Billion-Dollar Bank to Now Close Accounts Under New Policy

Market News Today - Billion-Dollar Bank to Now Close Accounts Under New Policy.
Market News Today – Billion-Dollar Bank to Now Close Accounts Under New Policy.

A billion-dollar bank will now close accounts under its new policy designed to protect people from harm.

It plans to do this by automatically flagging customer transactions that include the bank’s list of ‘banned words’ in the description.

National Australia Bank says it may freeze and terminate customer accounts that engage in certain types of “unacceptable account conduct.”

The bank says the system scans for people using profane, derogatory, discriminatory and harassing language to determine whether a transaction should be blocked.

Customers will receive a message asking to change the description, and the bank will investigate instances where it believes an account is being used in a “financially abusive manner.”

The bank says it aims to identify transactions from customers who may be committing elder abuse, domestic violence, acts of bullying and other types of harassment.

“We have a dedicated team who review information on blocked transactions, issue warnings and refer customers to support services. We’re giving colleagues additional training so they can be even more supportive to our customers.

We’ve also recently introduced an acceptable electronic banking use policy to call out unlawful uses of NAB’s electronic banking channels. This includes making threatening and abusive comments to any person.

The policy gives NAB the right to terminate banking services for this kind of behavior.”

“National Australia Bank’s system automatically scans each transaction description to search for a list of about 1,300 blocked words.

The bank says the move is the latest in a range of measures designed to protect customers, and it’s been actively blocking transactions that it deems abusive since late 2020,” reports DH.

Also Read: A New Wave of Bank Closures is Hitting California

Latest U.S. Bank News Today

Market News Today - Billion-Dollar Bank to Now Close Accounts Under New Policy.
Market News Today – Billion-Dollar Bank to Now Close Accounts Under New Policy.

Numerous Chase customers have been unable to access money through ATMs in California and other parts of the United States, including Texas, Florida, Ohio, New York City, Arizona, and many others.

This past weekend, more than 16,000 Chase ATMs were affected nationwide.

The outage was due to an internal technology-related issue, a source said on condition of anonymity.

“Looks like Chase is having ATM issues today. Tried the drive thru on CH Pkwy and the ATM crashed. All the ATMs in the lobby are down. Went to Chase on Grand in Chino. Same thing,” reported Jeremy Kuether from the I.E.

“No wonder my payments haven’t got though since yesterday,” said another JPMorgan Chase customer on social media.

As of today, Chase ATMs have now been restored according the bank.

“We have resolved the issue that prevented customers from using our ATMs today. They could still use their debit cards on purchases and other bank ATMs,” a Chase Bank spokesperson said Sunday evening.

Those affected were momentarily unable to pull out cash from Chase ATMs during labor day weekend.

Downdetector, which tracks outages by collating status reports from several sources including users, said there were reports of around 900 outages at its peak.

However, as of Monday September 4, reports by the hundreds continue with some Chase ATMs still being down.

“Brandon FL chase and Valrico FL chase ATMs were down as of yesterday,” says Anthony Akins.

“Chase needs to waive fees since their own ATMs didn’t work on a holiday weekend. Not a good look Chase,” says Christy.

“I’m an atm field technician for Hyosung. We are one of a few companies that services Chase ATMs. I can confirm that all Chase ATMs, nationwide, are down due to a network issue. No eta for restoration has been provided. Being a holiday weekend expect excessive down time,” said John on Downdetector.

Also Read: The US Treasury Direct is Now Freezing Customer Accounts

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Market News Today - Billion-Dollar Bank to Now Close Accounts Under New Policy.
Market News Today – Billion-Dollar Bank to Now Close Accounts Under New Policy.

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