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#1832068 - 07/11/13 03:51 PM Closing Account
jpeter Offline
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Joined: Aug 2011
Posts: 59
We have a customer that receives a direct deposit from the post office. Do I have to give 30 days notice of intenet to close this account. We suspect that this customer may be kiting.

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#1832257 - 07/11/13 08:18 PM Re: Closing Account jpeter
NotDoneYet Offline
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NotDoneYet
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We give 10 days or less depending on the suspect activity. On some occasions we have closed that day.

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#1832269 - 07/11/13 08:36 PM Re: Closing Account jpeter
John Burnett Offline
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John Burnett
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Posts: 39,346
Cape Cod
Treasury's requirement that you provide 30 days' notice applies only to accounts received a federal benefit payment. I imagine that the direct deposits from the USPS are salary payments and not benefits payments, so you can do whatever your deposit agreement says you'll do. Or, since kiting is a form of fraud, and could cause the bank a loss if you don't act swiftly, you can provide no notice at all (or very short notice if you can't stand the idea of closing without notice).

Be aware, though, that your state may have something to say about a notice period for account closings by the bank.
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#1832930 - 07/15/13 05:29 PM Re: Closing Account jpeter
CULady Online
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Joined: Sep 2007
Posts: 493
WA
I am in a similar situation... Needing to close an account with a short period of notice. Does anyone have a sample letter they would like to share?

Sorry to hijack the thread... smile

-K

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#1833007 - 07/15/13 07:55 PM Re: Closing Account jpeter
devsfan Offline
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Joined: Jun 2004
Posts: 1,927
NYC
Such a letter should be short and to the point and could be similar to the following:
Dear Sir or Madam,

We've made a business decision to close your account. Please do not make any further deposits or write additional checks. We will send you a check for the balance in your account on ________. Any checks presented after that date will be returned "account closed."

If you have any questions please contact the undersigned at xxx-xxx-xxxx.

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#1833011 - 07/15/13 08:11 PM Re: Closing Account devsfan
Elwood P. Dowd Offline
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Short, sweet, (well, not sweet), but to the point. The more you write, the more they're going to demand an explanation.
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#1835154 - 07/22/13 05:52 PM Re: Closing Account jpeter
CULady Online
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Joined: Sep 2007
Posts: 493
WA
Thanks for the replies! I appreciate the help as always! smile

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