Forced closure of account - Help needed

[LionKing]

Hello everyone,
I got a mail saying that my bank accounts are getting closed because the nature of activities did not match with the bank's appetite.
I wanted to appeal against the decision, made a few phone calls however was not successful.
I wonder if there's any chance that I can ask for someone to review the decision?
The decision has also made my other accounts in the same bank overseas closing, therefore I am unable to access any funds. when I am overseas.
I am really concerned and some help would be helpful.

 

[Mwenenzi]

Hello everyone,
I got a mail saying that my bank accounts are getting closed because the nature of activities did not match with the bank's appetite.
I wanted to appeal against the decision, made a few phone calls however was not successful.
I wonder if there's any chance that I can ask for someone to review the decision?
The decision has also made my other accounts in the same bank overseas closing, therefore I am unable to access any funds. when I am overseas.
I am really concerned and some help would be helpful.

For AU banks --- https://www.afca.org.au/
To me nothing wrong with a business sacking a customer. Done so myself.

 

[Happy Dude]

WTF is "bank's appetite"?

CBA recently informed me that they'll be closing an account I'd not used for years due to inactivity. They gave me an option to keep it open if I wished. Ask them why they're closing it/them, and if you disagree with their rationale, escalate it. What are the chances of AFCA siding with you?

 

[levelnine]

You're unlikely to get anywhere. Banks do not (indeed, often are required by law not to) disclose the reasons for an account closure. And they almost never reconsider their decision. They are not required to do business with you.

Your best bet is to move on to another bank.

 

[aspro2]

Yeah, there's no recourse I'm aware of. HSBC did similar to me after I'd been with them for 14 years, using an account opened correctly for use with my sole trader business, in the business name ("me trading as this"), and having at the time of opening paid a fee for HSBC to do a business search in order to authorise opening the account. Suddenly I got a letter saying I was using the account for business, and this was not permitted. FFS.

 

[SYD]

Hello everyone,
I got a mail saying that my bank accounts are getting closed because the nature of activities did not match with the bank's appetite.

Did you complete the relevant KYC/AML ID checks?

I’ve been receiving requests for those across all sorts of financial products over the last few years as they clamp down on money laundering.

The decision has also made my other accounts in the same bank overseas closing, therefore I am unable to access any funds. when I am overseas.

There are plenty of free Oz banking products that allow you to access funds (via ATMs) for free or via the attached DCs. eg Macquarie Bank, UBank, ING and others.