Someone stole my identification, then used it to withdraw funds from my account. The bank closed my account. Can it do that?

Yes. Federal banking laws and regulations do not address the closing of deposit accounts by banks. Therefore, a bank can close an account at any time and for any reason.

Generally, a bank would close your account for your protection; —to prevent more fraudulent withdrawals.

This area is governed by the Deposit Account Agreement that you received when you opened your account. You may want to review the Agreement and contact the bank directly for more information.

August 2019