WFC - Unexpected Account Shutdowns At Major Banks Lead To Frustration Accusations Of Discrimination | Benzinga
Customers of JPMorgan Chase & Co (NYSE: JPM) and Citigroup Inc (NYSE: C) are grappling with the sudden closure of their bank accounts.
What Happened: Around 200 ex-JPMorgan Chase customers reached out to The New York Times to voice their grievances about their accounts being closed without proper justification.
According to the report, the closures are part of a larger security effort aimed at deterring criminal activities such as fraud, terrorism, money laundering and human trafficking.
Despite the intention to combat illicit activities, these sweeping closures have inadvertently ensnared numerous legitimate customers and businesses, leaving them in difficult financial positions.
The process of releasing funds after account termination is often protracted, adding to the customers' distress. Banks, however, are not obligated to disclose the specifics regarding the frequency or the number of accounts being terminated.
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