Banks Are Closing People’s Accounts With No Warning

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via fox9:

A 13-year-old Waconia girl says she is disappointed and upset after a bank closed her savings account and sent the hundreds of dollars in it to the state of Minnesota.

Jennifer Luedloff and her husband opened a savings account for their daughter, Paige, when she was still a baby. Paige is 13 years old now, and over the years, they made deposits to the Old National Bank account on birthdays and holidays, and after she won hundreds of dollars in an ice fishing competition.

They recently received a letter from the bank saying the account had not been touched in three years and because of inactivity, it was closed and the $500 in it was sent to the state of Minnesota. The Luedloffs tell FOX 9 they were never notified that the account was in jeopardy of closing and now need to wait months to hopefully get the money back from the state using their unclaimed property website.

Why Banks Are Suddenly Closing Down Customer Accounts

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Why banks are suddenly closing down customer accounts

Bank of america did this to me, in the same weekend i was moving out. All my stuff was in the car, it was a friday at 3PM and i was in the gas station.

I couldn’t fill up my gas. Called and they told me to come to the bank with two forms of ID. When I arrived to the bank the fraud department was operating in NY (3hrs ahead) and they were closing, so they told me to come next tuesday (it was a long weekend).

I went homeless for 1 week with no food. It was my last semester in university and couldn’t pay for tuition because my bank acc was locked, so the university dropped my classes and i was not able to graduate, as failing to stay enrolled (international student) i had to go back to my country.

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– 3 days before i received a transfer from my brother (6k usd) to pay for tuiton and new place

– no unusual transactions, never reported any fraud before, just was hit with the “per our agreement we can close your account without notification.” and they provided me the balance 1 week later.

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Banks are closing customer accounts, with little explanation

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h/t Phennommennonn

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