Bank of America now closes a seven figure account without warning according to a distressed Reddit user who shared their experience.
Banks often reserve the right to close clients’ accounts abruptly with little explanation, reports The-Sun.
“This was the case with one Reddit user, whose seven-figure account was recently closed by Bank of America.”
The Redditor sought advice online and expressed surprise at the closure.
“I’m so incredibly lost,” they posted on the online forum.
The user, whose post garnered over 50 responses, shared that it all began when they called the bank.
While asking about checks they had deposited a month ago, he said the phone call ended with an abrupt notice.
“I was told at the very end of the call, ‘Are you aware that BofA is closing your account as a business decision?’” they said.
The client was surprised considering their status: They were a diamond tier preferred rewards member.
Diamond tier clients, who must have maintained an average daily balance of over $1 million to apply, receive unique benefits.
However, the status does not make accounts immune to cancellation.
Eventually, the client got through to a supervisor.
“They gave me no reasoning stating it is just a business decision,” the client said. “I’m totally shocked.”
Some users explained that banks do not need to explain.
“Your account agreement probably describes that your bank can close your account at any time for any reason,” one commenter said. “It does come as a surprise to most people when this happens.”
A variety of transactions can trigger a bank to take action against a client.
Often, they use automated systems to detect unusual account behavior.
If they suspect an account is a liability, they retain the right to cancel it, reports The-Sun.
Also Read: A US Bank is Now Denying Customers Access to Money
Other Banking News Today
A bank now takes a year to reimburse a customer with their missing money after mistakenly withdrawing $30,000.
The Bank of America customer claims that the bank withdrew the money due to an unprecedented mistake.
The customer had to take drastic action to get their cash back, while other Americans have been experiencing equally worrying problems with other bank accounts, reports The-Sun.
The Reddit community /personalfinance is a discussion forum for all things money.
Sometimes, banking customers seek out advice from their peers on Reddit when things go awry.
That’s exactly what happened when one Bank of America customer, posting under the username 1cnam, saw their balance wiped due to a check error.
As the Redditor explained, the troubles began in July 2022 when they took out a cashier’s check worth $30,000.
They claim that the teller at Bank of America accidentally debited the wrong account, and the bank branch told the customer that the amount would be taken out of their own account in order to reinstate the funds from the wrong account.
“After this transaction was processed, I assumed that all was settled,” wrote the customer.
But then, the Redditor claimed that the check fraud department at Bank of America ended up taking out another $30,000 from their account “without any notice.”
“Because of this, I have went back into the bank immediately and explained the situation to them,” they wrote.
“All they did, however, was help me file a claim to the check fraud department and stated I needed to wait for it to fully process.”
The Redditor claimed that their money was still at large after 60 days.
Other users commented on their post and recommended that they file a complaint with the Consumer Financial Protection Bureau (CFPB).
However, the customer claimed that Bank of America did not respond to their CFPB claim within the 60-day response period.
They then escalated things further with the Office of the Comptroller of the Currency (OCC).
After filing the complaint, it was opened up by the OCC’s Customer Assistance Group (CAG).
Two weeks later, the customer finally received an email from Bank of America stating that the complaint had been reviewed and that the second debit of $30,000 from their account had been reversed.
While the Redditor was grateful for the assistance of the OCC, it had taken approximately one year to get their money back from Bank of America.
“To be honest, I was really beginning to doubt I’d ever see the funds back in my account,” they wrote in a second update post.
Also Read: Wells Fargo is Now Freezing Bank Accounts in New Scandal
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