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by kkfx 1194 days ago
I do not know in USA, but in EU such action would normally led to a formal complain of private money theft and slander. In just few hours the local bank director would be called by fiscal police with such complaint asking him not so gently to quickly provide justification or risk a penal process with potential jails terms...

So well... Anything can potentially happen, but if you have the law on your side and you use it with fierce legal force anyone will both be kind and effective on you AND management learn the lesson: customers are not puppet and might bite.
1 comments
TheHappyOddish 1191 days ago
I'd be surprised if this is true. I'm not in the US (or EU), and I've heard almost identical stories in many countries. Read your banks terms, I bet there's a hand wavey paragraph allowing them to shut down your account for "compliance reasons" or similar with no requirement for justification.

I had this happen and contacted the relevant financial ombudsman, and got nothing.

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kkfx 1190 days ago
> I bet there's a hand wavey paragraph allowing them to shut down your account for "compliance reasons" or similar with no requirement for justification.

Not all the banks I have/have had so far in Italy or France, yes they can impromptu lock an account in case of suspicious activities BUT they can't avoid providing evidence. Without evidence AND a formal opening of a justice procedure locking an account means stealing money.

> I had this happen and contacted the relevant financial ombudsman, and got nothing.

For certain complaint, like expenses charged that are deemed illegitimate yes, I'll go for the ombudsman, in case of a blind lock without answers I just go to the local finance police station filing a theft accusation complaint. In just few hours the local bank director would be formally summoned to answer the allegations and if the lock was unmotivated he/she is formally incriminated while an agreement might settle the process.

In EU in general TOO MANY do ignore the law and it's power, but we still have laws and judiciary procedures, if used properly they tend to work properly.

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