Bank of America Is Now Closing Accounts Without Warning

Bank of America is now closing accounts without warning according several customer reports.

Another Bank of America customer has claimed that her account has been closed without being warned, a growing trend seen within the bank giant.

The influencer said she received a notice about a credit warning before it completely disappeared.

In a TikTok video shared last month, she revealed that she had two checking accounts with Bank of America.

The bank user (@spirtuallyfree444) said she was transferring money between the two accounts ahead of paying bills.

However, when she logged onto her account, she claimed a notice told her she had been overcharged and was due to receive $29 in credit.

“I went through my transactions but I couldn’t see where they had overpaid me.

“I didn’t say anything. This is just an extra $29 that I have in my account,” she said.

Days later, she checked the account and noticed that it had been closed.

The mystified customer claimed a Bank of America staffer couldn’t explain why the account had been shut down.

There wasn’t a note in the Bank of America system regarding the account closure, the TikToker claimed.

She fumed: “How you all just close my account y’all [sic]. They just closed my account.”

She claimed she was glad that she didn’t have payroll going into the bank account.

The influencer raged: “They closed my f**king account.”

She claimed representatives at the banking chain said she could open another account – a response that left the TikToker perplexed.

“I found it very strange that they closed one of my accounts. So, now I’ve got to keep an eye on the other account,” she stated.

“I just took the money out of it so there’s nothing in there.”

Another TikToker, known only as Jessica (@wheresmydamnchapstick) also claimed her credit cards had been shut down without warning.

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

Other Banking News Today

Market News Today - Bank of America Is Now Closing Accounts Without Warning.
Market News Today – Bank of America Is Now Closing Accounts Without Warning.

Massive layoffs at TD Bank are now underway as the company aims to cut more than 3,000 jobs, a 3% reduction of its workforce.

The 3% reduction will encompass “all business lines” and will be achieved “through attrition and by redeploying talent to open positions wherever possible,” bank representatives said during the third quarter’s earnings call.

TD recorded $363 million in restructuring charges in the fourth quarter tied to employee severance and other personnel-related costs, real estate optimization and asset impairments, the bank said, adding that similar charges are expected in the first half of 2024.

The bank is aiming for $600 million in savings, including $400 million in fiscal 2024, it said.

“While we are focused on expenses, we are pursuing meaningful revenue opportunities across our businesses,” CFO Kelvin Tran said.

“We outlined our strategies to accelerate growth in our Canadian retail businesses at our recent Investor Day and the acquisition of TD Cowen provides additional capabilities for TD to grow its investment bank.”

TD Bank is still under federal investigation by the Justice Department regarding compliance and anti-money laundering matters, originally disclosed in August, Bloomberg reported Thursday.

While TD said it doesn’t expect the investigation to have a material impact on financial results, “there is a possibility that the ultimate resolution of legal or regulatory actions may be material to the bank’s consolidated results of operations for any particular reporting period,” the bank said.

Those whereabouts is a developing story.

Also Read: TD Bank Customers Now Report Alarming Money Outage

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Market News Today - Bank of America Is Now Closing Accounts Without Warning.
Market News Today – Bank of America Is Now Closing Accounts Without Warning.

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3 Comments

  1. Danielle

    Bank of America did this to me too shut my account down didn’t tell me when I called and asked why they said back office decision and I can’t ever open one there again. No explanation!!! I had no suspicions activity never in negative there was no reason for it it’s basically bs!!!!!!

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