Bask Bank – New Account Hold Concerns (Savings)

B

Belly

Member
I recently opened a savings account with Bask Bank and deposited a significant portion of my inheritance about a fifth of it just a few days ago. Now they've placed a hold on the account, added some restrictions, and even mentioned the possibility of closing it before I’ve had any access to the funds. I’m not trying to withdraw or move the money, just trying to let it sit and earn interest. But now they’re flagging the account for suspicious activity, even though they are the ones being vague and unclear about what’s going on.

My big concern is if they do close the account, would the money automatically go back to the original bank I transferred it from? Or is there a chance it could get caught in some kind of limbo?

Trying not to panic here. I assume this is what FDIC coverage is for but I’d love to hear from anyone who’s had a similar experience or has insight into how Bask handles this kind of thing
 
Oof, that sounds stressful. I haven’t dealt with Bask personally, but i have seen banks get super cagey with large deposits especially if they think it’s unusual activity.
 
This actually happens more often than you'd think, especially with large ACH transfers. Banks have automated fraud detection systems and sometimes they flag large deposits from new customers. It's annoying but often precautionary.
 
Had a similar thing happen with Ally once, not Bask though. They eventually released the funds after a week. Turns out it was just a routine check, but they made it sound like i was laundering cartel cash.
 
Bask is great until u actually use them. I got slapped with a hold too and all I did was transfer in $15k. Their fraud filters are like jumpy cats.
 
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