A Bank Now Unexpectedly Closes Customer Account and Cards

A popular US bank now unexpectedly closes a customer’s account and credit cards who’s transactions were completely innocent.

Caroline Potter had her Citibank accounts shut down unexpectedly after moving across the country, she told the New York Times.

“You feel like you’re walking around wearing this scarlet letter,” she said.

The Potters moved to Idaho during the pandemic after selling their New York home, according to the Times report.

With the move, Caroline and her husband’s accounts expectedly had some large sums of money moving around like final mortgage payments and a new down payment.

She said: “There were these weird calls with a very mysterious customer care department, and they kept asking for our tax returns … No one sees my tax returns except the I.R.S. and my C.P.A.”

Soon after the move, Citi had all affiliated accounts shut down, including their checking and credit cards, Potter told the Times.

When the couple tried to rectify the issue, they were given minimal information.

“It felt like there was this secretive department, and anyone who wasn’t in that department didn’t even know about it,” she said about her attempts to speak to the bank.

Potter added that she believed the issue was caused by her husband’s paychecks.

Her husband’s employer was recently absorbed by a cannabis company, meaning his checks started being signed by this company.

Prior to the federally passed SAFER Banking Act, banks were at risk of penalty for working with businesses related to cannabis sales.

Although legal in 23 states, cannabis is still an illicit substance at the federal level of law.

Because banks are federally regulated bodies, this federal law supersedes any state law protections on cannabis.

“Caroline is not alone in her plight, the New York Times interviewed 500 different people who experienced something similar,” reports The-Sun.

Also Read: A US Bank Is Now Stealing Customers Money

Other Banking News Today

Market News Today - A Bank Now Unexpectedly Closes Customer Account and Cards.
Market News Today – A Bank Now Unexpectedly Closes Customer Account and Cards.

A massive bank now closes several branches in Florida as the online banking trend continues to grow, also fueling layoffs in the sector.

This week, Wells Fargo will close the following four branches in Florida.

  • 3131 West Hallandale Beach Blvd, Hallandale
  • 10191 Cleary Blvd, Plantation
  • 113 South Tennessee Ave, Lakeland
  • 4901 Tamiami Trail, South Naples

The bank is also closing an additional four branches in California soon.

“In July, Wells Fargo laid off over 100 employees in the consumer and small business banking division in Orlando,” reports Ash Jurberg.

“Banks continue to close across the United States. Between 2017 and 2021, nine percent of all branches — almost 7,000 locations— shut their doors.”

This trend has grown nationwide as traditional banks pivot towards an ever growing digital world.

“Data from S&P Global Market Intelligence shows a total of 1,144 national and regional banks were closed between January 1 and July 31 across 49 states – and firms are pulling out of some areas faster than others,” reports the DailyMail.

“We need to concentrate Wells Fargo real estate investments in fewer locations or reduce space in existing real estate,” Wells Fargo said.

“Branches continue to play an important role in the way we serve our customers, and customers continue to value the experiences they have in our branches,” Saul Van Beurden, the bank’s CEO of consumer, small and business banking, said in a statement. 

Wells Fargo has cut its workforce by roughly 40,000 since the third quarter of 2020, and more cuts ae expected, the bank’s chief financial officer, Mike Santomassimo, said last month.

Also Read: Florida Now Has Massive Departures As Residents Leave State

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Market News Today - A Bank Now Unexpectedly Closes Customer Account and Cards.
Market News Today – A Bank Now Unexpectedly Closes Customer Account and Cards.

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