How to Prevent Your Bank from Closing Your Accounts Without Notice
2nd December 2024
So you go to use your debit card to make a purchase or withdraw cash, or you try to pay a bill from your checking account, only to find out that your card has been declined, your transaction denied, and your access to your money cut off. The New York Times recently reported that banks are increasingly closing customer accounts without warning or authorization—and for no apparent reason. They’re not even required to notify you if this happens, which means some people find out only when they can’t use their cards or withdraw funds. While suspicious activity and fraud are considered one possible explanation, there’s also no data source to confirm exactly how many accounts are being shut down and why.