Joined Sep 2023
L1: Learner
Forum Thread
Can A Bank Keep Your Money Indefinitely Saying They Have A Security Concern
September 5, 2023 at
11:33 AM
in
Finance
(4)
Thread Details
If a bank claims they have a security concern with your account and that they are reviewing it, there are reports that say these banks will actually try to keep your money indefinitely. Is this something a bank is actually allowed to do? Can they keep your money indefinitely if they say there is a security concern with your account?
At what point is a bank required to do due dilegence and report to authorities that they suspect wrong doing with someone's account? I can't imagine that they are just allowed to keep someone's money indefinitely at their discretion. At one point do the funds get turned over to authorities, and where do they go? Does the customer then have recourse to work with those authorities to continue resolving the security concern to eventually get their money back?
At what point is a bank required to do due dilegence and report to authorities that they suspect wrong doing with someone's account? I can't imagine that they are just allowed to keep someone's money indefinitely at their discretion. At one point do the funds get turned over to authorities, and where do they go? Does the customer then have recourse to work with those authorities to continue resolving the security concern to eventually get their money back?
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Even though the founders tried to enshrine property rights into the constitution because they faced ordeals such these, unfortunately we now live in a world where possession is often 9/10ths of the law and the only recourse ends up being the courts.