile banking app.

And while the profit seemed attractive at first, it didn’t hold up for much longer.

What happened next left the Redditor confused, worried, and skeptical of their so-called “friendship,” reports The-Sun.

They realized they were betrayed when their friend disputed each transaction as a way to steal all the money back.

“As a result of him doing this, I tried using my debit card and logging into my banking app, and it said my account was locked” they said.

After calling Third Fifth Bank’s customer service, the user discovered their account was closed due to “so many transactions.”

The bank viewed them as fraud and decided not to do business with them anymore.

“They said I will be able to go into any local branch during operation hours and withdrawal all of my funds that are inside of the now closed account,” they wrote.

But the user was still worried, especially since they had $9,000 locked up in the account.

“Will they hold true to their word? Will they actually let me withdrawal all of my funds?”

Users replied to the Redditor saying they should be able to get the money back since the bank chose to close the customer’s account.

“You will get your money, but it may take a long time,” one person commented.

The bank had closed the users account and credit cards without warning despite the customer being scammed.

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Also Read: A US Bank is Now Denying Customers Access to Money

Other Banking News Today

Chase now makes unexpected bank account closures, a growing problem that has customers concerned for the safety of their money.

One customer vented their concerns about the bank on a Chase subreddit thread with 19,000 members after their account was closed.

They labeled their post “Chase closed my new business account and has been holding my money for seven months.”

They claimed their account had shuttered without warning or notice, preventing them from accessing their $1,000.

The Redditor said they were supposed to get it back in a check, yet it’s been months and the bank won’t give them any clear answers.

It all started in June of 2023, when the user went to a Chase branch to open a business account for their limited liability company.

They said a staff member helped them deposit around $1,000 to their account.

“I didn’t touch the account until July when I had another check to cash, but it didn’t go through,” the user said.

“When I dug deeper, they told me that the account was flagged for fraudulent activity and they had the right to close my account without notice and without explanation,” they added.

According to Chase, the bank can close a member’s account for several reasons including inactivity, over-limit fees, credit scores, and delinquency.

The user was told there an ongoing investigation needed to conclude before Chase could return their account’s balance in a mailed check.

Months later, after several calls to customer service which the user described as, “incompetent,” they went to the branch for answers.

It turns out the user didn’t commit any fraud. A Chase staffer’s error actually caused the account to close.

“I found out that it was because the initial Chase employee deposited my check incorrectly – he clicked on the wrong bank for the ACH transfer,” the Redditor said.

The issue to this date has not been resolved, even with this discovery.

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Also Read: The US Treasury Direct is Now Freezing Customer Accounts

Wells Fargo Is Now Freezing Business Credit Cards

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