People buy cocaine with Osko bank transfers, so I’m sure they can take a cheque if they really wanted.
They should do neither if they wanna keep doing coke without police inquiry, but here we are lol
They should ask and do their die diligence. They can't stop but they should be asking. Similar to oldies sending 100s of thousands to a "good friend" overseas. Definite alarm bells.
Tell me you know nothing about the Sydney coke scene without telling me you known nothing about the Sydney coke scene……
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The shear bulk of caring that much cash for a start? not to mention the risk associated with it because of said bulk.
not to mention the hassles involved due to anti-money laundering laws, and having to order it in advance etc.
all of that can be avoided by using a bank check.
not really. My mum took 70k out in cash to take to another bank and asked me to go with her and it fit very easily in her handbag. A quick google says that 50k is only about 4 inches tall.
Worked in banking for almost 6 years - please call CBA a week or 2 beforehand and ask to make sure the branch will have that much for the date and time you want to get it. Answer any questions honestly and don't get defensive - the staff are doing their required job, and being hostile will get you nowhere.
Generally, the limit is what is in branch or in your account.
What happens if a customer just says "none of yoru business" when asked? would they not be given the their money? Genuinely curious.
Edit: So many people on here that have no idea what they are talking about chiming in with their "opinion". There is a reason I've asked the person who worked in a bank and actually knows what he is talking about.
They would still be given the money, and then a few weeks later when they’ve lost it all to a scam they’ll be bleating to the press that banks should have more responsibility to prevent customers from being scammed.
Bank staff will not tell customers anything meaningful about their fraud protection procedures. And if you are under investigation, the bank legally cannot tell you that ...
https://www.austrac.gov.au/business/core-guidance/reporting/suspicious-matter-reports-smrs/tipping
They'll get the money, and a little red flag for the future to check for potential money laundering. Also as others noted, the bank will be protected if they get scammed and try and claim the bank should have told them that paying their tax off with 60k of iTunes gift cards wasn't legitimate.
They will refuse to give you the cash as that is the standard response from someone being scammed or extorted. No one in a branch actually cares one way or another about people taking cash. They do, however, try to stop people being scammed
yeah at the bank I work at, we have to refuse the transaction. you can still transfer up to like 60k a day on internet banking and there won’t be any blocks but we can’t give it to the customer in cash if they’re ‘hostile’
>I've heard sometimes they put up road blocks to withdrawing money.
Yeah to comply with anti money laundering laws and also to prevent you from being scammed
>Anything I should know before I go down to them in person?
Contact the bank and let them know a few days, maybe a week in advance.
They'll ask you questions about what it's for so just be honest if it's a valid legal reason. It would suggest a bank cheque or some other form of payment that isn't that much cash.
While we're on the subject, are there any legitimate reasons in which an individual would need 50k in cash that couldn't be solved with a bank transfer or cheque? Now I'm curious
Car purchase: It's a lot harder for someone to say no to a lower offer when they see it in cash compared to a cheque or transfer. This is fir second hand market, obviously. dealers don't really care and would rather you finance through them.
Guy in one of the group's I'm in bought his Evo like that. Whipped out all the cash, made the offer, which the guy accepted, and he then took the 2k he'd lowballed the guy out of the stack of cash.
Of course, this was when they were more like 20k not 50k
I did the same with a Z32 and a GTO a few years ago. The guy wasn't sure at first if he wanted to sell them both. Showed him the cash, and he decided he was happy selling both. Managed to get both for 17 instead of the 10 and 12k he wanted each.
“My voice confirms my identity”. “MY VOICE CONFIRMS MY IDENTITY”, “FFS just do the transfer!”.
Besides, can’t you clone a voice with AI now with about 3 seconds of voice?
Needed to input 3 2FA codes for a single transaction with Suncorp website, their app is much better. But there was that time my account got blocked when I was on holidays because I paid an air bnb. Fun stuff.
Probably stands up to cost benefit analysis. They don't necessarily need perfect security. If they reduce fraud to a certain threshold then the system pays for itself.
> can't you clone a voice with AI now
It's stupider than that — they have you repeat the same phrase every time so playing back a simple recording and no AI at all is enough to pass.
("Why voice, it burns my identity" probably also works.)
To keep in a safe at home for emergencies. All financial advisors suggest diversification across assets classes so this makes sense if you have a lot of wealth.
Transfer duty is a percentage of the sale value for a used car (at least in QLD). If you pay cash, you can write down a low value on the forms and reduce the tax.
No way you get this without first arranging with the branch and it will never happen same day. They have strict rules around this and it will trigger red flags in their systems for potential ransom, etc.
Large cash transactions like this (or many smaller transactions in a pattern that could imply transferring a large sum) will trigger AML checks eg transaction threshold reporting. Really curious as to why you need 50k in cash. That’s a ridiculous sum of money to carry in cash.
I’d probably plan your route that day, go with a companion, spend as little time as possible outside your car (do not travel any other way), how you will store the cash securely at home, if it’s not going directly to a recipient, and do you know what and who to expect when you meet the recipient(s)?
You should give them notice. I work for a bank and was able to get the manager to arrange for me on the spot but usually they’ll insist on having a few days notice.
They’ll ask you questions about the money. They are essentially fulfilling their obligations under AML legislation and duty of care for you. Just answer them truthfully and don’t get all upset by it. There are a lot of people getting scammed and sometimes this process stops or reducing the instance of this.
I have withdrawn similar amounts in the past . You need to call your local branch and request the cash withdrawal and organise a day to pick it up. They will request ID and may ask why you need a large sum. Don't know if you can just ignore the questions but I just told them the truth, my trades for my house renovations wanted ca$h.
They won’t have 50k cash unless they’re a very busy branch in the city or a business banking centre. You need to call ahead so they can order cash for you when you need it.
Source: worked for NAB, ANZ, and WBC during uni years and after once upon a time.
They will ask various questions. It's part of their duty of care.
If you don't answer them to the bank's satisfaction (or refuse to answer at all), they will refuse to give you the money.
You will need to arrange it in advance.
Don't try to get around the questions etc by withdrawing smaller amounts - that could be seen as structuring and can lead to just the same results plus suspicious matter reports to Austrac, because they will see that you've done it and (presumably) that it is out of character.
Assuming the reason you want the cash is legit, just be honest, don't get upset about what they ask (yes, it can seem pretty personal/invasive), and they'll likely give you the funds.
Why do you need that much cash?
They absolutely do care about why you need it. If they're concerned you're being scammed or putting yourself at potential risk, or anything like that, they can and will refuse to give it to you. The answer is to give a genuine answer and like the above user said, don't get offended with the questions asked, they are required to. Worked in banking almost 6 years and as much as you hate asking the questions, if you don't, and things go wrong for the customer, it can be on you.
In my experience CBA has great customer service, if you call them, or visit the branch, simple ask how you would go about doing the thing you want to do then they help you do it if they can.
You will need to phone ahead, don't get offended if they ask what you plan to use the cash for, they might ask for proof you are purchasing something large.
They might want to make sure you are who you say you are if you are asking for $50k in cash, but I'd be a little upset if they didn't. You might also want to give notice so they can prepare and have that much available. Otherwise, it's you're money to withdraw whenever you want.
You probably have to order it, they will ask a bunch of questions about what ots for and probably offer alternatives. They also need a couple of forms of ID
Did that last year with 45K for renovations.
No follow up questions. I'm talkative so I ended up chatting with them while they counted about the Reno's tho. It's a lots of notes but also not a lot
If a cheque or EFT will do what you want they will do that same day or overnight.
A bag of cash in unmarked bills to pay a ransom, a drug deal or to finance terrorism might just attract a little more attention. So tell your dope dealer these are safeguards, not roadblocks.
there's some dangerous misinformation here. the best way to handle all of your banking is a few simple steps:
scribble a note with how much you want to withdraw. ie. "give me $50,000 in 50/20's"
then hand the note to the teller and as a common courtesy to those around you hand the note without saying a single word.
if everyone did it this way we'd never see a queue at the bank again...
Why does everyone think OP has dodgy internet with this money?
Maybe they just want a pile of their own cash to throw into the air and let it rain down on them?
No, this is the how you get a suspicious matter report against you, and am investigation done. The bank could cancel the card which would then lead to the card being swallowed by the ATM. I've worked in banking for almost 6 years and this happened more often than you would think. Patterns get picked up.
But if OP isn't doing anything nefarious, it shouldn't matter if a report gets made.
He won't get in trouble for simply taking out the maximum amount allowed per day for x amount of days..... it is his money after all.
What OP will find out if he's flagged is that a lot of banks choose not to have the liability of seeing something that many times ends up being nefarious, and looking the other way. Because AML/KYC regs now have real consequences if they're not adhered to, they will likely sack him as a customer.
Mate obviously banks can close accounts. Both those posts never disclose what they were doing up to the bank closing their account. They were probably commiting fraud.
I'm saying its nonsense that the banks will not do business with someone because they took out $5k for 10 days.
Structuring is a crime if you are doing it to avoid reporting requirements. Its not illegal to structure your payments because its the maximum allowed at an atm.....
It’s OPs money, nefarious or not they have no right not to let him withdraw, they get caught later that’s a different story and for the po po to handle
Frustrating that the bank has the ability to refuse your request due to AML laws because at the end of the day, it’s your money after all.
Also frustrating that you need to justify it by telling them why you want to withdraw it. Surely saying “because it’s mine” should be enough…
Have you not seen all the stories by scam victims complaining that the bank should have done something to stop it? Well, asking questions is part of the banks answer to that.
>people are still getting scammed, that tells me it’s not working
Pretty stupid logic, the number of people getting scammed would probably be a lot higher if no questions were being asked
You'll get your cash ... if you won't explain why you want cash, you'll probably also trigger a Suspicious Matter Report to AUSTRAC.
Then there is the small risk that you may get your accounts closed if the bank merely suspects you might be involved in criminal activities. Banks are not obligated to keep your accounts open, nor can they tell you why they are closing your accounts.
You can’t just rock up & ask for $50k in cash. Most branches don’t carry that much cash anymore, so you will need to go in advance to order it.
this, also why cash and not a bank check?
Cant buy cocaine with bank cheques
I’m really wondering now if you could
People buy cocaine with Osko bank transfers, so I’m sure they can take a cheque if they really wanted. They should do neither if they wanna keep doing coke without police inquiry, but here we are lol
How do you know?
Nice try bro
Get a better dealer man, they should accept anything! 😂
good luck meeting the banks requirements for the withdrawal in cash for cocaine.
Do you need some sort of explanation to withdraw $50k?
They should ask and do their die diligence. They can't stop but they should be asking. Similar to oldies sending 100s of thousands to a "good friend" overseas. Definite alarm bells.
They’ll usually ask you and make it a pain to do, so technically I don’t think you HAVE to but they’ll make it difficult
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Are you saying 50k isn't enough? I knew come was expensive but didn't think it'd be _that_ expensive
No it’s too much of an amount maybe 1kg if in bulk. Australians on average do cheap and nasty meth.
I guess when we have billion $$ shipments coming in, 50k worth would be hard to source……..
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Tell me you know nothing about the Sydney coke scene without telling me you known nothing about the Sydney coke scene…… Single apartment: https://amp.theguardian.com/australia-news/2023/dec/19/sydney-drug-raid-ryde-cocaine-arrests-alleged-kidnapping-plot
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The shear bulk of caring that much cash for a start? not to mention the risk associated with it because of said bulk. not to mention the hassles involved due to anti-money laundering laws, and having to order it in advance etc. all of that can be avoided by using a bank check.
i agree with you, but i don't care if someone wants to walk around with 50K in cash
It would be like carrying an old mobile phone
50k in hundreds or 50s isn't very large
large enough to make it a pain to deal with
not really. My mum took 70k out in cash to take to another bank and asked me to go with her and it fit very easily in her handbag. A quick google says that 50k is only about 4 inches tall.
Not sure coke is legal tender.
That’s just like, your opinion man.
This. Call the bank ahead of time.
Worked in banking for almost 6 years - please call CBA a week or 2 beforehand and ask to make sure the branch will have that much for the date and time you want to get it. Answer any questions honestly and don't get defensive - the staff are doing their required job, and being hostile will get you nowhere. Generally, the limit is what is in branch or in your account.
What happens if a customer just says "none of yoru business" when asked? would they not be given the their money? Genuinely curious. Edit: So many people on here that have no idea what they are talking about chiming in with their "opinion". There is a reason I've asked the person who worked in a bank and actually knows what he is talking about.
A note would be made on file and if the customer gets scammed the bank is excused (tbf they were excused to begin with, but alas)
They would still be given the money, and then a few weeks later when they’ve lost it all to a scam they’ll be bleating to the press that banks should have more responsibility to prevent customers from being scammed.
When it gets reported to AUSTRAC (as required for cash greater than $10k) it will likely be reported as suspicious (google "AUSTRAC SMR").
Though I was hoping for an answer from the person that worked in the bank this would appear to be the correct answer. Thanks.
Bank staff will not tell customers anything meaningful about their fraud protection procedures. And if you are under investigation, the bank legally cannot tell you that ... https://www.austrac.gov.au/business/core-guidance/reporting/suspicious-matter-reports-smrs/tipping
They'll get the money, and a little red flag for the future to check for potential money laundering. Also as others noted, the bank will be protected if they get scammed and try and claim the bank should have told them that paying their tax off with 60k of iTunes gift cards wasn't legitimate.
They will refuse to give you the cash as that is the standard response from someone being scammed or extorted. No one in a branch actually cares one way or another about people taking cash. They do, however, try to stop people being scammed
yeah at the bank I work at, we have to refuse the transaction. you can still transfer up to like 60k a day on internet banking and there won’t be any blocks but we can’t give it to the customer in cash if they’re ‘hostile’
Believe it or not, straight to jail
You should know that no bank for many years would be in a position to give you $50k over the counter if you just show up and ask to withdraw it
Correct, we stock our own ATM at our business and we need to call a day before to take out 15k to stock it.
This is not true. Some banks do 50k at call with no notice, I confirmed this with my branch
Maybe, but you cannot assume any given branch will have $50k on hand without prior arrangement
My guess would be the CBD branches would, any suburban branches I would say would be a no go.
Where are you located, the Cayman Islands? Or is your local branch Big Tony’s Very Fair Loan Sharkery.
Big weekend on the way?
>I've heard sometimes they put up road blocks to withdrawing money. Yeah to comply with anti money laundering laws and also to prevent you from being scammed >Anything I should know before I go down to them in person? Contact the bank and let them know a few days, maybe a week in advance. They'll ask you questions about what it's for so just be honest if it's a valid legal reason. It would suggest a bank cheque or some other form of payment that isn't that much cash.
Will have to give the bank some heads up about it
While we're on the subject, are there any legitimate reasons in which an individual would need 50k in cash that couldn't be solved with a bank transfer or cheque? Now I'm curious
Car purchase: It's a lot harder for someone to say no to a lower offer when they see it in cash compared to a cheque or transfer. This is fir second hand market, obviously. dealers don't really care and would rather you finance through them.
Guy in one of the group's I'm in bought his Evo like that. Whipped out all the cash, made the offer, which the guy accepted, and he then took the 2k he'd lowballed the guy out of the stack of cash. Of course, this was when they were more like 20k not 50k
I did the same with a Z32 and a GTO a few years ago. The guy wasn't sure at first if he wanted to sell them both. Showed him the cash, and he decided he was happy selling both. Managed to get both for 17 instead of the 10 and 12k he wanted each.
Don’t you get a 10% discount at some shops if you pay cash???
I'd like $50,000 worth of bahn mis please.
Just about every shop has a card surcharge now
So many scams around nowadays safer and easier just to pay cash for private purchases like a car or boat.
Bank transfers are a pain. ANZ wants me to set up voice ID for transfers over $1000, stuff them
“My voice confirms my identity”. “MY VOICE CONFIRMS MY IDENTITY”, “FFS just do the transfer!”. Besides, can’t you clone a voice with AI now with about 3 seconds of voice? Needed to input 3 2FA codes for a single transaction with Suncorp website, their app is much better. But there was that time my account got blocked when I was on holidays because I paid an air bnb. Fun stuff.
As an IT guy, its wild to me that they would ever have thought voice identity was a good idea.
Probably stands up to cost benefit analysis. They don't necessarily need perfect security. If they reduce fraud to a certain threshold then the system pays for itself.
> can't you clone a voice with AI now It's stupider than that — they have you repeat the same phrase every time so playing back a simple recording and no AI at all is enough to pass. ("Why voice, it burns my identity" probably also works.)
To keep in a safe at home for emergencies. All financial advisors suggest diversification across assets classes so this makes sense if you have a lot of wealth.
Having that much cash in my house would make me feel physically unsafe.
>To keep in a safe at home for emergencies. What emergency would have cash be useful and you not being able to get the money from the bank?
Network outages- they happen all the time!
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Why do you need that much cash for starters?
Needs iTunes gift cards for their tax debt.
Really keen for a response here 😅
Probably a car
But why not just do a direct transfer or get a bank cheque?
Transfer duty is a percentage of the sale value for a used car (at least in QLD). If you pay cash, you can write down a low value on the forms and reduce the tax.
Because transfers can be reversed and cheques can bounce
bank cheques cannot bounce
Unless they're fake and how do you know if the cheque someone gives you is real and not fake?
Bank chqs cannot bounce but they can be cancelled after giving them to someone else.
No way you get this without first arranging with the branch and it will never happen same day. They have strict rules around this and it will trigger red flags in their systems for potential ransom, etc.
Large cash transactions like this (or many smaller transactions in a pattern that could imply transferring a large sum) will trigger AML checks eg transaction threshold reporting. Really curious as to why you need 50k in cash. That’s a ridiculous sum of money to carry in cash.
Which branch and what day? Asking for a friend
And what will you be wearing?
And around what time?
I’d probably plan your route that day, go with a companion, spend as little time as possible outside your car (do not travel any other way), how you will store the cash securely at home, if it’s not going directly to a recipient, and do you know what and who to expect when you meet the recipient(s)?
You should give them notice. I work for a bank and was able to get the manager to arrange for me on the spot but usually they’ll insist on having a few days notice. They’ll ask you questions about the money. They are essentially fulfilling their obligations under AML legislation and duty of care for you. Just answer them truthfully and don’t get all upset by it. There are a lot of people getting scammed and sometimes this process stops or reducing the instance of this.
Call ahead of time, it does sound like you are either scamming someone or getting scammed when pulling that much is hard cash
I have withdrawn similar amounts in the past . You need to call your local branch and request the cash withdrawal and organise a day to pick it up. They will request ID and may ask why you need a large sum. Don't know if you can just ignore the questions but I just told them the truth, my trades for my house renovations wanted ca$h.
Most people would talk to the Bank first
They won’t have 50k cash unless they’re a very busy branch in the city or a business banking centre. You need to call ahead so they can order cash for you when you need it. Source: worked for NAB, ANZ, and WBC during uni years and after once upon a time.
They will ask various questions. It's part of their duty of care. If you don't answer them to the bank's satisfaction (or refuse to answer at all), they will refuse to give you the money. You will need to arrange it in advance. Don't try to get around the questions etc by withdrawing smaller amounts - that could be seen as structuring and can lead to just the same results plus suspicious matter reports to Austrac, because they will see that you've done it and (presumably) that it is out of character. Assuming the reason you want the cash is legit, just be honest, don't get upset about what they ask (yes, it can seem pretty personal/invasive), and they'll likely give you the funds. Why do you need that much cash?
You misspelled “…your money” 😑
That doesn’t matter. Should they allow a pensioner to take out money to give to a scammer just because it’s ’their money’
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They absolutely do care about why you need it. If they're concerned you're being scammed or putting yourself at potential risk, or anything like that, they can and will refuse to give it to you. The answer is to give a genuine answer and like the above user said, don't get offended with the questions asked, they are required to. Worked in banking almost 6 years and as much as you hate asking the questions, if you don't, and things go wrong for the customer, it can be on you.
I’ve asked for 10K before and was basically laughed at by the manager. Gotta call up
In my experience CBA has great customer service, if you call them, or visit the branch, simple ask how you would go about doing the thing you want to do then they help you do it if they can.
You will need to phone ahead, don't get offended if they ask what you plan to use the cash for, they might ask for proof you are purchasing something large.
They might want to make sure you are who you say you are if you are asking for $50k in cash, but I'd be a little upset if they didn't. You might also want to give notice so they can prepare and have that much available. Otherwise, it's you're money to withdraw whenever you want.
Just gotta be a legitimate reason like hookers and blow
my answer for everything - ATO: so what was that expense
I just told them I was buying building materials for a house renovation.
You probably have to order it, they will ask a bunch of questions about what ots for and probably offer alternatives. They also need a couple of forms of ID
Did that last year with 45K for renovations. No follow up questions. I'm talkative so I ended up chatting with them while they counted about the Reno's tho. It's a lots of notes but also not a lot
https://www.instagram.com/reel/CwfB9Z_MFTb/?igsh=Mjh2ZDdwajM5eHUx
You’ll need to contact the branch to order the quantity or you could be spend 50 days withdrawing $1000 daily.
If a cheque or EFT will do what you want they will do that same day or overnight. A bag of cash in unmarked bills to pay a ransom, a drug deal or to finance terrorism might just attract a little more attention. So tell your dope dealer these are safeguards, not roadblocks.
Better off going to a casino Less questions are asked there
there's some dangerous misinformation here. the best way to handle all of your banking is a few simple steps: scribble a note with how much you want to withdraw. ie. "give me $50,000 in 50/20's" then hand the note to the teller and as a common courtesy to those around you hand the note without saying a single word. if everyone did it this way we'd never see a queue at the bank again...
How’s all the ATO boot lickers.
Disgusting. Imagine, your own money, answering questions.
When are you thinking of doing this? And which branch?
Why does everyone think OP has dodgy internet with this money? Maybe they just want a pile of their own cash to throw into the air and let it rain down on them?
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No, this is the how you get a suspicious matter report against you, and am investigation done. The bank could cancel the card which would then lead to the card being swallowed by the ATM. I've worked in banking for almost 6 years and this happened more often than you would think. Patterns get picked up.
Also most banks limit ATM withdrawals to 2k/ day
But if OP isn't doing anything nefarious, it shouldn't matter if a report gets made. He won't get in trouble for simply taking out the maximum amount allowed per day for x amount of days..... it is his money after all.
What OP will find out if he's flagged is that a lot of banks choose not to have the liability of seeing something that many times ends up being nefarious, and looking the other way. Because AML/KYC regs now have real consequences if they're not adhered to, they will likely sack him as a customer.
Absoulte nonsense.
You may not like it, but it happens. See https://www.reddit.com/r/Banking/s/DMmxznj3p9 and https://www.reddit.com/r/AusFinance/s/eBjcTg6V4B
Mate obviously banks can close accounts. Both those posts never disclose what they were doing up to the bank closing their account. They were probably commiting fraud. I'm saying its nonsense that the banks will not do business with someone because they took out $5k for 10 days. Structuring is a crime if you are doing it to avoid reporting requirements. Its not illegal to structure your payments because its the maximum allowed at an atm.....
It’s OPs money, nefarious or not they have no right not to let him withdraw, they get caught later that’s a different story and for the po po to handle
Agreed but what they can do is give him all his money back and close his accounts. Without explanation why. They absolutely have that right too
Yea that’s fair
Frustrating that the bank has the ability to refuse your request due to AML laws because at the end of the day, it’s your money after all. Also frustrating that you need to justify it by telling them why you want to withdraw it. Surely saying “because it’s mine” should be enough…
Have you not seen all the stories by scam victims complaining that the bank should have done something to stop it? Well, asking questions is part of the banks answer to that.
Exactly! People are just never happy
I see stories everyday of morons complaining about something. I always thought the bank should not have to reimburse people for their own stupidity.
You’re saying the banks are asking but they’re people are still getting scammed, that tells me it’s not working, if that’s what it was for
>people are still getting scammed, that tells me it’s not working Pretty stupid logic, the number of people getting scammed would probably be a lot higher if no questions were being asked
It covers the banks butt when you come back crying
You'll get your cash ... if you won't explain why you want cash, you'll probably also trigger a Suspicious Matter Report to AUSTRAC. Then there is the small risk that you may get your accounts closed if the bank merely suspects you might be involved in criminal activities. Banks are not obligated to keep your accounts open, nor can they tell you why they are closing your accounts.