by Scott Ritter, Real Scott Ritter:
Today my banking institution of 26 years, Citizens Bank, declared that they were ending their banking relationship with me. My accounts were zeroed out without explanation. While I may eventually see this money returned to me, the question of why this occurred remains unanswered, raising a whole host of issues related to civil liberties.
I’ve been de-banked.
I recently tried to use my bank-issued debit card. I’ve used this card consistently as my go-to method of payment for years.
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It was declined.
When my wife when on the online banking app we use for mobile banking, she was shocked to find that both our checking and savings account had been zeroed out.
We literally had no money.
My wife called our local branch to find out what the problem was. In the past the bank unilaterally closed the account because of suspicious activity they felt could be linked to possible identity theft. In every case, once we either confirmed or denied the validity of a flagged charge, our account was returned to its normal status.
When we tried to find out what the issue was, the bank said that there was no information on file as to why the account had been zeroed out, and that we would need to bring the issue up with corporate headquarters.
We called the number provided, only to be told that Citizens Bank had closed our accounts. We were told that Citizens Bank had sent a letter containing more information.
I rifled through a stack of unopened mail and found the letter in question. “This letter is to inform you that Citizens has elected to discontinue its account relationship with you by closing [my account] effective January 13, 2026.”
There was more. “Citizens has the contractual right to close your account at any time,” the letter declared, adding that “Citizens is under no obligation to disclose to you its reasons for closing the account. At this time therefore, Citizen’s policy prevents the disclosure of any information concerning the decision to close the accounts.”
According to a December 2024 report issued by the House Judiciary Committee, “Debanking occurs when a bank closes an individual or corporate account because the account holder, or their actions, are subjectively determined to pose a financial, legal, or reputational risk to the financial institution.”
According to this report, “The term “debanking” stems from de-risking, which involves ‘terminating or restricting business relationships with clients or categories of clients to avoid, rather than manage, risk.’”
In short, I have done nothing wrong.
My (former) bank manager agrees with me.
But something, or someone, triggered a “de-risking” concern among the corporate heads at Citizens, and they terminated our relationship.
No due process, no possibility of appeal.
One doesn’t begin to comprehend just how dependent we are on the digital economy until it is taken away from you.
All my family’s bills are paid electronically, drawing on funds that used to exist in the accounts that no longer exist.
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