Discussion:BofA closing accounts

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Discussion Forum Index --> Accounting Questions --> BofA closing accounts


Ztom (talk|edits) said:

4 October 2011
Have 3 clients who had thier Business, Personal, Visa and IRA closed by bofa. BofA told them to close their accounts within 22 day and gave no reason after calling the bank. the bank said they had no answer. Anyone have this problem and does anyone have answer?

Kevinh5 (talk|edits) said:

4 October 2011
sounds like a phishing scam to me, why would a bank close an IRA? Why would they close a checking account?

Ztom (talk|edits) said:

4 October 2011
That is what I am wondering. One of the businesses was Dennys, the other three were convience tores. BoA want everything out. Point of interest, all closed accounts have an arabic name. The bank wrote them all letters and all of them called the bank and could not get answer

Kevinh5 (talk|edits) said:

4 October 2011
Patriot Act gone haywire.

Captcook (talk|edits) said:

4 October 2011
At least they won't get charged $5 a month for using a debit card :).

CrowJD (talk|edits) said:

5 October 2011
"Have 3 clients who had thier Business, Personal, Visa and IRA closed by bofa. BofA"


Huh? This would be easy to check out. Either they are closed or they aren't. Have your clients actually driven over to the bank to confirm this?

I agree it sounds like some kind of silly Email thing to me.

Uh oh.

"bank sent a letter."

"all closed accounts have an arabic name."

"BoA want everything out"

Mercy. <What next?> This is too much. Well it's no crime to have an arabic name if that's all you are doing. Ztom, are you making this up?

Your clients might want to put off driving to the bank until they have a lawyer just to be on the safe side.

Pink Pearl (talk|edits) said:

5 October 2011
[1] this might be the problem....

Ztom (talk|edits) said:

6 October 2011
The clients verified with boa. Letters were sent out and clients went to bank. One client tried opening an account with Union bank, Union did not want their business because they have check cashing service, this might be the problem because all clients have check cashing services.

Kevinh5 (talk|edits) said:

6 October 2011
That doesn't explain BOA closing out IRA accounts.

Kevinh5 (talk|edits) said:

6 October 2011
And yes, money service businesses (like check cashing services) are subject to higher scrutiny under the Patriot Act and by FinCen http://www.fincen.gov/ Many banks and brokerage houses won't open accounts for money service businesses because the oversight of them would prove unprofitable.

Kevinh5 (talk|edits) said:

14 October 2011
Ztom, are your clients on this list: http://www.fincen.gov/financial_institutions/msb/msbstateselector.html

?

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