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Bank Account Closed Due To Overdraft Reopen
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How To Reopen A Closed Savings Account?
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What to do if the bank has closed your account and how to keep a new one so it doesn’t happen again
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If your bank account has closed your account, here are some steps you should follow to resolve any potential issues and prevent this from happening again in the future.
Can You Reopen A Closed Bank Account?
Unfortunately, accidentally closing a bank account could potentially affect you when you open accounts in the future.
Checking account companies report checking account information. If your account had significant unpaid charges, trade reporting companies may share this information with new financial institutions where you may not be able to open a new account. According to the Consumer Protection Agency, this can be up to seven years after your bank account is closed.
If your account has been suspended due to identity theft or other circumstances that were not your fault, you must resolve the issue so that future accounts are not affected.
To resolve a delinquent bank account, the Consumer Financial Protection Bureau recommends that you first review your checking account history by contacting the company on that list.
How To Close A Bank Account: Step By Step Guide
If you cannot solve the problem, the Consumer Protection Agency also allows you to file a complaint.
After the complaint has been submitted, the Consumer Financial Protection Bureau will contact companies that can solve your problem to get a response.
All cases reported to the Financial Protection Agency are also saved in a database, so that the agency can better monitor companies and enforce the law.
In most cases, once a bank account is closed, it cannot be reopened. If you cannot find the account you are interested in, you will need to open a new bank account with your institution or a bank elsewhere.
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When you open a new bank account, you need to monitor it to make sure you don’t end up in the same situation again. Here are some tips to keep your new bank account from getting closed by a financial institution.
Sophia Acevedo is Insider’s junior banking reporter covering banking and savings for Personal Finance Insider. He is also a Certified Personal Finance Educator (CEPF). She joined Insider in July 2021 as a member of Insider’s personal finance team. Before joining the Insider team, she freelanced based in Los Angeles and briefly worked in publishing. She also graduated from California State University Fullerton in 2020. You can reach her on Twitter at @sophieacvdo or send a quick email at email@example.com. Read more about how Personal Finance Insider selects, evaluates and reviews financial products and services >>
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s own and have not been reviewed, approved, or otherwise endorsed by any map publisher. Read our editorial standards.
Note: Although the offers listed above are valid at the time of publication, they are subject to change at any time and may change or no longer be available. There are many reasons why a bank might close your account. Whether or not you can reopen them depends a lot on whether or not your account is in good standing. We’ll explain why banks close your accounts, what steps you can take if they do, and how you can maintain a new account.
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Whether you are dealing with a bank or credit union, you can close your own account or your financial institution can close it for you. Why would they do this?
Leaving an account untouched for a short period of time does not usually close the account. But if three to five years have passed without any activity, the bank may consider your account abandoned and close it. They usually try to contact the account owner before taking this step. If they can’t do this, everything in your account could end up in the government’s unclaimed property system.
If your account shows suspicious activity and your bank has reason to believe that you have been a victim of identity theft or engaged in illegal or fraudulent activity (such as money laundering), you may find a suspended account. You can also close your account if you are found guilty of criminal activity that your bank did not know about or that occurred after you opened your account.
Your bank can close your account if you write checks that bounce because you don’t have enough money in your account to cover them. Repeated overdrafts or too many overdrafts can also lead to account closures, although your bank will likely wait until you have enough money in your account to cover the overdraft and overdraft fees.
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Savings accounts are designed to build savings, not to give you frequent access to shopping and paying bills. Under Federal Reserve Regulation D, you are limited to six such transfers or withdrawals per month. 
Your financial institution may close your account if there is no money in it. Some accounts require you to maintain a minimum balance to receive certain benefits, avoid fees, or keep the account open. If you have a low balance and these charges bring your account to zero, it may be closed. Even an account with no minimum balance can be closed if it is empty for any period of time, depending on the bank’s policy.
The bank may also close your account if it becomes insolvent or discovers that you are engaged in risky activities such as selling marijuana, gambling online, or selling weapons.
Banks have the right to close an account without giving a reason. Under federal law, a bank can close your account without notice or reason. 
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You may or may not open a closed bank account, but if your account is closed, make sure you’ve done your due diligence:
If your request to reopen your account is denied, you can ask the bank or credit union that denied your request for the information they used to make their decision. You can request this information from reporting companies that monitor your banking activity (see below). 
If you know why your account was suspended, you can use this information to help you open a new one. Make sure all the information the bank used to reject your application is correct and dispute any inaccuracies.
Even if everything is correct and your application has been denied due to past issues such as frequent overdrafts, bounced checks, or too many wire transfers, you still have options. Many banks and credit unions offer prepaid accounts designed to reduce risk for both the bank and the account holder. You may be eligible for such an account even if your request for a backup account has been denied. 
What To Do When Your Bank Closes Your Account
Banks can close your account without warning or reason. They can do this because you have an inactive account or low usage. Even if they don’t have to have a reason, you can file a complaint with the customer support team at the Office of the Comptroller and Auditor General (OCC). 
The OCC recommends that you try to resolve the issue directly with your bank before doing so. The office cannot provide legal advice, participate in the matter at stake, participate in litigation, offer assistance to any party, or seek compensation. 
If the OCC does not regulate your bank, you can still file a complaint with the Consumer Protection Bureau (CFPB), the National Credit Union Administration (NCUA), the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation (FDIC), or the Conference of State Bank Regulators as appropriate [ 3].
When your bank closes your account, it must return money to your account after deducting unpaid fees and charges.
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If your account has been suspended due to suspected fraudulent activity or an outstanding negative balance,
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