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.
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.