Complaint Review: Axos Bank Formerly BofI USA Bank

I received the following form letter from Axos bank, after banking with them for over a year and a half:

'Hello. In accordance with your Deposit Account Agreement with Axos Bank™, please be advised that we have elected to close your accounts. All related services will be terminated in 3 business days, and the effective date of the closing will be 10 business days from the date of this email.

We suggest you cease making deposits to, and writing checks against, your account at this time. After all outstanding items have cleared; a check payable to the current account holder(s) in the amount of any remaining balance (less any outstanding fees, service or other charges) will be sent to your mailing address on file. Please make other arrangements for any automated transactions such as direct deposits and prearranged ACH credits and debits.

Do not hesitate to contact us if you have any questions concerning this letter. Best Regards, Axos Bank Customer Service'

I emailed them asking why they closed it and all they said was they had no information to give me. How can this bank get away with closing people’s accounts just like that out of the blue with no warning? They don’t even have the decency to tell the person why or address them by their name!

They just notify you in a form email that they are going to close it. Don’t people have a right to know why their account is being closed?

I had a business bank account with Axos, formerly Bofi Federal Bank www.bofifederalbank.com, for a year and a half, and this is the thanks I get for doing business with their bank. They close my account for no reason.

They have no idea how inconvenient this is. It put my business operations on hold, I have to scramble around to find a new business bank account, and they also say not to make any withdrawals or write any checks on my account, so I can’t even get my own money out of there.

I have to wait for 10 days for them to send me a check of my remaining balance. What if I need that money for something in the meantime?

On top of that, I wrote to the deposit operations about a problem I had with a check that had a stop payment on it, that I believe was stolen out of my account because there was no reason for a stop payment to be put on it, and  then they also charged me a chargeback of 10$, and after I ask for help about what to do and getting my money back, instead of getting any help or investigating, they turn around and close my account! I have no idea if that may have been why.

Then it says in their form letter: ‘Do not hesitate to contact us if you have any questions concerning this letter’. So I ask them why my account is being closed and they can’t tell me!

What kind of bank is this? How do they stay in business? Do not open an account with this bank!