![]() ![]() ![]() If you have negative items on your ChexSystems report, the bank may reject your application. When you apply for a bank account, the bank may view your ChexSystems report. However, you may run into a problem if the previous bank reported anything negative on your ChexSystems report.Ī ChexSystems report is like a credit report for your banking activity. If your account has been closed, you can try to open a new one with a different bank. “I think there’s something to be said for the age of the account and the age of the relationship and the leniency that a consumer will receive from that company,” he said. Lima said that new account holders need to be more careful than those who have had accounts open for several years. Large checks can raise red flags, especially if you don’t have a history of depositing those kinds of checks. If you have a large or unusual check, always try to deposit it in person. Some banks will close accounts immediately if you deposit a check that they believe is fraudulent. ![]() How to avoid the bank closing your account Most account holders can also file a complaint with the Office of the Comptroller of the Currency, but double check to be sure this is your bank’s regulator. ![]() If you believe an account was unfairly closed and the bank refuses to reopen it, you can report the incident to a regulator.įind out which agency regulates your bank by searching here and filing a complaint. You will need to provide your account number and any recent statements showing the bank had a balance when it was closed. If a bank has closed your account and you know there was money in it, you should contact it immediately to access your funds. You can also ask to switch to paper checks until the matter has been resolved. For example, if you have direct deposit from your employer set up, you can contact the payroll department to change the routing information to a new bank account. If you have incoming deposits to the account, see if you can redirect them to a different bank account. “Depending on the reason, the bank may be able to work with you to resolve the issue and reopen your account,” said George Jameson, CFP of Blackbridge Financial. The bank may be willing to reopen the account if you meet certain criteria. If the bank has closed your account, you should contact it directly to figure out why. Steps to take after the bank closed your account Some banks close accounts that have been inactive for three-to-five years. Inactivity is another common reason for closing an account. If you don’t adhere to the time frame, the bank is likely to close the account. Most banks require that you deposit funds either at opening or soon thereafter, and give 30-60 days for the deposit to be completed. Ally Bank, for example, states that personal accounts cannot be used for inventory purchases, payroll expenses or business transactions-and warns that it reserves the right to close your account if it believes you’re conducting business from your personal account.Īnother common explanation is more mundane. The bank may also close your account if you use a personal checking account for business purposes, as this may be in direct violation of their terms and conditions. “If you tend to bounce checks, they’ll get rid of you pretty quick,” said Jamie Lima, CFP of Woodson Wealth Management. Frequently overdrawing your account can also lead to closure. If you deposit fraudulent checks, the bank may close your account, even if you did not know they were fake. The bank may also close your account if they think you are conducting illegal activity, such as laundering money or engaging in wire fraud. In this instance, the bank might preemptively close your account to prevent money from being stolen. This can include someone trying to impersonate you and steal your identity. Suspicious activity is one of the most common reasons a bank might close your account. Why the bank might’ve closed your account ![]()
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