Can Bank close account without any reason?

Posted: Wed Dec 07, 2011 04:32 am Post Subject:

It depends on the type of account and the terms associated with that particular account. Many credit cards DO allow the issuer to cancel the card arbitrarily. You need to look at your Terms of Service Agreement the issuer is required to send you.

Accounts are normally closed by the issuer due to late payments or other factors that are considered in granting a person credit. If this is a standard checking account, the institution likely required closure due to many NSF situations or "floating" activity (which is illegal).

Sooooo, what kind of account(s) and what were the reasons (in writing) you were given for the closure?

InsTeacher 8)

Posted: Wed Dec 07, 2011 11:56 am Post Subject:

Thank You for your respond.

I have standard checking and saving accounts. Never late payments or over limit vidrows.

The letter that bank send states,<A review of our records indicates that we are unable to retain your accounts. The terms and conditions governing the Accounts provide the Bank May close your accounts at any time. Although the account rules do not require the Bank to provide you with advance notice of the termination.<

That was all.

My credit cards are all in order.

Thank You very much
Love Dove

Posted: Fri Dec 09, 2011 01:00 am Post Subject:

Have you called your bank to actually find out what's going on? The letter they sent you is, well, kind of vague and ambiguous. They are required to provide you with specifics and I have a feeling there's more to this than what's in the thread.

Has the bank been purchased by another? Does your account require a certain average daily balance in order to stay open? Certain accounts, in order to remain open, require that the account be funded at certain levels in order to maintain it.

There HAS to be more to this than meets the eye. What else have you discovered? What else have they told you?

InsTeacher 8)