A Chase customer reported having his bank account and credit cards canceled without notice.
At first, he believed it was a scam, but it turned out to be the end of his connection with the bank.
There was a thread on Reddit where someone asked for help with a banking problem. All of his Chase accounts were closed.
The person said it was turned down when he tried using his Chase Sapphire Reserve card.
He said that when he called the bank's hotline, they told him that his account had been closed, which was not an easy choice for them to make. To put it another way, he lost all of his money.
Nevertheless, the Chase representative could not provide any explanation.
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Chase Closed Customer's Bank Accounts: Thought it was a Scam
The author said that he would have thought he was being scammed if he had not called the number on the back of the card.
"The customer service representative just repeated a script over and over, as did their supervisor and all other customer service reps I've spoken to since on the phone," he posted.
He demanded answers at the branch located in his area. Yet the department told him they could not search for any related issues to closure since it was from the corporate office order.
The author emphasized that he has a good credit score 823 and has not opened and closed his credit card in years. He also said he paid off all his cards and never held a balance. He is not even ending or receiving a tremendous amount of money.
Meanwhile, the branch employee predicted that Chase's algorithm might have wrongly thought he was involved in money laundering or terrorism.
However, the bank assured him they would send a letter to their corporate office and hopefully clear up the situation.
Just last month, on October 25, 2023, a report from Trip Advisor said that other Chase Bank customers said their balances were wrong and transactions were missing.
There were monitors for outages and technology problems. According to Downdetector, over 400 issues were recorded for Chase. The site said 84% of the reports were about account balances and missing activities.
Why Banks Are Closing Client's Accounts Suddenly
The reasons vary, but the pattern is similar. Banks often send letters canceling checking and savings accounts and debit and credit cards, usually providing little detail. Customers may not receive these letters, only discovering their accounts are blocked at inconvenient moments like stores or ATMs.
Panicked calls to the bank are met with initial concern but often end with the reminder, "Per your account agreement, we can close your account for any reason at any time."
This process is what banks call "exiting" or "de-risking." It is not the typical "bouncing check" boot. Instead, regulators in Washington, bank security managers, and branch staff have set up a massive security infrastructure to monitor clients. Combating fraud, terrorism, money laundering, human trafficking, and other crimes is the purpose.
Banks are evicting more people, families, and small businesses. They often have no idea why their banks turned on them.
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