Bank of America Risk Closure Unit Account closed. All Monies held for "review" No explanation given. Chicago Illinois

When these accounts are opened and then closed a day or 2 later is true. These consumers expressing thier incidents on here are being truthful with the stories, because i have been through the bullshit before. I can pass a chexsystems verification, thats not the problem, I cant pass the Early Warning Services ( EWS ) or known as Deluxe Detect. Only a handful of banks use EWS and only the banks back offices know about it, Managers, tellers, customer service are not knowledeable as to what EWS is. I opened an account at Regions bank and it was closed 2 days because of information supplied by EWS and then Regions put me on EWS showing no debt owed and i had to file a dispute to get it removed, and EWS records stay on for 7 years and they hard to fight and get off. 

These Banks here listed use EWS and will later close accounts.

PNC Bank

Fifth Third Bank

Key Bank

BB&T

Chase 

Arizona Federal CU

Regions

USAA

Members 1st Federal Credit Union 

Delta Community Credit Union

TCF Bank

SunTrust Bank

Wells Fargo

 This happened 4 months ago..so what was the result?

Generally when an account is closed within a few days of opening it is either an issue with your credit or the deposit you opened the account with.

If it is your credit, it could be things such as you being in ChexSystems meaning you had accounts closed at other banks and owe them money.  And yes, banks often will do a credit check AFTER you open up an account.  In fact they do them perodically even if you have had your account open for a while.

If it is the deposit, you didn't mention what you mean by $5,000 in cash and checks.  How much of this was cash, how much was checks.  What type of checks were they and did any of them get returned(for ANY reason).

Oh and no, contrary to your belief they did not just close out your account to "have fun" with your money.  Where by now I can bet that you know the reason...now if you agree with it is an entirely other matter.

All banks/credit unions have them. They review all accounts (all accounts, those just opened and ones that have been opened for years)> If/when the bank determines that it's in their best interest to not do business with you, they freeze the account, do their investigation and then release any remaining funds to you. No warning is given. If the bank told you "By the way we're going to close your account next Tuesday" then you would remove the money before then.

As Ken posted, something in your account transactions caught their attention. Could have been the amount of cash you deposited. Could have been where the checks you deposited were from. Could have been some problem with the account(s)the checks were drawn on. When you get your cashier's check you'll get a letter explaining why they did this.

They don't really make much, if any money, on closed accounts.  If you TRULY don't have a clue as to why your funds are available and they won't even give you a hint, report this to your states banking commission.

I have a hunch you're NOT telling the whole story.  Most banks are more than happy to open a new account.

"I deposited  about $5,000 in cash and checks and all of those monies are  being held."

How much of that "about $5,000 was in cash and how much in checks?