Bank of America Now Closes Customer Account Without Warning

November 15, 2023

Bank of America now closes a customer account without warning or explanation, creating massive turmoil for the user.

The giant has been scrutinized for freezing customer accounts for many months now.

Christina Blanton says she has been a loyal customer at Bank of America for 17 years now but said the company couldn’t give a reason behind the decision.

CBS affiliate WBBM says Blanton couldn’t access money from Bank of America for her thyroid cancer surgery.

Blanton, who has since switched banks, said her account was locked just before she was due to have surgery.

She told WBBM: “I was upset and frustrated. I wanted to cry.”

Blanton said she initially thought she had put her password in wrong when she couldn’t access her online bank account.

She realized that her account had been locked.

The mom struggled to get an answer from Bank of America in an ordeal that lasted months – before it was eventually resolved, reports The-Sun.

She claimed that the bank had made a so-called business decision to shut the account.

She said she was eventually able to access her funds after her account was reopened.

But she was left furious that bosses couldn’t give an explanation why her account was closed.

A spokesperson told WBBM: “We can’t share information about an individual account for reasons of privacy, but we have resolved the issue directly with our customer.”

Meanwhile, Chase Bank customer Justin Martin has also told of the moment he realized his account had been frozen.

Small business owner Christian Haberkern has recalled the ordeal that saw more than $24,000 wiped from her Wells Fargo account.

She tried to get her money back for weeks before the funds were eventually returned.

Also Read: Wells Fargo is Now Freezing Bank Accounts in New Scandal

Other Banking News Today

More massive California bank branches are now closing for 2024 according to the latest data from the OCC.

California has had many unexpected bank closures all year and is now expecting the trend to follow into the new year.

According to the OCC, the following bank branches are scheduled to close in California in 2024.

Wells Fargo:

450 South Ventura Road, Oxnard
3360 San Pablo Dam Road, San Pablo
18010 Chatsworth Street, Granada Hills
116 Sunset Drive, San Ramon
103 East Stetson Avenue, Hemet
118 E. Carrillo Street, Santa Barbara

Bank of America:

90 Pier Avenue, Hermosa Beach
300 Lakeside Drive, Oakland
29687 The Old Road, Castaic

According to BankBranchLocator, Wells Fargo Bank currently operates with 4,598 branches located in 37 states.

The bank has most branches in California, Texas, Florida, New Jersey and North Carolina.

The branch at 333 Market St. in San Francisco, which included a flashy digital display within the branch that could be seen by those passing by, has temporarily closed this year until 2024.

“All over California, 277 bank branches have closed so far this year, second only this century to 2020, when 325 branches closed.

Branch openings are a much rarer occurrence: Only eight have occurred statewide this year,” reports Governing.

A recent report states that Wells Fargo plans to lay off approximately 525 of its employees based in Columbia, South Carolina, and close the bank’s corporate office there by June 30, 2024.

“Wells Fargo leaders are working to provide up-to-date facilities with modern workspaces and technology to create a more collaborative work environment that is a better employee experience,” Wells Fargo wrote in a notice.

“At the same time, we need to concentrate Wells Fargo real estate investments in fewer locations or reduce space in existing real estate,” the bank said.

Also Read: Massive Layoffs in California Now Underway Prior to Holidays

Market News Published Daily 📰

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Also, thank you to all of our blog sponsors. This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

You can also follow me on Twitter, Instagram, Facebook, or LinkedIn for daily news and updates on your favorite stories.

More Market News 📰

Become a Sponsor for only $1/mo.

Gain access to EXCLUSIVE FrankNez articles you won’t find here.
Become part of a private and safe Discord community, just for retail investors.
Get drawn at the end of the year for holiday giveaways.

Become a Sponsor Today!