Bank closure letter. Need advice.

alphabravocharli

It is in the Terms and Condition you signed while opening a bank account. If a bank don,t want to do business with you they have to provide 60 Day notice or if they suspect fraud they can immediately close an account.

deadendwaterfall wrote: »

Is at least 60 days notice what the banks are absolutely required to provide when making a decision to cut all ties with a customer or is it just standard practice?

Flobberchops

deadendwaterfall wrote: »

Is at least 60 days notice what the banks are absolutely required to provide when making a decision to cut all ties with a customer or is it just standard practice?

I'm not sure if 60 days is industry standard but I don't believe there's any legislation regarding minimum timeframe. In exceptional circumstances banks can serve "notice to close" with 24 hours notice, or even immediately - usually if the bank suspects criminal activity, but also for things including assaulting or threatening staff.