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#1990614 - 01/23/15 03:10 PM Requesting account to be closed
Calmeida12 Offline
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When requesting to get an account closed due to the # of SARs and the type of activity running through the account. What do you tell the Account Officer as they want a reason to tell the customer? Thank you.

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#1990617 - 01/23/15 03:23 PM Re: Requesting account to be closed Calmeida12
rlcarey Online
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We are exercising our right to close your account at any time per our depositor's agreement, paragraph XX.

You don't owe them an explanation.
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#1990618 - 01/23/15 03:26 PM Re: Requesting account to be closed Calmeida12
John Burnett Offline
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Cape Cod
Surely the account officer already knows that the customer's engaged in activity that has prompted enhanced due diligence (translate it for the account officer as "extra work and costs" if the concept of due diligence is foreign to him or her). That's really all the account officer needs to know, particularly if he or she is not aware that SARs are being filed (you shouldn't share that information with the account officer).

As for what the account officer tells the customer, the less said, the better. There is no legal obligation to provide a reason; any desire to share a reason with the customer should be satisfied with "We have decided not to continue doing business with you."
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#1990669 - 01/23/15 05:01 PM Re: Requesting account to be closed Calmeida12
Calmeida12 Offline
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Also, should we just close the account in question or all their other business relationships where nothing is going on?

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#1990676 - 01/23/15 05:14 PM Re: Requesting account to be closed Calmeida12
ACBbank Offline
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^ Are the associated accounts involved in the activity which prompted the first account to be closed? Are the associated accounts profitable?
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#1990728 - 01/23/15 06:50 PM Re: Requesting account to be closed Calmeida12
Elwood P. Dowd Offline
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#1990829 - 01/23/15 09:34 PM Re: Requesting account to be closed Calmeida12
HappyGilmore Offline
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Pulling people out of the ditc...
Originally Posted By: Calmeida12
Also, should we just close the account in question or all their other business relationships where nothing is going on?


if I have 3 accounts at your bank, you close one me, I guarantee i'll be closing the other 2 if you don't close them as well...and moving any loans...closing credit cards...

which, ultimately, you as a bank would want.
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#1990871 - 01/24/15 04:08 PM Re: Requesting account to be closed Calmeida12
Cape Codder Offline
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Originally Posted By: Calmeida12
Also, should we just close the account in question or all their other business relationships where nothing is going on?

If you don't close the entire relationship you run the risk that the suspicious activity just transfers to the remaining accounts (have had that experience). Close everything, and save yourself some future headaches.
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#1991337 - 01/27/15 04:46 PM Re: Requesting account to be closed Calmeida12
ComplianceGurl, CRCM Offline
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Posts: 497
I tell them it was just a "business decision". They don't like it and I usually have to repeat it several times. :-)
Last edited by ComplianceGurl; 01/27/15 04:47 PM.
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#1991431 - 01/27/15 06:51 PM Re: Requesting account to be closed Calmeida12
NE Wx Forecast - Frosty Offline
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NE Wx Forecast - Frosty
Joined: Mar 2011
Posts: 442
SE, Nebraska
If you run into resistance it's because they don't respect (or understand) your position. Perhaps it would be best to have his/her supervisor give the direction to close the account. Every bank handles it differently I suppose.

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