Spazsdad wrote:While I agree that B of A can do business with whoever they choose the fact that they had them as a customer for 10 years and then decided to hold their funds smells like an old outhouse.
Happens more often than you think. Generally a letter is sent out 30 days before closing(not required)-often clients throw the letter out without reading. Bank may hold funds if there is suspicious activity (Easier to hold the funds and say you are sorry than to take a loss and explain why you did not hold the funds to the regulators) Not an enjoyable part of the buisiness, but part of it.
THrough my 20+ years in the industry, have had to close out long term customers because of a policy change regarding restricted industries
BTW- politicians fall under the "restricted" account type- due to the risk of handling their funds. At times have also had Financial Institutions that would not deal with religious organizations, not due to anny aetheist bias, but because of of all the internal stealing scandals with many church accounts. (Had to deal with a Priest who stole more than $240m of parsih $$$)






























