Last week I opened an checking and savings account with Bank of America. I was approved on a Friday, only to have my account labeled as a "risk" the very next day ending in them deciding to close out my account. Even after they decided to close my account, they still continued to withdraw my introductory deposit from another bank account, depositing it into an account that I cannot access because I am a risk. Why might I be a risk you ask? Well I have had a savings account since I was 10, have never overdrawn, had insufficient funds, or any penalties like that. I have never been late on a bill and had just been approved for a credit card the day before. I have a job and attend a university, and in case you were wondering, I have made the Dean's List every semester. Why then might I be labeled as a risk? Well, Bank of America will not tell you why. They send you a letter saying that you will be reported to a Chex Systems, a company bank's use review your banking history, and say that because you are labeled a risk, this could affect all your future banking with any other bank for the next 5 years. Not to mention that you can never do business with Bank of America ever again.
My frustration is not about the money, I know I will eventually get it back. My problem has to do with a company refusing to tell you why they are closing your account, which is going to affect your future dealings with other banks for the next 5 years. Is it not unfair that someone charge you with being a risk, affecting your future, while with holding the reason, taking away your opportunity to refute the accusations? I am planning on going to graduate school in the next two years and I am going to have to take out a loan. This could have detrimental effects on my ability to do so.in America you cannot be put on trial without first knowing the charges and evidence brought against you. How can Bank of America justify not providing a reason or clear evidence as to why I am a risk?
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