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#2226223 - 11/22/19 10:20 PM Closed Account - CIP
Banker Forever Offline
New Poster
Joined: Jun 2019
Posts: 22
What is the rule or common practice about when an account hits a zero balance and considering it closed? If the customer comes in days later and says they didn't mean for it to close do you allow them to deposit and reopen without basically treating them as a new customer for CIP purposes?

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#2226236 - 11/24/19 09:26 AM Re: Closed Account - CIP Banker Forever
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 78,902
Galveston, TX
If your depositor's contract stipulates that the account will be closed at the occurrence of this event, then I believe the account is legally closed. If they have no other active accounts with the financial institution, it would be a new account.
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#2226268 - 11/25/19 05:10 PM Re: Closed Account - CIP rlcarey
Banker Forever Offline
New Poster
Joined: Jun 2019
Posts: 22
Ok, thank you.

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#2227585 - 12/17/19 07:32 PM Re: Closed Account - CIP Banker Forever
rxg217 Offline
Junior Member
Joined: Jan 2018
Posts: 27
A little off-topic, but if the Bank closes an account due to suspicious activity or fraud, must the Bank return the funds in the account to the accountholder?

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#2227625 - 12/18/19 03:50 AM Re: Closed Account - CIP Banker Forever
JacF Offline

Power Poster
Joined: Nov 2001
Posts: 6,719
PA
Do the funds belong to the account holder?

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