Why is my bank closing my business account, because 'I don't fit the business model they are looking for'? They stated it was because of my large cash deposits, on average $2000-$8000 per day. I am a sixteen year customer with a perfect banking records, and they charge me $50-100 per month for making these cash deposits! What is the problem here?
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If the bank sees a pattern of large cash deposits and there's no clear business reason for the pattern, the bank could get concerned. Has the bank asked about the cash volumes generated by your business? Are you depositing large amount of cash when most businesses of the same type take in little cash? In other words, is your cash pattern atypical for your business type? If a bank understands the cash transactions of its customers and they appear to be in line with expectations, the bank would not tend to be concerned.
As for a definite answer, you'll have to ask the bank representative. There's no obligation to give you anything more than "we decided not to continue the relationship," but you may get more than that if you ask.
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If the bank sees a pattern of large cash deposits and there's no clear business reason for the pattern, the bank could get concerned. Has the bank asked about the cash volumes generated by your business? Are you depositing large amount of cash when most businesses of the same type take in little cash? In other words, is your cash pattern atypical for your business type? If a bank understands the cash transactions of its customers and they appear to be in line with expectations, the bank would not tend to be concerned.