Why Your US Bank Closed Your Account (And What Expats Should Do)
Three clients had their US bank accounts closed this month just for living abroad. Here’s why it’s happening — and the smarter banking setup for expats I recommend. By an Expat CPA · 8-Minute Read · Expat Banking & Tax Strategy This month alone, three of my clients received the same letter: their US bank account was being closed. No fraud. No unpaid balances. No suspicious transactions. The reason, buried in the fine print, was effectively this: “we are no longer able to service customers residing outside the United States.” For expats, this is increasingly common — and increasingly disruptive. Your US bank account isn’t just a place to store money. It’s how you receive Social Security, pension payments, and client invoices. It’s your lifeline when foreign ATMs fail. Losing it without a plan is a serious problem. Let me explain exactly why this is happening, which banks are doing it, and the multi-account banking strategy I now recommend to ever...