Bank Now Freezes Account and Customer Access to Money

A bank now freezes account and customer access to money after a user was tricked and victimized by an online scammer.

The-Sun reports that the bank has found the customer “guilty by association” after the scammer “duped him.”

Regions Bank has managed to prevent the scammer from any further wrongdoing.

However, the customer has said that the bank has now cut off access his to money.

The person had been tricked into depositing a bad check, but thankfully, the bank managed to catch it before any funds were exchanged.

However, the situation didn’t end there.

The customer took to Reddit to share they later had their account frozen.

When they took their troubles to a bank representative, they found out their account would be closed.

The person said they’ve accepted and dealt with the situation; however, weeks have passed, and their money remains in limbo.

“When will I receive the check for my remaining bank funds?” they asked.

They couldn’t figure out if their account was still frozen or officially closed or who they should speak with.

Unfortunately, banks rarely make exceptions or leave personalized notes for account closures.

The Consumer Financial Protection Bureau received 2,941 complaints about bank savings and checking account closures in 2023.

Although a bank customer finding out their account was closed might feel personal, the process can flag anyone who falls victim to a scam or system error.

A closed bank account can stay on your credit for up to seven years, according to TransUnion.

Fellow Redditors said there was nothing the customer could do but trust the process.

One person said the bank must provide access to his money within 30 days of the account closure.

Another person said to go speak with a branch manager where he opened the account.

“Kindly ask them if the account has already closed. If it hasn’t, ask if it’s possible to do a temporary release so you can collect the “good” funds that remain in your account.”

Ultimately, at least the person can rest assured the bank will return their money.

Even if they take their time, reports The-Sun.

This is a developing story — for more bank news, stories, and updates like this, opt-in for push notifications.

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

Other Banking News Today

Market News Today - Bank Now Freezes Account and Customer Access to Money.
Market News Today – Bank Now Freezes Account and Customer Access to Money.

A massive US bank is now cutting 20,000 jobs to save as much as $2.5 billion to boost the Wall Street giant’s lagging returns.

Firmwide expenses are expected to drop to a range of $51 billion to $53 billion over the medium-term, Citigroup said, without clarifying the exact timeframe.

In the meantime, though, the firm expects to incur as much as $1 billion in expenses tied to severance payments and Fraser’s broader overhaul of the bank. 

Costs for the year should be in the range of $53.5 billion to $53.8 billion — a decrease from the $56.4 billion the firm spent in 2023. 

“The fourth quarter was very disappointing,” Fraser said in the statement.

“Given how far we are down the path of our simplification and divestitures, 2024 will be a turning point.”

Fraser in September initiated the biggest restructuring of Citigroup in decades as she seeks to improve the bank’s returns.

She has said the moves will allow the bank to eliminate bureaucracy, slimming it down from 13 management layers to just eight. 

Fraser has also said the overhaul would help her boost a key measure of profitability known as return on tangible common equity to at least 11% by 2027 at the latest.

She reiterated that medium-term guidance on Friday. 

The 20,000 roles that Citigroup will eliminate include jobs cut as part of the restructuring as well as dismissals that would have occurred anyway, reports Bloomberg.

This comes as a major blow to employees at the bank.

Massive bank layoffs have also been occurring within Wells Fargo, JPMorgan, PNC, and others.

The continued coverage of bank layoffs in 2024 is a developing story — for more news and updates like this, opt-in for push notifications.

Also Read: A US Bank is Now Freezing Some Retiree Accounts

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Market News Today - Bank Now Freezes Account and Customer Access to Money.
Market News Today – Bank Now Freezes Account and Customer Access to Money.

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3 Comments

  1. Jearline Berry

    I had the same thing happen to me with Fidelity Investments but I did receive my funds. I was with them for more than 12 years.

  2. Frank Nez

    Leave your thoughts below.

  3. Frank Nez

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