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Banks (in the US) are a lot more regulated than random companies. They can’t close your account willy nilly without giving you your money back.
by colejohnson66 6y ago
Banks (in the US) are a lot more regulated than random companies. They can’t close your account willy nilly without giving you your money back.
- richardthered 6y ago"Chase closed my accounts and banned me and I don’t know why" https://www.bogleheads.org/forum/viewtopic.php?t=324148 https://www.bogleheads.org/forum/viewtopic.php?t=324148 "How to survive a Chase Shutdown" https://milestomemories.com/survive-a-chase-shutdown/ https://milestomemories.com/survive-a-chase-shutdown/
- colejohnson66 6y agoCredit is different as it’s a loan, not money that is rightfully yours. Due to that, a bank can close those accounts at any point (and still require you pay them down), but checking and savings are regulated in ways that prevent them from holding your money hostage unless a court orders them to. I can’t remember the citation, but these regulations came about over time since the Great Depression.
- sevencolors 6y agoOh I see you were never a WellsFargo account holder?