Category: Uncategorized

Chase still closes accounts for no good reason

From a reader:

Years later, they still do this! I opened a Business Account with a substantial deposit, provided all details about the business, and provided Articles of Incorporation and Operating Agreement.  Later, a Chase rep called me and said additional info was needed about my business (the purpose of the business).  I clarified it was for real property investments, and reminded her that this was disclosed when I opened the account and also described in the Articles/Operating Agreement provided.  When my offer was accepted on a real property investment, I needed to issue $1000 earnest money but was shocked to learn that my account was closed and my >$200K was in limbo, so I had to cut a check from my personal account to temporarily cover that.  A local branch officer apologized, but told me I still had to start over with a brand new account, which he opened (with all the same disclosures about the business) and detonated himself as primary contact for any other potential issues. I needed to close escrow yesterday, but learned that Chase “bounced” a valid wire transfer for another $77K due to “outstanding internal questions” that they never bothered to ask the branch officer or me, nor did they notify us of the rejected wire transfer.  I am now in jeopardy of losing the real estate deal, my $77K is in limbo, and no one from Chase executive offices bothered to resolve the case that was opened for this.  NO ONE’S MONEY IS SAFE WITH CHASE, AND THEY CANNOT BE TRUSTED

From another reader:

I am one of those people where Chase Bank close my account with out notice. I had an SBA loan that was approved and deposited and then Chase said I need to show them more proof of my business. I am an independent contractor/gig worker and do not have the required documentation that they are asking for. They want documentation as if  am a big business. So, they are holding ALL of my money hostage which includes money that has nothing to do with the SBA loan. I have called Chase several times and I will now email the CEO. SBA says my loan is valid that it is on Chases end. If you have any suggestions for I would greatly appreciate them. I have read other people wanting to start a class action suite but I dont know how to do that. 
thank you so much for having and keeping this sit up. I’m glad that I found it.

We’re still here

It’s been a long while since our last post. We actively posted almost 1200 times from 2005 to 2015, to help bring to light the bad behavior of Washington Mutual Bank and then their successor Chase. A lot of really unsavory stuff. But at some point, as the recovery started to blossom and we received fewer stories of despair from readers, we got a little tired of blogging. But there were plenty of good reason to leave the site up.

And we’re glad we did, given the email we got this morning from reader Tim.

A foreign airline canceled my flights due to Covid-19 and said it would take a least four months to get a refund, which meant of course, never. Chase disputes department received a deceptive response to my dispute from the merchant. Chase then denied my claim despite my explaining in detail, with documentation, that the merchant was misleading them. But it was like trying to explain something to a door. Chase again denied my dispute and I thought that I had permanently lost a lot of money. It hurt.

I searched Google for a Chase ombudsman and another search string that I cannot recall. I eventually came across your website with the Chase executive office contact information. I called, they investigated and in the end I received a full credit because the disputes department investigator made a mistake. In reality he/she was too lazy and too lacking in reading comprehension and critical thinking skills to understand a simple concept.

So, were it not for your website, I would have been out a lot of money. The executive assistant that helped me was awesome. 

So a big thanks for putting this site together. It makes a difference.

We are glad we could help.

Chase limiting business customers cash activity and international wires

According to this post, Chase has been sending out letters to business customers limiting their cash activity (withdrawals + deposits) and refusing to accept anymore international wires.

Dear Business Customer,

Starting November 17, 2013:

– You will no longer be able to send international wire transfers. You will still be able to send domestic wires and receive both domestic and international wires. We’ll cancel any international wire transfers, including recurring ones, you scheduled to be sent after this date.

– Your cash activity limit for these accounts(s) will be $50,000 per statement cycle, per account. Cash activity is the combined total of cash deposits made at branches, night drops and ATMs and cash withdrawals made at branches (including purchases of money orders) and ATMs.

These changes will help us more effectively manage the risks involved with these types of transactions.

What are they up to?

Chase down again

Readers are reporting another outage this morning that has lasted several hours.  The login screen as of now appears active and I can’t test it as I am not a Chase customer.  One reader reported being redirected to this page.

Dear Chase, please don’t enroll me in stuff I don’t want

The consumer advocate at your local newspaper or TV station is still the best way to get big organizations like Chase to do the right thing.  For some reason, negative publicity still bothers them.  Take this exchange for example:

Dear Greg: In 2009, Chase Bank sent me an advertisement stating that, with the opening of a new checking account with a minimum $1,000 deposit, they would give me — yes, give me — $100. My first deposit was $1,064 on Dec. 16, 2009. Then the proverbial other shoe: They deducted $25 of the $100 on Dec. 23 for what they called a “Leisure Rewards” program annual fee, plus another $25 under the same charge code. In plain English, they had taken back $50 of the so-called $100 “incentive” to open an account. I figured it was only a matter of time before they deducted the remaining $50 for something else and went smiling into the sunset. I closed the account to a zero balance on March 26, 2010. On Jan. 1, 2011, they billed me for the last $50 of the account — a difficult transaction since the account had been closed for nine months! This did not stop Chase. They simply charged a “negative” balance to my non-existent account. They added $27 for account overdraw, bringing the total to $77. Their collection people have been calling us morning, noon and night.

Dear Donald: It was so much easier when banks gave new customers a toaster! But let me cut to the chase. I donned a pair of oven mitts and handed off your scorching hot letter to my contact at the bank. According to Chase, the deductions from your account were the result of your enrollment in the Leisure Rewards program — even though you say you never heard of the program until you were charged for it. In the interest of moving on, Chase has applied a $77 credit to your account, marked it “closed,” stopped all collection efforts, and confirmed that your credit record has been muddied.

I suspect that they won’t be enrolling people in Leisure Rewards anymore as that program is going away, at least for debit cards, but this is very similar to how they’ve been enrolling customers in overdraft protection without asking for years, until the government made them stop.

As for the rest of it, like billing the closed account for a $50 fee that no-one at Chase is likely to be able to figure out, well that’s just how Chase is, if you’ll believe the 1,000 or so stories we’ve posted here since 2005.

Reflect on WaMu’s seizure

This fridary 9/25 is the one year anniversary of WaMu’s seizure by the FDIC and sale to JP Morgan Chase. This is a good time to reflect on whether things have gotten better or worse under Chase than they were under WaMu. In the past year I haven’t heard a single story about a WaMu customer being pleased that their bank is now Chase.

More home equity line lawsuits

More lawsuits against Chase for revoking home equity lines. The latest one in California.

Not WaMu’s money but they won’t give it back!

Charles sent his credit card payment to the address listed on his credit card companies website. That company also handled some cards for WaMu. Somehow the payment ended up in WaMu’s hands and they cashed the check even though it wasn’t made out to them. Now they won’t give the money back. (story)

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