Bank closed all accounts with no explaination!

[Anonymous]

I just joined this forum, so excuse me for bringing this subject up after such a period of time has passed.  About a year or so ago Bank of America closed all of my accounts, bank, checking, CD, personal, business, and even my kids accounts!  Plus all credit cards associated with this.  This happened a few months after the same thing happened with Chase!  When I contacted them they only told me that the bank has decided to end our relationship.  I have always paid on time and had what I thought was a great relationship with both of these banks, but they would not tell me why!  This also voided any and all membership rewards which I had earned up until that time which seems very unfair.  It would be one thing if someone would tell me why, but I was told that it was a decision that the bank made and they would not change their mind.  My lawyer said the only way I would be able to find out is to subpoena them and I would find out that way, but that would be very expensive.  Has this happened to anyone or anyone you know?  I am curious why they would want to sever our relationship this way.  Also if anyone knows how this may affect my credit.  I was a good customer for many years prior.  Any input would be appreciated.

[Anonymous]

Have you pulled all credit reports? Also, pull your chexsystems as well.

[enharu]

Did you not get any letter explaining the closures? Have you tried calling the EO?

Have you checked your CR with all 4 bureaus + chexsystems?

When banks close all accounts, including savings and checking, its usually fraud related.

[IcEWoLF]

Call their Executive Office, I am sure they will be able to give you a better answer.

I don't think any of us can be much more help than that, because then we will be just speculating.

[Anonymous]

Thanks for your fast reply.  Yes, I did call the executive offices.  I went as far as calling Jamie Dymon's office at Chase in Manhattan and his people said they were not able to discuss it.  It is very frustrating.

[Anonymous]

Cough. Credit reports and chexsystyems

[Anonymous]

Yes, I have pulled all three reports but nothing indicates anything on them.  What is chexsystems?

[navigatethis12]

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@enharu wrote:
Did you not get any letter explaining the closures? Have you tried calling the EO?

Have you checked your CR with all 4 bureaus + chexsystems?

When banks close all accounts, including savings and checking, its usually fraud related.

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Bank of America will never under any circumstances reveal why they closed deposit accounts. It  happened to me and no one would tell me why. They just said they closed because they wanted to and don't have to say why. Credit cards were not affected but I closed it anyway. Now I have two business ones with them so I can take all of the money I can from them. After they close deposit accounts you are banned for life from ever opening up another one with them. They said it doesn't affect Certificate of Deposits or credit related items, but the deposit accounts will never be opened when your social security number is attached to it.

[enharu]

Check your innovis and chexsystem reports. Many people forget about them because they are usually not as important, but banks do pull those reports as well.

Chexsystem is a bureau that handles checking and saving account records.

[myjourney]

Just curious were you churning for bonuses?