Has a bank ever closed or refused to open a bank account for you?

[MichaelCorfman]

Have you ever had a bank refuse to open an account for you because of your involvement in gambling, or open an account only to close it later?

In last week's poll about cease and desist orders from payment processors, one of our members posted that while they have never received a cease and desist notice, they have had a bank account closed:

I have never received a cease and desist, but I have had bank accounts closed for receiving funds from a casino. I have learned to be very specific with any form of financial institution before beginning so as to avoid a later cancellation. It is very frustrating as none of my work is gambling related, just marketing.

A number of years ago a business account of mine was closed, and if that wasn't enough, my personal bank account and the bank accounts of two of my children were also closed. The latter accounts had never had any gaming related transactions, just the fact that there was some sort of relationship with me was enough to get the accounts closed.

A few years ago there was also a thread started on this topic: Anyone got problems with their bank because of being active in gambling?

So, for this week's poll, I thought I'd ask about whether folks have ever had issues with their bank accounts. Besides answering the poll, be sure to share your thoughts, and what has worked and not worked for you.

Michael

[allfreechips]

CIBC said they closed my account from the Risk department, but I could not call them from the US with the Risk Department #!

[MichaelCorfman]

CIBC said they closed my account from the Risk department, but I could not call them from the US with the Risk Department #!

It is pretty common for no details of any sort to be provided when an account is closed. Risk departments typically provide no explanation for their actions, and will not cooperate in any review or other evaluation of whether their actions were warranted or not.

Michael

[Sherlock]

Both cases happened to me. Also because of bitcoin transactions, which match with gambling nowadays.

The worst case was UBS in Zurych. Everything was prepared, I went there (it was only 1200km there and 1200km back) and they said: oh sorry, we do not want to be involved, we have enough of our problems with dirty money. Maybe it was that I was not shaved, had no suit and Rolls Royce. God knows.

[Triple7]

Yes, it happened to me in Latvia. Main reason in my opinion the agent. All depends on the agent you're having with this sort of things.

[Sherlock]

I am betting it was Rietumu bank? So overhyped, they just have image of an offshore bank inside EU. They launder only Russian money. Had account with some small money there. Refused to send money TO Kraken.

[pinkytoe]

Both cases happened to me. Also because of bitcoin transactions, which match with gambling nowadays.

The worst case was UBS in Zurych. Everything was prepared, I went there (it was only 1200km there and 1200km back) and they said: oh sorry, we do not want to be involved, we have enough of our problems with dirty money. Maybe it was that I was not shaved, had no suit and Rolls Royce. God knows.

Funny you say this. I had a very similar experience with them. I declared that my business was related to iGaming and they insisted we still meet. When I met them, they say there is no chance I can open an account.

[agsgroup]

I had a hard time opening a UK account in the early days... seems they didn't like anything to do with online gambling even though i clearly said it was online marketing etc. This was mainly Lloyds and Natwest..

[sweetbet]

I've never had any problems.

[casinoranking]

This was not a problem for me when I lived in Canada but since moving offshore getting a bank account is a nightmare.

[FictionNet]

Michael, the second link in your OP needs changing.

One bank we spoke to said it's okay if the income is CPA or flat-fee. No rev-share allowed. That is obviously not an ideal solution for most affiliates.

[Renee]

When they have closed your bank account, did they keep the money in the account too or offer to transfer it elsewhere?

[Sherlock]

They give a timeframe like 60 days is given to move money away. Even if it is missed they collect it somewhere and pay out on request.

[celena]

I've never had problems.

[Soplica]

Same here.

Maybe it's only for high volumes of incoming accounts?

[Syndicate]

Jesus - I don't really feel like answering this has i deal with banks and company structuring every day. Me personally - i have never had an account closed or refused, but that's because i'm like a prostitute and tell them what they want to hear!!

However, i've had major issues with bank account opening for offshore bookmakers, it's no fun. I think it's all about acquiring the knowledge of who and where!

With that said, i find payment providers even worse and i refuse to deal with Skrill anymore!!

[tal84s]

I went to Latvia to discuss for bank account. I chat with them from my country and send them some documents.
In Latvia we met and he required from me more info and docs.
3 days later I have received their negative feedback that they can't open a bank account and they don't want to explain why..

[Triple7]

I had exactly the same experience in Latvia. But I must also blame my agent. He is that kind of agent that saves difficult things for the last.

[Doolally]

No problems here - UK based.

[TravG]

I have had a few accounts closed because of all the international wire transfers coming into my account and because the account was new and the amount of money coming in. Well, when your account is closed and you have to open a new one, of course the account is going to new but I still need to put transactions through it.

Since then I have learned to have a couple bank accounts at any given time and spread the transactions over a few different banks as to not raise any red flags. I also try to always have one account that I do not use so if I lose an account I have one ready to go that isnt brand new. Then I will open an another account somewhere else to keep having a backup.