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IPFS News Link • Central Banks/Banking

US Banks Are Freezing Accounts and Withdrawals in New Scandal

• https://franknez.com, Frank Nez

CBS Los Angeles reports that a growing number of people say they are abruptly losing access to their entire bank accounts.

The report cites the sudden account closure of Elad Nehorai, who received an ominous alert while logging into his Bank of America account.

He then drove to a branch in West LA, where he was told his account had been shut down and access to his life savings was denied, says DH.

"Bank of America told me it was shut down. They refused to give me an explanation. They told me I would get my money after it was resolved.

All of a sudden I find out I'm broke. I can't feed my family and I can't pay any expenses," reported Elad.

Banks typically shut down accounts over concerns of suspicious behavior, says DH.

But according to the Banking Policy Institute, only 4% of Suspicious Activity Reports (SARs) submitted by banks to law enforcement result in a follow-up, and a small fraction of the follow-ups result in arrests and convictions.


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