Bank customers get a letter in the mail saying their institution is closing all of their checking and savings accounts.
Instead, they discover that their accounts no longer work while they’re at the grocery store, rental car counter or A.T.M.
“Per your account agreement, we can close your account for any reason at any time,” the script often goes.
These situations are what banks refer to as “exiting” or “de-risking.” This isn’t your standard boot for people who have bounced too many checks.
Instead, a vast security apparatus has kicked into gear, starting with regulators in Washington and trickling down to bank security managers and branch staff eyeballing customers.
Persons:
they’re
Organizations:
Bank
Locations:
Washington