The Mystery Behind Banks' Sudden Account Closures

1 min read
Source: The New York Times
The Mystery Behind Banks' Sudden Account Closures
Photo: The New York Times
TL;DR

Banks are suddenly closing down customer accounts, leaving individuals and small-business owners unable to pay rent or make payroll. The explanations provided lack detail, and customers often discover their accounts are closed while attempting to make transactions. This practice, known as "exiting" or "de-risking," is part of a larger effort to crack down on fraud, terrorism, money laundering, human trafficking, and other crimes.

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