Numerous private clients of ING Luxembourg have been left confused and worried after they were notified by mail of their accounts being closed.

With close to no information as to why their accounts were being closed unilaterally, the bank is givings its clients two months "to make all the necessary arrangements", according to the letter shared with RTL.

The letter reads: "The termination of the relationship has been decided in accordance with Article B.9 of our Bank's General Terms and Conditions". This specific article gives the bank, or the client, the right to "terminate the business relations and/or close all accounts at any time, without any obligation to provide a reason to the other party".

The paragraph further states that the bank may terminate business relationships if a client "fails to comply with legal contractual obligations" or if the bank risks "incurring liability by continuing the business relationship".

Customers were asked to open a new account with a different bank and transfer their money. While it is not clear how many customers are affected, it could be hundreds or even thousands of clients in the Grand Duchy.

Customers shared their frustrations with the bank on social media, including Reddit, where one user suggested: "Am in the banking sector with the competition. Keep hearing that from our relationship managers. It is a profitability consideration for them I suppose. Clients without loans or not generating a certain level of revenue seem to be discarded…"

Contacted by RTL on Friday, the bank refused to provide further details, stating that more details will be published next week.

RTL