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A woman in Arizona says her life savings of $120,000 has disappeared from her bank account \u2013 and her bank is now giving her the boot.<\/p>\n
Margaret Lomax says she transferred the money to her Citibank account from a regional California bank called Farmers & Merchants, reports<\/a> the CBS-affiliated news station KPHO.<\/p>\n Lomax says her Citibank account initially showed the money had arrived, but soon after her debit card was declined.<\/p>\n \u201c[The money] was actually right there on the screen. And then poof! It just disappeared.\u201d<\/em><\/p>\n Citibank then sent Lomax a notice in the mail saying she breached the bank\u2019s terms of agreement, the money had been sent back to its \u201crightful owner,\u201d and\u00a0her account would be terminated in 60 days.<\/p>\n Lomax then contacted Farmers & Merchants, who told her the money is gone.<\/p>\n \u201cI\u2019m at my wit\u2019s end. I don\u2019t know what to do anymore. I\u2019m climbing the walls. There are nights that I\u2019ll go through half a box of Kleenex crying\u2026<\/em><\/p>\n My biggest fear is that they sent it somewhere and somebody else got it, and they are saying \u2018Christmas came early this year!\u2019<\/em><\/p>\n I\u2019d like my money back. I\u2019d like to buy a home so I can live my last 20-30 years comfortably.\u201d<\/em><\/p>\n Despite the termination notice from Citibank, both banks say they are now investigating the matter.<\/p>\n Reports of banking customers dealing with abrupt account closures due to concerns of suspicious behavior have ramped up in recent years.<\/p>\n The number of Suspicious Activity Reports (SARs) submitted by banks to law enforcement was about 830,000 in 2014.<\/p>\n That number has steadily increased, with about 1.4 million SARs reported in 2021.<\/p>\n However, according to the Banking Policy Institute, just<\/a>\u00a04% of SARs submitted by banks to law enforcement result in a follow-up, and a small fraction of the follow-ups result in arrests and convictions.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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