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Home >> My Bank Said ...
I Follow the Rules, yet They Closed Account
Can a bank pick and choose with whom it will accept to do business? I have been a customer of this bank for a year, and they sent me a letter closing my account. This is a rewards checking account, with requirements that I met every month, in order to receive the high interest rate. My brother, who has the same type account, has not had his closed. Could they just not want me because I follow the rules too well?
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 You can choose the bank with which to do business, and a bank can also choose with whom to do business. The key difference is that the bank has a lot more potential customers from which to choose than you have banks from which to choose.
A bank can decide that it doesn't want to continue doing business with a customer for any reason or for no reason. Sometimes the choice is prompted by a customer's mishandling of an account. Sometimes it's simply because a customer lives outside the bank's business area. In some cases, one can ask why an account is being closed and get a response, but in some cases a bank might simply say "We have just decided we don't want to continue our business relationship" and nothing else.
Make a call to the branch manager or customer service department to ask about the account closure. You may or may not get an answer, then take your business elsewhere.
Published on BankingQuestions.com 4/23/10
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