JPMorgan Chase, Citibank, and the US banking industry as a whole are being criticized in a recent report for routinely “exiting” their most devoted clients.
Almost 200 former Chase customers have complained to the New York Times, claiming that their account was canceled unfairly, causing uncertainty and financial instability.
A broad bureaucratic security procedure intended to prevent illegal activity and prevent fraud, terrorist activities, money laundering, and human trafficking is mainly to blame for the account cancellations.
But because banks frequently take weeks to deliver account balances after dismissal, the closures are throwing innocent people and businesses into severe financial hardship.
Furthermore, despite the obvious increase in abrupt account closures, banks are not compelled to disclose information about the number of accounts they are closing or the frequency of errors they make.
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