New Zealand woman opens bank account in US after migration. Banks locks here $40,000 dollar

A woman from New Zealand who migrated to the United States had a harrowing experience after an American bank locked her bank account containing $40,000. The woman recently took to social media to share her plight.

"I just moved to the US from New Zealand. Is it normal for banks to withhold your money? I opened a bank account with @Chase and the next day deposited $40,000. Chase locked me out, and their fraud team told me they have the right to refuse to bank with me and that they’ve closed my bank account," the woman said in a post on X.

"I asked what I did wrong. I asked if I could prove my identity, my O-1 visa, passport and proof of funds. They refused and said it was final. They said they will mail a $40K cheque and to wait 20 business days for it to arrive?" the post added.


Commenting on the post, one X user replied, "All new banking relationships in the US are under enhanced AML review for a period of time. Was it a wire transfer where the sending and receiving parties matched name for name? Large transfers with unmatched names are a red flag to any bank."

Another commented, "Yes, it happens, and it has nothing to do with you personally. Most likely, your SSN is new. I was declined by Marcus in the beginning and then accepted. I am personally blocked by one of the largest investment banks for making a mistake in my second transfer (a cents amount). It is typical and, again, has nothing to do with you personally. There are plenty of other banks and fintechs. Ignore people being mean to you."

A third X user clarified that people are allowed to carry only USD 10,000. "Any amount exceeding that must be declared at the Port of Entry with U.S. Customs and Border Protection. If your money in excess of $10K was not declared, then that's money laundering. That's why I think Chase closed your account."

How to open a U.S. bank account

According to information on Chase's website, customers need to provide one or more government-issued photo IDs to open an account. These can include a driver's license with a photo, a matricula consular card, a passport with a photo, a student ID with a photo, or a U.S. Employment Authorization Card with a photo.

Proof of a U.S. address must also be provided in the form of a document showing both your name and address to establish your association with the property. This can include an employer's pay stub or paycheck, a letter showing your name and address, or a utility bill dated within the past 60 days.

Some U.S. banks also require customers to provide their Social Security number (SSN) for tax-reporting purposes.

Note that non-residents can also open a bank account in the U.S.

Chase, however, had not responded to the post at the time of writing.