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Why Banks Are Suddenly Closing Down Customer Accounts

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SouthJamaica
Mega Contributor

Why Banks Are Suddenly Closing Down Customer Accounts

Why Banks Are Suddenly Closing Down Customer Accounts

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


Total revolving limits 657200 (536700 reporting) FICO 8: EQ 712 TU 710 EX 710

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4 REPLIES 4
MarkintheHV
Frequent Contributor

Re: Why Banks Are Suddenly Closing Down Customer Accounts

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.

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AyaMai
Frequent Contributor

Re: Why Banks Are Suddenly Closing Down Customer Accounts


@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

Message 3 of 5
SouthJamaica
Mega Contributor

Re: Why Banks Are Suddenly Closing Down Customer Accounts


@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 Smiley Happy


Total revolving limits 657200 (536700 reporting) FICO 8: EQ 712 TU 710 EX 710

Message 4 of 5
Ambiance0346
Member

Re: Why Banks Are Suddenly Closing Down Customer Accounts


@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. Smiley Sad

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