Chase closes long-time customer account for no reason

Another story that attests to the mysterious and often backwards ways of Chase.  The story calls the seemingly random closing of good standing customers accounts for no reason (that Chase will give) a mistake, but I can’t help but wonder if Chase just determined the customers weren’t profitable and decided to cut them loose.

MONROE, Wash. – Mike and Meagan Farrell have been customers at their neighborhood bank on Highway 2 in Monroe for six years. First, when it was Washington Mutual and later, when it became Chase.

They’re on a first name basis with the tellers and managers.

“It was our personal banking place, you know, one stop banking,” said Mike Farrell.

The Farrells not only had their checking and savings accounts at Chase; they had individual retirement accounts there, even a savings account for their 10-year-old daughter.

They had tens of thousands of dollars in the bank. And they were happy customers.

“We were considered platinum, premium customers,” said Meagan Farrell.

Then on Saturday, August 27, Meagan walked to the mailbox.

“I went and got the mail, and I opened it up, and I was mortified by what I read,” she said.

Account closing

It was a letter from Chase.

“It says here [in the letter], ‘We are writing to notify you that we are closing your deposit accounts in accordance with your Chase deposit agreement terms and conditions,’” said Mike Farrell.

It was a one-page form letter that said, “Your account will be closed 10 business days from the date of this letter.”

The letter set off a cascade of problems the Farrells are still recovering from. It instructed them to stop using their ATM debit cards and destroy them. Missing among all of the fine print and instructions was any reason for Chase’s drastic actions.

So the Farrells called the phone number on the letter and talked to customer service.

“They just told us, ‘We’re closing your account,’ and they said that they could not give us a reason why,” said Mike.

It was a weekend. So the Farrells figured their friends at the local branch in Monroe would be able to sort it all out on Monday. Yet when they arrived at the bank they’d always counted on, they were in for another shock.

“Our accounts were already frozen and they had already bounced all of our outstanding checks. Even though there was sufficient funds to cover everything,” Meagan Farrell said.

The Farrells say the bankers were sympathetic but said that the decision had been made at the corporate level.

“They also seemed confused. The manager said they usually only see this sort of thing in cases of check fraud, which they knew that we weren’t committing any check fraud,” said Meagan.

Read more …

8 Comments

  • By Shehab Hamad, January 30, 2012 @ 4:08 am

    I hate Chase. I was a loyal customer and for no reason, on a Saturday evening, my credit card was declined. I call only to find out that, with no notification at all, my account had been frozen for termination. All my money, for gas, food, school books and life is tied up in that account. The reason? Because they can. They are a horrible, evil, heartless corporation. Now I have to wait 10 business days so I can use my own hard earned money. BANK ELSEWHERE!

  • By Kim Phan, August 29, 2012 @ 11:29 pm

    This just happened to me the other day! I received the same letter. I am still not able to get a straight answer on why my 4 personal accounts were closed! There were fraud charges in my account I had to deal with a couple months ago, and I had to open up new accounts twice, because the banker never resolved the problem in the first place. IT WAS A COMPLETE DISASTER!. I have 3 credit cards and a auto loan with them too. I have also been a loyal customer for over 10 years, back when they were wamu. What a shame! I am taking my business as well as friends and family elsewhere.

  • By Hossien Ebrahimi, September 11, 2012 @ 8:27 pm

    Our chase checking account was restricted without any notice as well. We had this account for 13 years (started when it was Washington Mutual bank). I was an excellent customer in every way, direct deposit two pay checks, home mortgage with chase, credit cards, ATM cards and the whole deal. All of the sudden they resided to close my account. When asked why both by phone and going to their branch, I was told they can not tell me why. I will spread the news on face book site and all my friends and family that Chase sucks big time.

  • By Another Victim of Chase, November 2, 2012 @ 4:31 pm

    Chase closed my business account and would not give a reason as to why.
    Very odd situation as I have been doing business with chase for years, I have excellent credit, maintain high balances, and have always paid on my loans.
    Something is definitely very wrong at Chase. What’s really odd is they said I could keep my personal account and visa card and even the merchant services, but were canceling my business account. How bizarre. In life you get an abundance of what you tolerate, so I terminate all chase services and recommend anyone else do the same.

  • By whit, November 3, 2012 @ 8:34 pm

    Chase messed up yes, but the bankers at that local branch? shame on them. instead of telling the couple that there is nothing they can do they should have fought harder, basically do what farrells did, which is to ask Chase to look into it again.

    state that we know this couple and that this has to be a mistake

    the frozen account and letter? yes it’s bad

    but nothing is worse then being told sorry, that’s it, rather then try and fight that mistake.

  • By Marta, January 5, 2013 @ 6:19 pm

    Just got my letter today, so I called to ask why; neither the rep. nor the supervisor would tell me why. I am convinced that the reason is that they are getting rid of all the free checking accounts, which were opened when it was Washington Mutual. Why would they not tell us the reason? Something is fishy, they are willing to pay people $125.00 to open an account with them and yet they close perfectly o.k. accounts.

  • By Tiffany, May 7, 2014 @ 10:36 am

    Same situation just happened to me. I made a deposit this morning and when I went to use my online billing to pay my medical insurance it was declined naturally I called the bank and they have me the spill of “for reasons unknown to us you account has been closed.” We will send you a check for finalization and that’s it!!! Never again will I deal with chase and anyone who does I will warn them what they can do for NO specific reason!!! I hope they go under for not dealing with cash clientele!!!

  • By Thy To, September 23, 2014 @ 10:02 am

    I recieved a letter from Chase saying that they will close my checking account within 14 days of this letter. I was shocked and suprised and thought that this was a joke. I called the number on the letter asking why that is the case, and guess what their reason was? The reason was because they could! I’m SHOCKED! They said the have the right to kick me out without telling me any reason whatsoever. I told them I’m never late on my payments, never had any fees, never once had any negative bad thing on my account and now they’re closing my account just because? The manager all he could said was ” there’s nothing I can say”

    I was frious. After a week later, I recieved another letter saying that they have closed my credit cards. The reason they have close my credit cards was because my checking account was close! I was even more livid! I spent a total about a month calling, putting on hold, trying to figure out why. After a while, I just felt like Chase was a waste of time. What a pieces of $hit bank. Here I thought other bank was bad, but Chase was just the lowest. I was a loyal customer to them, and now they do this to me! I had to submit a claim on the Credit Protection Bureau for them to call me back. It took a few days, but someone called me back. They still couldn’t give me an answer. The only answer they gave me was because they could.

    I took my business else where afterward. I did call the Executive Credit Service back again, and still today, they can’t give me a reason.

Other Links to this Post

RSS feed for comments on this post. TrackBack URI

Leave a comment

*



WordPress Themes