Traditional banks will cut you off as well. Move lots of money through your account, bounce it between a few accounts and back into your account. They'll cut you off.
In the UK I can raise this with my bank and if they don't resolve it I can raise it with the regulator, who has real teeth. Getting back on topic, who regulates Apple?
There are bank regulators in the US, it is heavily regulated. Businesses are still free to choose who they want to do business with. Banks will get smacked down by regulators if they helped laundered money so they error on the side of caution. The fact that is heavily regulated is the root cause.
That is correct. Yet it doesn't make it good. Customer focused communication even though some indicator tell you to terminate the account should avoid a "The process" situation. This is 2021, we have many amazing communication tools available.
At least in the UK, there are "tipping off" offences that make it very legally risky to tell people why they're suspended. Banks just tell their employees not to do it to avoid risk