Legal Question in Banking Law in Illinois

You have to read the terms of your account (which is a contract) to see how they can terminate your account. The answer is probably that they can close your account, but the account agreement should spell it out. That does not mean that they can avoid being liable for fraud that has already occurred, however. If they are liable, closing your account does not change that. They may feel that your particular business or possibly lack of controls poses a risk of future fraud, or may have some other reason for closing your account, but they cannot not change the past liability by doing so.