Why Banks Are Suddenly Closing Down Customer Accounts

Re:Why Banks Are Suddenly Closing Down Customer Accounts by TheCapeGreek on Monday November 06, 2023 @02:31AM (#38159770)

Sending money through them still seems to be OK, mostly. But holding funds -and similarly to the Chase stories in this post- seems to be risky business, if you don't fit a cookie cutter model of a business (for whatever Wise's definition of that is). Ironically if you're using Wise, you probably aren't a cookie cutter business in the first place, so I don't know what's going on with them.

Anecdotally it definitely also seems to be related if you deal with the third world much, as the linked OP below and myself are. Luckily the worst I've come across is arbitrary extra KYC popping up exactly as I'm needing to do time-sensitive transfers.

Good thread on recent events: https://news.ycombinator.com/item?id=38069117

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Re:Why Banks Are Suddenly Closing Down Customer Accounts by JCharante on Monday November 06, 2023 @04:34AM (#38160450)

I exclusively use Wise for dealing with the third world. I never keep a balance there, just instant transfers, as I don’t trust any pseudo banks like paypal to not freeze accounts for no reason.

Thank you for the thread link

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