All articles tagged with #account closure
Mansoor Shams, a Marine veteran, had his Chase business credit card canceled in 2014 despite timely payments. Years later, JPMorgan Chase rescinded a job offer after reviewing his account activity, highlighting the long-term ramifications of banks shutting down customer accounts without clear reasons.
Banks are increasingly closing down innocent customers' checking and credit card accounts as a result of false alarms triggered by their security software, which aims to detect criminal activity. To avoid falling victim to account closures, individuals should maintain a pattern of transactions, especially when dealing with large payments or transfers to external accounts. Avoiding check fraud, generating suspicious transactions, and being proactive in communicating with the bank can also help prevent account closures. If an account closure does occur, individuals should be prepared to follow the necessary steps to retrieve their funds.
Banks are increasingly shutting down innocent customers' accounts without warning, causing chaos and financial distress. To avoid this, individuals should maintain a pattern of transactions that doesn't resemble criminal activity, such as regular income deposits and consistent spending. Avoiding check fraud, generating suspicious transactions involving cash, and being proactive in communicating major financial changes to the bank can also help. If an account closure does occur, individuals should stay calm, contact the bank, and consider seeking assistance from local media if necessary.
Ubisoft is cancelling "unused" accounts, disabling access to purchased games. Users received emails warning that failure to click a link to stop the account suspension would result in inaccessibility to purchased games. Ubisoft claims GDPR regulations require them to close inactive accounts, but contradicts this by stating accounts with purchases attached won't be deleted for four years. This highlights issues with DRM and digital games, as publishers have discretion to terminate accounts and even having games in a digital account doesn't guarantee preservation. The Video Game History Foundation claims 87% of classic US video games are "critically endangered."
Nigel Farage accuses Coutts bank of closing his account due to his political beliefs, claiming to have obtained a document mentioning Brexit, Russia, Donald Trump, and racism. Coutts previously stated that the closure was due to Farage falling below the financial threshold. The bank has mentioned that account closures are based on various factors, including commercial viability and reputational considerations. The UK government is investigating concerns of banks blocking customers over their political views, and Prime Minister Rishi Sunak has expressed support for free speech.