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Can someone clear this for me, why wouldn't the author sue the bank which locked their cash?
by viktorcode 5y ago
Can someone clear this for me, why wouldn't the author sue the bank which locked their cash?
- goodcanadian 5y agoI do not know the details, so I can speculate only. A lawsuit may yet happen if that is the only way to free up the money. However, a lawsuit is expensive and time consuming, so it is probably not the best place to start. Also, I don't believe the bank has any obligation to do business with a customer, so the most you could hope for would be to free up the funds. I believe the author would prefer to continue to be able to bank unimpeded (and switching banks won't help as the problem will follow unless and until it is cleared up). Finally, the bank has a pretty good defense. They are required by law to impose the sanctions, so prudence requires them to act first and ask questions later.
- rrobukef 5y agoThe laws enforce this behaviour. The terms of service in the contract you signed allows them to. He has no recourse.
- astura 5y agoBecause banks are 100% allowed to freeze transactions and freeze accounts, they have extremely broad leeway in who they do business with. This stuff happens all the time. Banks will even shutdown your account for suspicious activity and refuse to tell you what activity was suspicious.