US Banks Leave Customers High and Dry with Zero Warning
A recent report suggests that US banks are abruptly closing their customers' accounts without prior notice.
These closures are triggered by supposed suspicious activity, which often leads customers to discover the problem only when their cards are declined at the point of sale.
A Chase customer named Naafeh Dhillon had both his credit and debit cards declined while attempting to pay for dinner in December.
Upon contacting the bank, he was informed that his account had been closed due to “unexpected activity.” Dhillon had been receiving regular wire transfers from his family in Pakistan since he arrived in the US in 2013.
While banks are attempting to catch illicit activity, just 4% of Suspicious Activity Reports (SARs) submitted by banks to law enforcement lead to follow-ups, and a tiny fraction of those result in arrests and convictions.
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After the New York Times contacted Chase about Dhillon’s case, the bank launched an investigation and later stated that they could not confirm any wrongdoing on his part.
Chase has a history of financial violations, including violations of the Bank Secrecy Act and anti-money laundering deficiencies, resulting in over $36 billion in fines since 2000.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
