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What exactly isn't true? That compliance is the reason why accounts get closed?

As far as I understood the article this is the main reason he gives. Loans or other objective reasons that can make the interaction with the client unprofitable are only drawn as (bad) analogies and not as the actual explanation.

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To be charitable, I think tptacek was referring to a variant of "accounts aren't closed because of credit risk" as not being true. The credit risk talked about in the article was ACH reversals with a bankrupt account owner falling on the bank, rather than overdrafts.

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