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norcal763
Why would my bank unilaterally close my checking and savings accounts?
We had $11K from an inheritance wired to our local bank one week ago, and my wife's computer showed it had posted. When she went in to withdraw cash, she was told that the actual funds had not arrived, but they were willing to give her $3500 from our checking and savings accounts, which she took. Despite the fact that the inheritance funds arrived a few hours later, a one-week freeze was placed on our account and we were unable to use our debit cards. Today (6 days later) we received two letters from our savings and loan Branch Manager, one serving notification that our checking account will be closed effective Sept. 19, the other saying the same about our savings account. We have never bounced a check during our three years at this bank. We have a steady monthly income. The bank loaned us money for our home in 2008 and we have paid off the mortgage. We don't have ANY DEBT-NONE. Cars paid for; no credit card debt.
The only unusual activity we have demonstrated is this: last November we began transferring money to our bank account from an out-of-state IRA and making large withdrawals to pay cash for gold. We have reported all of this activity to the IRS. The bank has said they cannot give us more than a few thousand dollars at a time, even though we had many times that much in our savings account. We have been patient, but there was one deal where there were several of us going in on one buy and things were going to fall through if I didn't get my share to contribute. I researched Federal Law and wrote a letter to the Mgr. telling her the bank was not allowed to keep less in the vault than deposits on file and I expected my money on a certain date. She complied. A week later she was gone. (I hope that was a coincidence). Now with this inheritance we once again have some large amounts of money coming in, but have been very understanding of the bank's slow processes and have only been taking out the amounts they are comfortable giving us (from OUR MONEY). We were only "pushy" that one time because we didn't want to let other people down. Can anybody IN BANKING tell me why they would close our account? I haven't provided actual amounts due to the public nature of this forum, but believe me we are not rich "wheeler-dealers". We are only trying to protect our retirement savings from what we see as an impending crash of the dollar and stock market. Thank You for your help.
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Thanks
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