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There is no area in which credit unions are not better than banks.
paywalled
I added the archive link in the description
This is the best summary I could come up with:
He added that “the vast majority of closures are correct, consistent with the regulatory obligations we are required to follow,” and that the number of closed accounts was a fraction of the bank’s overall business.
Last year, banks filing SARs tagged categories like suspicious checks, concern over the source of the funds and “transaction with no apparent economic, business or lawful purpose” most often, according to Thomson Reuters.
Bryan Delaney has owned several New York City bars over the decades, and he and his business partner and general manager, Jennifer Maslanka, have a longstanding system for handling cash: It goes to the bank on Fridays and Mondays.
Oore Ladipo, who is from Nigeria, had been working as a data analyst at Morgan Stanley in New York — it was a contract job — while earning a master’s degree in quantitative method and modeling.
When Steven Ferker bought a house in New York in late 2016, he withdrew money from one of his Citi accounts in chunks of $7,000 to $12,000 to pay his contractor, who requested cash payments.
Mr. Ferker was aware of banks’ wariness of large transactions in round numbers, but he was taking out his own money and immediately giving it to a contractor doing visible work.
The original article contains 2,975 words, the summary contains 209 words. Saved 93%. I’m a bot and I’m open source!
