Hi, does anyone know why chase could decide to close a bank account without explanations. They are also closing all credit card the customer has with them. Any insights will be helpful
Agreed. Like moving sums around just under 10k multiple times. Look up structuring. Sometimes people inadvertently trigger potential AML scrutiny
OP did you ever get more info on this?
If itโs due to the reasons I listed above the bank wonโt tell you the reason
If that happens, will one have troubles opening checking accounts at other places?
My guess is the person was flagged with issues related to anti money laundering or know your customer rules. This doesnโt necessarily mean the person did anything wrong, but if you trip rules in this space banks will close all your accounts immediately and wonโt give you any explanations
Thank you very much for this insight