A man complained online when his bank account was terminated without warning despite following bank standards.
For a variety of reasons, including overdrafts, inactivity, or fraudulent conduct, banks reserve the right to cancel customer accounts. (Source: The US Sun)
Bank Accounts Improperly Closed are Urged to File an OCC
US Bank customer Cam on TikTok detailed his complex situation. Cam (@midwestcrisis93) mentioned in the video that his account was terminated for late payment. He asked US Bank for an explanation, but “their only excuse [was] ‘we sent letters by they got returned,” Cam claimed. He claimed that the letters were returned because he had moved. TikToker said that the bank “refused” to alter his address. Banks can deactivate accounts without notice for poor usage, fraud suspects, or large overdraft fees. The account agreement you signed while registering your account will outline account rules like usage.
Customers who believe their account was improperly closed can complain to the Office of the Comptroller’s Customer Assistance Group. Customers should initially contact their bank to discuss and fix the issue. After this, the Customer Assistance Group can only aid national bank and Federal Savings Association customers it controls. The OCC government website lists other organizations to contact if the OCC does not regulate your bank. Before filing a complaint, customers should gather their contact and personal details.
The type of account, who you contacted at the bank, and the response are also needed. File an OCC complaint online here. Customers may be impacted for years if your bank abruptly closes. If the account was closed owing to high unpaid fees, checking account reporting agencies may notify new financial institutions that you will be unable to open an account with them. The Consumer Financial Protection Bureau warns that this might affect clients for seven years after their bank account closes.
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