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Home >> My Bank Said ...
Bank Won't 'Host' My Accounts: What to do?
The bank sent me a letter that said "We no longer wish to host these accounts you have with us", they then specified the date I should close the accounts, as well as what would happen if I failed to do so. My refusal to close the accounts would result in them preparing manager's cheques which would be mailed to me as well as the account closed by them thereafter. I have tried to get information on why the bank has done this, but cannot. Can you help?
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 A bank does not need to have a reason (or at least to divulge the reason) for closing a deposit account. All it has to do is adhere to any requirement in its account agreement concerning notice of the bank's intent to close the account. Reasons can include overdrafts, the return of deposited checks unpaid, living outside the bank's service area, abusive behavior toward bank employees, or account activity which the bank believes to be inappropriate, often lumped under the term "mishandling", or almost anything else.
You should take immediate steps to establish another bank relationship, and transfer your remaining funds there. Also, stop issuing checks or using your ATM or debit card to lessen the chance that there will be any items outstanding when the account is closed.
Published on BankingQuestions.com 8/27/09
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