I have a quesiton and not sure if anyone here can assist. I have a payment processing company that does the wire transfers for a chinese based company, sort of providing Paypal service for them and I take a defined % fee based on the contracts. I have been doing this for a couple of years and have been reporting income on my tax returns according to the contracts. I just got letters from my bank saying that they want to close out my business accounts as well as my personal accounts. The letter is from their regulatory risk management office, and when i called them they were not willing to provide me with any information. Finally after talking for a while they requested tax returns and contracts and all other information from me to establish the legitimacy of the business. Has anyone heard about this kind of situation before? Do the banks report to any federal agencies before they decide to close accounts or inquiry about the business? Any information will be appreciated.
- posted
17 years ago
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