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.