Q: Does a financial institution have the right to suspend wiring privileges on my account?
The institution had previously made 3 wire transfers for me.
There were no issues with where the money was wired to (crypto.com)
I even have two of my retirement checks (Gov) directly deposited to that crypto.com account.
The reason for not allowing me to wire is; They believe that the wire funds are not being used for legitimate business purposes. There are certain Red Flags that indicate this may be the case with your wires, so we have decided to suspend the origination of wires.
We as a financial institution are NOT allowed to send wires when we think they are part of a fraud scheme.
A: You probably need to speak to an attorney specializing in banking law. Quite frankly, the specific regulations are probably not something most attorneys deal with often. I would think a financial institution does have the right to suspend wiring privileges on your account.
A: Yes. Many cryptocurrency “investments” are fraudulent schemes and most legitimate financial institutions distance themselves from such schemes to avoid legal entanglements
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