There can be a number of reasons for that. If the letters are not giving a reason, have you called them to inquire? Some possible reasons that come immediately to mind are if you are employed by or own a business that can have difficulty with the banking industry (i.e. cannabis, gambling, and some other unmentionable industries that are a violation of the Terms of Service on myFICO), failed identity verification, or transfers that may seem suspect. Do you have checking accounts with other financial institutions?
Hopefully they will be able to give you an answer. Just shooting out some other possibilities, you mentioned not remembering a prior relationship with them in the past. Any previous sour relationships with those they have acquired over the years? MBNA/FIA, BankBoston, Fleet, LaSalle, US Trust? (Probably some other regional banks.)
I'd say you might be skirting by on the registration process somehow and they just don't want you as a customer for whatever reason. Seems like it's every other month or so that you're getting shutdown, I'd just stick with those other lenders unless there's some really particular reason you want a BoA checking account.
as of 1/1/23
@gordoncharles25 wrote:hi guys, do you have any idea why boa keep closing my checking account. i opened 4 times a checking with them and they closed it 4 times in a 6month period and they dont even bother sending a letter explaining the reasons. they only send a closure letter. my chexystems is clean as i know. i dont recall having any relation with them in the past. they are getting to my nerves. please move the subject to th right place if necessary.
I've had my checking account with BofA for 31 years, and have never experienced any kind of closure, abrupt or otherwise. I would expect some kind of explanation, via snail mail, but it sounds like that's not happening for you. What do they say when you call? Have you physically gone to a nearby branch? Perhaps speaking with someone in person can shed more light on why this keeps happening.
The message seems clear that they don't want you as a customer, but why? I'd want answers! I hope you get them.
@FinStar wrote:
@SoCalGardener wrote:
@gordoncharles25 wrote:hi guys, do you have any idea why boa keep closing my checking account. i opened 4 times a checking with them and they closed it 4 times in a 6month period and they dont even bother sending a letter explaining the reasons. they only send a closure letter. my chexystems is clean as i know. i dont recall having any relation with them in the past. they are getting to my nerves. please move the subject to th right place if necessary.
I've had my checking account with BofA for 31 years, and have never experienced any kind of closure, abrupt or otherwise. I would expect some kind of explanation, via snail mail, but it sounds like that's not happening for you. What do they say when you call? Have you physically gone to a nearby branch? Perhaps speaking with someone in person can shed more light on why this keeps happening.
The message seems clear that they don't want you as a customer, but why? I'd want answers! I hope you get them.
If a financial institution exits and/or terminates a banking relationship for whatever reason(s), as long as the reason(s) are not in any violation of Federal or State laws, they're not always required to disclose them, especially if these are internally-driven. A banker would likely not have access to those reasons either.
There are instances that are covered under the BSA, for example. Additional examples can include money laundering, internal investigations, reputational risk, etc. And, while the latter examples may not necessarily apply to the OP, something is obviously causing these closures and we may never know. So, despite that someone may want answers, one may not always get them.
That's very interesting--and rather disturbing. I haven't had anything closed or declined or ANYTHING negative in many years, but I can say without doubt that if BofA suddenly closed [any of] my accounts, I'd want to know WHY. What did I do wrong? Did I violate some kind of rule or law? If I don't know what the catalyst was for closing it, how am I supposed to avoid making the same mistake in the future?
So BofA could just shut down my 31-year-old checking account with nothing more than "thanks for your business and goodbye!" Seems really weird to me.