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Why my account is being closed? What is the account closure process?
Why my account is being closed? What is the account closure process?
Updated over a week ago

There are several of reasons why we might need to close your ORO Bank account.

It is important to note that ORO takes the deactivation of accounts seriously and strives to handle such situations with care and attention to minimize any inconvenience caused to the account holder.

We can close or deactivate an account if

Duplicate Accounts

ORO customers are typically allowed to have only one active bank account. If multiple accounts are detected for the same individual without prior approval, the additional account may be deactivated or closed.

Compromised Account Security

If there are indications that the security of an ORO bank account has been compromised, such as unauthorized access or suspicious activity, the account may be deactivated to protect the customer's funds and information.

Transactions Unable to Be Completed

ORO may choose to close an account if there are transactions or activities on the account that cannot be successfully processed or completed, which may raise concerns about the account's usage.

Regulatory or Operational Restrictions
Banking and financial regulations around the world are continuously evolving and from time to time, new regulations or operational requirements may restrict our ability to serve customers in specific jurisdictions until such time as we are able to comply with the new requirements

These reasons are provided as examples and may vary based on ORO's specific Terms of Use and policies regarding account deactivation. Customers are encouraged to refer to the Terms of Use for a comprehensive understanding of the conditions under which an account may be closed.

For more information on account deactivation and closure, customers are advised to reach out to ORO's customer support for assistance and clarification.

Account closure process

To ensure a smooth and transparent process for the deactivation or closure of an account, ORO has established the following steps in line with our policies and procedures:

Notification Process

ORO will notify the account holder of the decision to deactivate or close their account. The notification will outline the reasons for the closure, ensuring transparency.

Handling of Pending Transactions

Upon deactivating the account, all pending transactions will be canceled. ORO will review the account and work on returning any funds that were in the process of being transferred. The refund timeline will vary based on the original payment method.

Handling of Future Transactions

If any funds are sent to the deactivated account, ORO will automatically return the money to the sender. The timing of the refund to the sender will depend on the method of payment used.

Appeal Process

Account holders have the right to appeal the decision to close their account. During the appeal process, additional information and external bank account details may be requested for refund purposes. ORO will review the appeal promptly and communicate the status and timeline to the account holder.

Refunding the Remaining Balance

In the event that there is a balance remaining in the account, ORO will initiate the process to refund this amount back to the account holder's bank account. Due diligence checks will be carried out before processing the refund.

Handling of Balance Statements

After the deactivation of the account, access to the account information will be restricted. However, account holders can request balance statements for tax purposes or other reasons by reaching out to ORO's support team.

Complaint Review

In addition to the appeal process, account holders have the option to request a review of their case by lodging a formal complaint. The complaint review focuses on the quality of service provided and adherence to agreements with the account holder, such as the Customer Agreement.

By following these steps, ORO aims to ensure that the account closure process is carried out efficiently and with proper attention to the account holder's needs and concerns.

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