US Bank; or, why I should have moved banks a LONG time ago.
I’ve had Personal Checking and Business accounts with US Bank over the last ten years:
- Personal Checking
- Personal Savings
- Personal Credit
- Business Checking x 2
- Business Line of Credit x 3
In July of 2020, US Bank decided that they no longer wanted my business for my business account. This corresponds almost directly with me starting to do around 10-20K/week in export sales with vendors in China and selling those goods on Amazon and on my personal website (Amazon’s API makes it super-easy for omni-channel fulfillment using FBA). No warning, no explanation (but they did say that it wasn’t for AML…so, I guess that’s something?), just…the b& hammer.
They made the decision to close my personal accounts earlier this month – again, no notice or warning…just decided to turn them off.
I have no issues with being able to pick and choose who you’re able to do business with as long as you’re not discriminating against anyone due to a protected class. They decided to do their own research, not let me see what they used to make those decisions, nor give me the chance to appeal their judgement.
On a positive note, I did have another business account at another national bank – and they were able to keep me moving without a skipped beat.
If you use US Bank, you might want to reconsider a long-term banking relationship and find someone else…because they don’t give a fuck. :)