What to do when you’ve been de-banked
Banks have grown more likely to unilaterally close the accounts of clients that seem to pose risks
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BEING de-banked – that is, having your account abruptly closed by your bank – is often a logistical nightmare. It has very real consequences for both individuals and organisations on a practical level, and it can stop growth and opportunity in its tracks.
Many thoughts might run through your head: But I haven’t done anything wrong. How am I supposed to pay my suppliers? Or receive a payment? Where can I find debt financing? Can’t I just find another bank?
Banks have long been able to unilaterally close client accounts, such as when illegal activity has taken place or false information has been provided. However, the increasingly stringent regulatory environment has made de-banking far more common in recent years.
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