AboutJim Meadows Expertise I can respond to most questions concerning consumer and business relationships with US financial institutions. My expertise touches on deposit and loan issues and particularly on strategies to navigate through bank policies personell and practices. I have a degree in Economics, attended law school, Graduate Shool of Banking, and Commercial Lending and Compliance Schools.
Experience I have twenty years experience as a bank CEO. Most of those years were spent operating a bank focused primarly on serving consumer/retail needs. I helped pioneer deposit and loan products for low/moderate income individuals. I currently serve on multiple bank boards and am Chairman of a Commercial Bank in Atlanta.
Question Hi, I received a cashiers' check from a marketing company for $4,965, it was supposed to be some kind of work from home thing and I deposited in the bank, after a few ours a received a call from the bank's security department asking me questions and treating me like if I were some kind of thief of criminal; I spoke to them and explained how I got the check and faxed them the letter that came with the check and the bank said that the check was fraudulent, I have a direct deposit from my employer and I've been a customer of this bank for over 5 years, last week they held my deposit and stopped my ATM card, today I called them and they said that they have closed my account and that I can't open an account again with them, I was a victim of this scam, it is legal for the bank to do that to me, can they make those kind of decisions?
Answer Jose, yes it is legal for the bank to close your account even thought you did not intend to participate in the fraud. You can attempt to change there mind but it sounds like it's too late. The potential problem that you face is that the bank may attempt to report your account to "Telecheck" or other credit reporting agency. You will know this when you attempt to open an account with another bank. Jim
