Long story short, Bank of America has decided after a decade of banking with them, that my personal checking and business accounts will be closed due to a "business" decision on their behalf. I was told they have no further information for me, and to call back in 1-3 business days, and they should have an update on my accounts for me then.

The only reason I can come up with, is perhaps the somewhat frequent deposits into my business account.

As someone with a decent chunk of money in the bank, and $11 in cash currently in my wallet, with small kids, this is a pretty huge inconvenience. And very anxiety inducing.

I'm assuming this situation has occurred before with the nature of this forum, and BOA being a hugely popular bank. Just curious as to how long it took you before you received your money. I have 10+ bills being auto paid from my account, including rent. So this is a situation that i need resolved asap.

I thought banks liked deposits into their consumer business checking accounts???

no clue, you did not give much information

You’re not the first this has happened to:

https://www.google.com/amp/amp.miami...217095125.html

I went into my local branch today to try to get an update. After an hour all I am left with is the process has been started for me to get paid, but if they don't respond with approval in 72 hours, then ill have to wait on a check for my funds which won't come until after my account is completely closed, which is 10-15 business days, then itll take another 7-10 business days for the check to arrive.

In the meantime both of my kids birthdays fall during this time frame, and every single bill i owe is going to get declined. Pretty unfathomable that a bank can be allowed to do this.

If you wanna close my account, fine. Hand me my money when you do so.

yes, bank of america is notorious for closing the accounts of people who...make deposits?

There's obviously much more to the story. Banks have automatic checks in place to judge riskiness of clients for money laundering and other criminal type activity. It sounds like you are doing something that makes them worried about fraud risk and they are deciding to reduce that risk.

Do some googling and check your protections via CFPB. Sometimes all it takes is you telling the banker you're going to file a complaint with the CFPB to move things along.

This is the only issue they brought up in person. Deposits coming from multiple states.

Why do you have accounts in multiple states? Are they used actively?

Did some reading on CFPB. Called about 5 different numbers to be told they don't handle it but knows someone who does. Finally i was redirected to a website that says yes, it's legal for a bank to close your account with zero notice. (on cfpb is does touch on banks usually giving 14 days notice)

What a ****ing nightmare.

I don't have accounts in multiple states. I have deposits being made into my account from multiple states.

Cash deposits?

Straight cash homie for 95% of the deposits. A random check here or there, but mostly cash.

homie lmao

There's your problem

Why are cash deposits being made into your account from multiple states?

You do realize that whatever you’re selling ( product or service ) and you accept cash deposited into your bank account from across state lines by a variety of unknown characters might just seem to be suspicious behavior to most banking institutions. How long have you been flying under the radar ? Did you really think your reasons for these types of transactions were justifiable ?
Maybe if you showed B of A your business license and your PnL statement they might reconsider. Maybe you run a non profit or some other type of charity but it doesn’t sound like you do. You do file quarterly estimated taxes on time correct ?

Most banks are outlawing deposits of cash from any individual not named on the bank account but even if they don't certainly you have to know other individuals depositing cash into your account frequently from other states is not going to get through bank regulations forever. If you aren't a perfect example for an account that should be flagged for money laundering idk what is.

I'm shocked they would freeze your assets for so long without notice but I could see them having to get permission from IRS/government to release funds before they can. I would make a demand letter for my money listing specific damages they are causing for not releasing the funds and say if they can't provide information on the delays or expediency then they are liable for these. (you have late fees for bills, your credits trashed, emotional damage of ruining kids birthday, you can't work so don't make x$ for x days because you need capital, etc. put $ amounts they are costing you and list aggravation/punitive damages caused)

Most states are outlawing cash deposits, unless you open a business account, which is why I opened a business account. And of course I pay taxes.

I literally rehearsed the scenario of what type of activity would be going on with my account before I opened it and was told as long as I don't have checks being deposited that bounce frequently, I would be fine. Apparently not.

I mean your accounts closed. There's no way it's going to be reopened so no real point discussing this but the people who open accounts even bank managers are effectively sales people. They literally just want to open as many accounts/mortgages/anything as possible and have no authority over compliance so their opinion is usually biased/wrong.

I would focus on getting your money back as quickly as possible. They CAN do this unless a federal agency is prohibiting them. They don't really need to or have a reason to not drag their feet so give them a reason/call them out on it.

Yeah I couldn't give a **** less about trying to somehow keep the accounts. I wouldn't wanna bank somewhere that would do this (and i realize most banks probably would)

Like they could have given me a call at 4pm and said come clean out your accounts by 5pm or were gonna tie up your money for a month and I would have been there by 4:15. Just a brutal way to treat someone.

I talked to a few banks today about what they allow, and all of them said I would be good....but I supposed I should probably try to get something in writing this time? Seems like no matter how high up you can go to discuss things, in the end someone higher than them can say nah, and you simply have no recourse.

You explained to multiple banks that you intend to have random people deposit cash into your bank account from all across the country and the banks all said they'll have no problem with it?

Yes, they did. Wells Fargo lady specifically said "It's your money once its in your account, it doesn't matter who deposits it."

Any other smug questions CAPN?

I have a friend who was involved in the cannabis industry in colorado. I remember him talking about how banks wouldn't touch any money related to any business within that industry and had become increasingly paranoid about anything that looks like it. Banking exists across state lines so falls under federal law which makes it so they are facilitating illegal businesses. This was a couple years ago so idk if its changed. idk your business and I am assuming it's unrelated to that industry since it is in a poker thread but even still you're going to have a lot of problems unless they changed their position and how your accounts appear because someone in compliance is going to assume it's related to that industry.

I'm assuming your account is large that's why they are making these promises. I thought that exceptions and preferential treatment would occur so things like this wouldn't happen to me/friends. When you are opening an account and with intricacies of managing an account this does exist to a certain amount. However this is a field they cannot control. They can't put in writing they won't close/freeze your account or every money launderer would do that and it would be a pretty easy profession.

1. Did you do any research at all on something that effects your life to this extent?




Wells Fargo and Bank of America ban cash deposits into others' accounts

This is for regular accounts, NOT business accounts. These deposits were all to my business account.