Can I Open Account Again in Bofa After Closing the Account

Your bank tin shut down your business relationship.

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Y'all only demand to read the terms outlined in the deposit agreement y'all received when you lot opened your bank account to see merely how easily a bank can shut downwards that account. The agreement volition well-nigh likely say that your bank has the right to close an business relationship at any time, for whatsoever reason and without prior find. If this happens, yous may or may non have the option to open some other account at the aforementioned bank or another banking company. Your options may include adding your name to some other person's account as an authorized user, finding a banking company that offers 2d take a chance accounts and resorting to not-bank alternatives.

The Reason for a Forced Closure

Mutual reasons for a forced business relationship closure are too many bounced checks or overdrafts within a sure period, and suspected or confirmed fraud. Federal law enforcement agencies encourage banks to shut accounts that showroom alert signs of potential illegal activities. These include things such equally possessing multiple accounts under a single proper noun, having no employer on record merely making frequent, high-dollar deposits and withdrawals, and providing a disconnected telephone number.

What Happens Next

The steps a depository financial institution takes later on endmost your account determines your options going forward.

• If a bank closed your account due to a lost or stolen debit card, or confirmed fraudulent activity for which you are not responsible, the bank will usually open another account immediately.

• If a bank closed your business relationship due to large numbers of bounced checks and/or overdrafts, you may accept the option to open or keep a savings business relationship you already have, but won't accept the pick to open up another checking account. Some banks volition besides report the closure to the ChexSystems account verification database, where the data will remain on file for five years. If this happens, your chance of opening an account at another depository financial institution depends on whether the new depository financial institution checks the database.

• If a banking concern closed your account due to suspicious activity, information technology must file a Suspicious Action Study with federal police force enforcement agencies and the Section of the Treasury. If this happens, your chances of opening an account at another bank are not-existent.

Authorized Depository financial institution Account User

Adding your proper name as an authorized user to an existing bank business relationship, usually via a debit carte du jour, is not the same thing as a joint bank account. You're entitled to use the account, simply do not share ownership or liability. Considering the account possessor is liable for your deportment, misuse on your part tin damage the account owner's standing with the bank and his credit profile.

Second Chance Accounts

A 2nd chance bank account may be an option if your account was airtight for mishandling funds. Some banks offer these as a specific type of account, and others offer second run a risk accounts as a business organization policy. Nonetheless, many come up with monthly fees and strict requirements such as maintaining a minimum remainder and enrolling in directly deposit. The account might besides not offering an ATM or debit card.

If yous maintain a 2nd hazard account in skilful standing for a certain time, many banks volition catechumen it to a regular account. Credit unions are a good starting betoken in researching second chance options.

A Non-Banking Culling

A reloadable, prepaid debit carte is a mutual non-banking culling. Because a prepaid card doesn't allow you to spend more than you have, it can be useful for managing your money and eliminating overdraft and bounced cheque expenses. Even so, some cards do come with higher fees than checking accounts, so it's vital to inquiry the available options earlier making a choice.

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Source: https://www.sapling.com/8487604/bank-cant-open-another-account

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