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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 117437
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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Citibank cancel all my accounts, many of which i have had for

Customer Question

citibank cancel all my accounts, many of which i have had for 28 years, they indicated they have the right to after reviewing all my "legal deposits" and international business activities. One the line of creidt that are indicating the may want paymnet in full, or ill send me to a collection agency, since nothing ever has been done that is questionable or illegal ....what legal rights do i have against citibank?
Submitted: 1 year ago.
Category: Legal
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
Under the counter terrorism and anti-money laundering laws, the bank has a right to close accounts and also freeze assets until they complete an investigation into the funds. They cannot keep the funds even if they determine they are going to close the account (they have a right to close the account, since it is their business and they do not have to do business with anyone they do not want to do business with) and they would have to either return the funds to you or would have to turn them over to the US government for them to continue the investigation if there are any illegal activities.
So, you cannot sue for them closing the account to make them reopen the account, but you can sue them for return of your money upon proving the funds come from legitimate sources.