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"Hidden or unexpected" fees are the No. 1 reason given by the working poor for closing bank accounts, a recent study found.
It is closing bank branches in places like Florida and Connecticut, and finance offices in Mexico and Japan, after barreling into those regions a few years ago.
It had not, for example, determined what types of controls to put in place — whether restricting local transfers, or forcibly extending the maturity of term deposits, or even in extreme cases closing bank accounts.
In Texas, social service agencies say some Mexican and Asian illegal immigrants have responded to the pressure by burrowing deeper underground -- closing bank accounts and declining to report incidents of domestic violence.
But the reformist drive is weakening visibly.Pier Luigi Bersani, the economic development minister, has implemented two reform packages that removed mostly petty obstacles to greater competition and efficiency from restrictions on the sale of non-prescription drugs to penalties for closing bank accounts.
Surviving parents must cope with closing bank accounts for their deceased child and manage the financial matters left behind.
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Mr. Schäuble reiterated this week that decisions on closing banks should be kept at the national level.
Since 2009, Bank of America has closed bank branches, sold billions of dollars in assets and cut tens of thousands of jobs.
Citigroup said the stock market's four-day shutdown and closed bank branches in Lower Manhattan would reduce earnings by $100 million to $200 million.
Because no financial information was impacted, affected consumers do not have to close bank accounts or credit cards.
* Plans must show how to close bank safely.
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