What should I do if a bank closed my account without notice?

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What steps should I take if my bank closed my account without informing me and is withholding my deposit? (Truist)

I opened an account and deposited $50 with them. They closed my account, and when I requested a refund, they instructed me to visit a branch. After going to the branch, they told me to call instead. When I called again, they directed me back to the branch. I plan to visit again on Tuesday, and I’ll be very upset if they ask me to call once more.

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If your account was closed with a balance, they are likely sending you a cashier’s check for the amount that was in the account.

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Thank you for the response. It has been 6 months since and I haven’t gotten anything.

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If it’s been that amount of time, you should check your state’s unclaimed property database. If you don’t find it there, I would strongly recommend going back to a branch and insisting on speaking with a manager.

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Here are a few things to think about:

  • If your account is closed and not just on hold, any funds in the account should have been disbursed.
  • If the account required certain conditions to waive monthly fees and you didn’t meet them, the fees might have depleted the $50 balance and led to the account closure.
  • If the bank closed the account due to a fraud alert, any check would have been sent to the address you provided when you opened the account. Is this address still current?

So why was your bank account closed? When did you realize it was closed? If it happened after 3-4 months, monthly fees could explain it. If it was right after opening, the check should have been mailed.

I suggest contacting customer service to review your transaction history and check for any assessed monthly fees.

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Did you perform any transactions in the account? Did you have an account type that had specific requirements, such as a certain number of direct deposits, checks written per month, or maintaining a minimum balance? As others have mentioned, if you weren’t actively meeting these requirements and engaging with the account, it could have been subject to fees that depleted it. Typically, some form of notification is required to be sent.

I work in the credit union industry, where the principle of ‘once a member, always a member’ generally applies, but this isn’t always the case with banks.

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I think it would be wise to notify the banks Head Office and branch where the money is held, that you have reported them for theft, and you require a “letter of explanation and cause of authority for their actions” (A legal phrasing).