Why Banks Are Suddenly Closing Down Customer Accounts

[SouthJamaica]

Why Banks Are Suddenly Closing Down Customer Accounts

https://www.nytimes.com/2023/11/05/business/banks-accounts-close-suddenly.html?unlocked_article_code...

[MarkintheHV]

This is exactly why I keep two different sets of accounts with different financial institutions and always carry a mastercard and visa from separate companies.  Too much of this going on these days for more reasons than the article speaks of.

[AyaMai]

---

@SouthJamaica wrote:

Why Banks Are Suddenly Closing Down Customer Accounts

https://www.nytimes.com/2023/11/05/business/banks-accounts-close-suddenly.html?unlocked_article_code...

---

Thank god I have only direct deposits from my employer though Chase declined me to open a personal checking account last week, I do not even have any credit card through them just the ones I am an authorized user on DW Chase credit cards. Did open checking acoounts with 5 different banks, direct deposits are through my employer. Comments are worth reading

[SouthJamaica]

---

@MarkintheHV wrote:

This is exactly why I keep two different sets of accounts with different financial institutions and always carry a mastercard and visa from separate companies.  Too much of this going on these days for more reasons than the article speaks of.

---

Agreed. It's definitely healthy to diversify.  Banks are not known for their loyalty

[Ambiance0346]

---

@MarkintheHV wrote:

This is exactly why I keep two different sets of accounts with different financial institutions and always carry a mastercard and visa from separate companies.  Too much of this going on these days for more reasons than the article speaks of.

---

I'm starting to work on this kind of diversification lately for exactly that reason. Things are definitely unpredictable these days.