My bank was taken over by Suntrust Bank last month. This week I received a letter from Suntrust stating my account would be closed in 30 days because I have not maintained the account in a "proper" manner; I have never had an NSF or overdraw on the account. Another banker said they can use a form of a credit reporting from check system or Equifax to make a decision on if a checking account should remain open. My FICo is 591. Does anyone know what reporting agency or the procedure used and what are my rights to keep the account open. (Its the principle of the thing.)
Check kiting? Large cash transactions? Or just not enough fees on a free checking account to be profitable? More important, are they so messed up they are reporting, or about to report, negative information on your credit report? It's at least worth asking them what improper use of your account they are claiming. If they are basing their decision on information from a credit report, including Checksystems, they must provide you with an adverse action notice, in writing, indicating which report they pulled and used in their decision, so that you can get a free report and check it for errors.
In the mean time, you should never be dependent on the competence or good will of a single business relationship. You should have a second checking account, perhaps at a credit union. This is an example of why.
