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When are banks required to report to the government if they…

When are banks required to...
When are banks required to report to the government if they think a withdrawal of funds exceed a predetermined limit? Do banks have the right to close a checking account because the account holder will not discuss personal business with them? PNC Bank is closing the checking account I have had since they bought RBC . They also had social services come to my home twice to find out if I am being scammed. You already helped me but the bank wasn't closing my checking account at the time. I resent this excess of zealousness to protect me, ostensibly. All my transactions are legitimate.
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Answered in 9 hours by:
1/17/2018
Law Educator, Esq.
Category: Legal
Satisfied Customers: 121,799
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only. Please feel free to ignore any phone service request, the expert does not send those unless asked by customer and they are sent by the site automatically.

There are no guidelines under the laws. The only thing banks look for is withdrawals or deposits outside of the normal limits for the account holder. So if the account holder makes a withdrawal significantly more than all of their other withdrawals, the bank starts by looking at where the withdrawal went if it is a electronic payment and they look to see any patterns or substantial withdrawals which could indicate either fraud or money laundering under the Homeland Security laws.

While your transactions are legitimate, the bank has no way to verify that, they simply investigate the transactions. If the bank is uncomfortable with the transactions, but cannot prove whether they are or are not improper, the bank has a right to close the account. The bank has no duty or statutory obligation to open or keep an account open for any customer as they are a private business, so they can do business with you if they choose or they can decide to no longer do business with you, even if they cannot prove one way or another your withdrawals are improper.

If you do resent their interference, then you should be gladly taking your business elsewhere.

Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.

Law Educator, Esq.
Category: Legal
Satisfied Customers: 121,799
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
Verified
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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