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Freeze/Close Acct. Suspected of Money Laundering?

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Can the bank legally close or freeze an account that is suspected of money laundering and hold the funds in a general ledger account pending investigation?

The bank could freeze funds if presented with a legal seizure order from a law enforcement agency or court documents. Read your account agreement which likely states that you can close an account at any time for any reason. If you wish to exit a relationship, send notice according to your account agreement, hand the ex-customer a cashier's check and move on.

First published on 04/26/2020

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