My bank closed my IRA accounts to show a balance of zero, but didn't give me any of my money and refused to explain why. What recourse do I have? How should I go about resolving this issue?
Banks can't arbitrarily take funds from a depositor. Someone on the account may have requested it be closed, or in some cases the funds could be garnished with the proper legal authority. IRA funds are very difficult to reach in a garnishment, if not impossible.
Call your bank and ask for a senior officer. They should be able to tell you what happened to your funds. If for some reason they can't comment, you should consult an attorney. You could be facing tax implications if these IRAs were cashed in early.
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Banks can't arbitrarily take funds from a depositor. Someone on the account may have requested it be closed, or in some cases the funds could be garnished with the proper legal authority. IRA funds are very difficult to reach in a garnishment, if not impossible. 