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Why would a bank suddenly close a business account?

Banks have the right to close accounts for various reasons, including inactivity, low balance or suspicious activity. Prompt action and communication with the bank are crucial if an account is unexpectedly closed.

What does Navy Federal restricted access mean?

Restriction of Services. Navy Federal may restrict or suspend access by a Member to any or all products or services, except the basic rights of a Member to vote in annual and special meetings and maintain a share account, if a Member engages in conduct that is abusive to the credit union and its membership.

Why would Navy Federal close my business account?

If your Business Membership Savings Account maintains a balance of less than a share ($5) for 120 consecutive days, the Business Membership Savings Account may be closed, which will terminate your membership. Once this happens, you must be in Navy Federals field of membership to reopen the account.

Is Navy Federal good for business accounts?

Currently, Navy Federal allows each member to be a primary cardholder on up to 3 Navy Federal credit cards. In addition, well approve only 1 new credit card per member within a 90-day period. This means well decline your application for a new credit card if you opened a credit card within the last 90 days.

What is a NFCU 98 form?

If there is a change in entity structure, a new Certification Regarding Beneficial Owners of Legal Entity Customers (NFCU 98) form is required. Signatory Authorization and Agreements. Signatures must be provided by all business owners and entity owner representatives.