Legal recourse on bank that decides to close account due to living abroad?

[jissues]

What is the name of your state (only U.S. law)? Wyoming

I am curious if there is any legal recourse to a bank that decided to close my accounts due to living abroad? I am guessing there is nothing I can do, but figured I would ask. It is clear they targeted me due to my location, however, there is no discrimination law based on location... I know banks can basically close our accounts for any reason, but they told me why. I recorded the call, but doubt bank is going to put reasons in writing, and not sure it would matter anyway.

Thanks

 

[quincy]

What is the name of your state (only U.S. law)? Wyoming

I am curious if there is any legal recourse to a bank that decided to close my accounts due to living abroad? I am guessing there is nothing I can do, but figured I would ask. It is clear they targeted me due to my location, however, there is no discrimination law based on location... I know banks can basically close our accounts for any reason, but they told me why. I recorded the call, but doubt bank is going to put reasons in writing, and not sure it would matter anyway.

Thanks

In what country are you living and how long have you been living there?

A bank can close an inactive account.

jissues's related thread: https://forum.freeadvice.com/business-contracts-franchises-85/offering-personally-funded-scholarship-previous-hs-application-legal-issues-628421.html

 

[jissues]

In what country are you living and how long have you been living there?

A bank can close an inactive account.

jissues's related thread: https://forum.freeadvice.com/business-contracts-franchises-85/offering-personally-funded-scholarship-previous-hs-application-legal-issues-628421.html

Thanks for your reply.

I prefer to keep that information private. And it shouldn't matter how long I have been overseas. The account has been active every month. I would say on average 3-6 transactions a month. Account balance generally in the thousands. They are closing my account because I live abroad, it has nothing to do with how active the accounts are, this is for sure. They have told me over the phone several times that it is because I am not in the state anymore. They claim they are a small community bank, but the account is very old and they had full disclosure on my whereabouts.

And by the way, this thread has nothing to do with the scholarship thread. They are completely separate issues.

 

[quincy]

Thanks for your reply.

I prefer to keep that information private. And it shouldn't matter how long I have been overseas. The account has been active every month. I would say on average 3-6 transactions a month. Account balance generally in the thousands. They are closing my accounts because I live abroad, it has nothing to do with how active the accounts are, this is for sure.

And by the way, this thread has nothing to do with the scholarship thread. They are completely separate issues.

Location is important when offering advice. If you wish to keep that information private, you will need to seek out assistance in your area of the world. Good luck.

 

[justalayman]

The answer to your question is pretty simple.

As long as they did not refuse to release your money to you; none.

 

[jissues]

Location is important when offering advice. If you wish to keep that information private, you will need to seek out assistance in your area of the world. Good luck.

The location of the bank has been posted in the thread, it is a US bank in Wyoming. It matters not where I live presently.

The answer to your question is pretty simple.

As long as they did not refuse to release your money to you; none.

That's pretty much what I figured. I will take matters to the federal government then and continue the fight against banks who are unreasonably closing our accounts for this reason. Thanks.

 

[AdjunctFL]

It matters not where I live presently.

I'm not convinced of that. I think it's reasonable to assume that a bank may be reluctant to have accounts with individuals who live in some of the terrorist areas of the world.

 

[jissues]

I'm not convinced of that. I think it's reasonable to assume that a bank may be reluctant to have accounts with individuals who live in some of the terrorist areas of the world.

I don't live in an area of the world that has terrorists. And the bank staff knows full and well who I am. I even still know some of the staff there, who know who I am and who have met me face to face. The accounts are older, actively used, they just don't want to do business with anyone outside their service area. They are basically using parts of the patriot act to deny banking services which are unreasonable because there is no where in the patriot that forbids banks from keeping open our accounts or allowing us to open accounts...

 

[adjusterjack]

I will take matters to the federal government then and continue the fight against banks who are unreasonably closing our accounts for this reason.

You have enough time and money to do that, be my guest.

YOU WILL GET NOWHERE.

Capisch?

There are plenty of US banks (with international branches) that will be happy to have you as a customer.

 

[quincy]

The location of the bank has been posted in the thread, it is a US bank in Wyoming. It matters not where I live presently ...

It is not the location of the bank that matters. Where you are located can matter, as can other factors.

You asked if there is any legal recourse when a bank closes an account based on the account holder living abroad. Any legal recourse you might have depends on not just the facts you think are important to disclose but on ALL facts, including those which are actually important in determining legal recourse. One of these facts is where you currently reside. Another factor can be your race and your religious beliefs.

There could be a civil rights/discrimination action available to you, for example.

Based on the little you have disclosed, however, you may or may not have any legal recourse. Discuss this with an attorney in your area of the world.

And, as a note, the same factors considered here can impact your desire to create a scholarship at your high school.

 

[justalayman]

I don't live in an area of the world that has terrorists. And the bank staff knows full and well who I am. I even still know some of the staff there, who know who I am and who have met me face to face. The accounts are older, actively used, they just don't want to do business with anyone outside their service area. They are basically using parts of the patriot act to deny banking services which are unreasonable because there is no where in the patriot that forbids banks from keeping open our accounts or allowing us to open accounts...

When you find a law that mandates they keep accounts open in your situation, you let us know. The bank doesn't even have to invoke the Patriot Act to terminate an account. They are private enterprises and like most private businesses, as long as unlawful discrimination isn't the basis for
Their actions, they get to operate their business as they choose.

 

[quincy]

When you find a law that mandates they keep accounts open in your situation, you let us know. The bank doesn't even have to invoke the Patriot Act to terminate an account. They are private enterprises and like most private businesses, as long as unlawful discrimination isn't the basis for
Their actions, they get to operate their business as they choose.

The Department of Justice's Civil Rights Division could be interested in investigating account closures by banks (and it has done this) but, for the most part, account closure complaints are handled by the Consumer Financial Protection Bureau and banking regulators.

 

[justalayman]

The Department of Justice's Civil Rights Division could be interested in investigating account closures by banks (and it has done this) but, for the most part, account closure complaints are handled by the Consumer Financial Protection Bureau and banking regulators.

The US Dept of Treasury doesn't seem to have a problem with a bank closing an account.


www.helpwithmybank.gov/get-answers/bank-accounts/closing-bank-accounts/faq-bank-accounts-closing-bank-accounts-01.html

Answers about Closing Bank Accounts
The bank closed my checking account and did not notify me. Is this legal?
Yes. Generally, national banks may close deposit accounts for any reason (e.g., inactivity or low usage) and without notice. Federal banking laws and regulation do not address the closing of deposit accounts.

This issue is governed by the Deposit Account Agreement you received when you opened your account. Review that Agreement, and contact your bank directly for more information.

 

[quincy]

The US Dept of Treasury doesn't seem to have a problem with a bank closing an account.


www.helpwithmybank.gov/get-answers/bank-accounts/closing-bank-accounts/faq-bank-accounts-closing-bank-accounts-01.html

The Department of Justice has been asked to look into the closing by some banks of certain accounts. What can matter is WHY accounts are closed.

 

[justalayman]

The Department of Justice has been asked to look into the closing by some banks of certain accounts. What can matter is WHY accounts are closed.

In a bit of reading i discovered that banks can be penalized for maintaining accounts where the activity of the ownership is questionable or suspicious. Due to that it appears some banks are closing accounts erring on the side
of caution to avoid such penalties. Given the op alluded to the closures being supported by something within the Patriot Act, I'm having difficulty imagining a situation where the banks acted unlawfully.

Of course if the op cared to provide some additional information...

Never mind. It obviously isn't going to happen.