Major Bank Closing Accounts | Financial WARNING #Finance

so today I need to give you this major Financial warning because what we are now hearing is that a major bank or financial institution is planning on closing a lot of accounts and all accounts in one instance now I’m going to explain what’s going on here but this is a massive

Financial warning your money might not be safe so I’m going to break down what’s going on what this person just told me this morning because again they told me to inform my viewers as well because this is something that is going to happen in the beginning of 2025 so I’ll break all

this down in just a moment but all I ask is one thing takes two seconds go ahead hit that like button if you enjoy these daily updates and now let’s begin so first off I’m going be very clear on something a major financial institution which I am not going to name okay for very clear

reasons but a major financial institution is planning on closing all accounts I want to explain who is going to be impacted because of this and why this is happening in the beginning of 2025 first let’s start with that why would a company wait until 2025 to start closing accounts well

it’s simple they are going to use this holiday shopping season as a clear reminder of which accounts they can’t lose and which accounts they do not want think about this for a second if you are constantly getting an Overdraft you are at risk of seeing your accounts

closed this means you’re checking account a Savings account even Credit cards even your Credit card accounts those will be closed here’s another one what if you haven’t used your your account for many months guess what it will

likely be closed now I want you to listen to this comment okay this is what somebody wrote to me this morning this person writes Snider reports thank you for all you do and keeping us informed on every on current uh events daily I do want to give you this warning though and feel free to share this

with your viewers I work for a major Creditor here in the US and I was just informed that at the start of the year we would be closing all Credit card accounts with zero use in the last 6 months we would also be reducing Credit to accounts that are

in good standing but have more than a 50% Debt to Credit ratio and we will be reducing the cash back perks that we provide I doubt we’re the only company doing this too as I know many of us did it initially in 20122 and 2023 okay let’s talk about this

because this right here is what has many people a little bit upset and I talked about this before and I said how the the hardest thing is when you are using a Credit card and you use that Credit card as your emergency fund here’s the problem if for some

reason the Credit on that card gets reduced so instead of let’s say a $5,000 Credit limit maybe you have a $1,500 Credit limit here’s the problem if let’s say you are you know stuck somewhere and you need to get a flight home and

it’s expensive it’s $2500 guess what your Credit card won’t actually cover that you have a $1,500 limit that’s where you’re going to be screwed or for people that own businesses and I’ve talked about this many times before that I have many

friends that use Credit cards as their way of paying for their business now not to not a way to pay for employee salaries or anything like that but the way they buy you know goods and and pay for things like utilities and and you know gas for vehicles and Insurance

and stuff like that well guess what when especially last year when many of those people got their Credit cards pretty much slash so instead of 10 or $15,000 limits they were down to like 5 or 7500 this hurt them this hurt many businesses I know a couple people that actually went

out of business simply because their Credit limit was slashed from like 30 40,000 down to under 10 those people had to shut the doors of their business because they couldn’t keep it going because the Credit card was the only thing that was keeping them afloat

guess what well it’s not keeping them float anymore now I want to touch on this okay now I do know which which bank this is uh no I’m not going to uh disclose that at this time because it this person made it clear that this isn’t something that is public knowledge okay at least

not yet but when this person says that um uh that they’re just informed at the start of the year we would be closing all Credit card accounts with a zero use in the last 6 months here’s the thing you need to know that your Credit card account your your

account may be closed but you will still have to make payments you will still have to make monthly payments however you will not be able to use set account and that is let’s say your your account has a balance of $1,000 but all you’ve been doing is you keep paying down you use the

minimum payment or you pay a little bit more well what this major financial institution is going to do is they’re going to close your account and send you keep sending you the invoice you got to keep making payments but you cannot add to it your account’s been closed your

Credit card will no longer work yeah that’s what’s about to happen and then they say this person says we would also be reducing Credit to accounts that are in good standing but have more than 50% Debt to crit Credit

ratio well what does that mean well let’s say you have a a Credit limit of $10,000 but you have a a Debt of let’s say 6,000 that means 60% is Debt to your Credit ratio to your $10,000 so 60% right that means that your

account would be reduced they would actually reduce your Credit limit now if you have a $6,000 uh Debt on there right that’s how much you owe chances are they’re not going to reduce it to 6,000 no it’s probably go to like 7 or 7500 but

that’s if according to this if you have more than a 50% Debt to Credit ratio now here’s the other thing I don’t know for sure is this only and and I didn’t ask this person this I probably should have but is this only for people that have a

higher than a 50% Debt to Credit ratio on that specific account or within your financial institution or is it across the board like all Credit cards all Credit limits that’s something we just don’t know yet now one

thing I will do is I will ask that question and I will bring you the update on that later on the next thing is they will be reducing the cash back perks that they provide this is something that we’ve been seeing for quite some time it’s nothing new that instead of getting you know two

air miles per dollar spent maybe you get one one and a half right instead of getting cash back of 2% on all purchases maybe it’s only on specific items eating out right uh Hotel purchases at Airlines but not shopping at Target and Walmart not not going to a gas station not paying for your

utilities right those aren’t going to get you uh you know cash back at 2% no just 1% or like some cards that you have a cash back of 2% but yet there’s a maximum amount back you will get at the end of the year it’s not unlimited yeah all these things are happening at this time now

I will leave you with that but just understand this one last thing this is just this is a major financial institution that is uh that this person is working for but the reason why I’m I’m telling you this is because this is just the beginning this is the first that we have heard of it

but my guess is some of these financial institutions have already been planning this for some time the key here though is how do you spend during the holiday shopping season do you max out your Credit cards if you do that might be disastrous for you do you not spend on on them at

all if that’s the case this could be troubling too because your accounts could be closed so just understand it’s about being patient but at the same time spending just a little bit making payments okay you have to show that you’re actually utilizing the card or else they could

shut you down so I will leave you with that but that is what we know as of today day so again thank you guys for watching consider subscribing and I’ll see you guys on the next one