Scrutiny grows as a massive bank now holds a customer’s money hostage without warning.
A Bank of America customer has urged people to take safety measures because his branch unexpectedly closed his account.
The person has had to wait weeks for the bank to return his money, but his own advice has saved him, reports The-Sun.
“Most Americans don’t know that banks can close your account without reason, and often, you’ll find out about it once it’s too late.”
A Reddit user says Bank of America failed to warn him that he was no longer a customer, even after the bank kept his money, which he had no access to.
“We looked through my transaction history and didn’t find anything suspicious. The poor lady was as clueless as me,” explained the Reddit user when referring to confronting his local branch.
“I have a pretty stable job with a reputable company that consistently direct deposits my paychecks, my checking account is only used to pay rent, credit card statements, my FICO score is 780+, Chex score 680, I have not bought any crypto recently,” he stated.
“I was lucky I had another checking account,” he said.
“I’d highly recommend people keep multiple accounts because your bank can just kick you out even if you’ve been with them for a decade.”
Although he eventually received access to his money, it took weeks.
Banks protect themselves when an account is flagged for suspicious activity, but as corporate America watches its own interest, customers are left vulnerable without access to their money or an immediate explanation, reports The-Sun.
“While Americans face the risk of their accounts getting closed, banks are shutting their doors altogether.”
Also Read: A Massive Bank Now Closes Several Branches in Florida
Other Banking News Today
Bank of America now announces unexpected branch closures filed with the Office of the Comptroller of the Currency (OCC).
So far in 2023, Bank of America has closed around 150 locations since the beginning of the year.
In October, it was announced that Bank of America would also close down 21 in-person locations across the US.
Colleen Haggerty, senior vice president of media relations with Bank of America explained the closings come as the pandemic has shifted operations to a more digital approach.
“The pandemic significantly accelerated banking behaviors toward digital self-service platforms instead of traditional foot-traffic banking,” Haggerty said in an email in early November, The Daily Breeze reported.
“For example, 90 percent of our clients now interact with us digitally – including nine out of every 10 checks are deposited outside the walls of a branch via mobile deposit and at ATMs,” he continued.
However, earlier this year in June, Bank of America announced it will be opening up locations in nine new markets over the next four years.
The new branches will be dedicated to Bank of America’s new “high tech and high touch approach” as the company invests in new digital capabilities to modernize its financial centers, according to a June press release.
“Our financial center strategy is designed to serve our clients when, where, and how they choose to manage their financial lives,” said Aron Levine, President of Preferred Banking at Bank of America.
“Although more clients are using our digital banking capabilities, many still visit our centers for in-person conversations about some of their more complex financial needs.
Our redesigned centers make it easy for them to meet with professionals for tailored solutions and advice on their life priorities and financial goals.”
Also Read: Wells Fargo is Now Freezing Bank Accounts in New Scandal
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