A Chase Customer Now Loses Money Due To Illegal Activity

January 15, 2024

A Chase customer now loses money due to illegal activity reports KMGH, with the bank giant refusing to lend any help.

Banking giant JPMorgan Chase is reportedly refusing to make a customer whole after thousands of dollars exited her account in a slick banking scam.

Colorado resident Betsy Rich says she received a text message last month asking her to authorize a $1,700 transaction from her JPMorgan Chase account, reports the ABC-affiliated news station KMGH.

After abruptly denying the suspicious transaction, she says she received a call from someone whose phone number matched the customer support number on her Chase debit card.

Rich says the person knew her account number, address and balance and told her that someone was trying to move funds out of her account.

At that point, Rich says she used another phone to contact Chase.

“It was very urgent, and he said that it was continuing as we were speaking.

So, I immediately picked up the other phone and called Chase Fraud. It was a 20-minute wait.

Their live chat wasn’t available either. And our branch wasn’t open.”

While waiting on hold with Chase, Rich says the scammer convinced her to change her PIN, telling her that she might lose more money if she failed to take action, reports The Daily Hodl.

Shortly after changing her PIN, $10,700 was drained from her Chase account.

After the debacle, Rich says she received a letter from Chase telling her that her fraud claim was denied.

“It says, ‘We are denying your claim because we determined that the items being disputed were authorized.’ No, they weren’t!”

Although her claim was denied, Chase returned $1,700 in wire transfers.

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Also Read: A US Bank is Now Freezing Some Retiree Accounts

Other Banking News Today

A massive US bank is now cutting 20,000 jobs to save as much as $2.5 billion to boost the Wall Street giant’s lagging returns.

Firmwide expenses are expected to drop to a range of $51 billion to $53 billion over the medium-term, Citigroup said, without clarifying the exact timeframe.

In the meantime, though, the firm expects to incur as much as $1 billion in expenses tied to severance payments and Fraser’s broader overhaul of the bank.

Costs for the year should be in the range of $53.5 billion to $53.8 billion — a decrease from the $56.4 billion the firm spent in 2023.

“The fourth quarter was very disappointing,” Fraser said in the statement.

“Given how far we are down the path of our simplification and divestitures, 2024 will be a turning point.”

Fraser in September initiated the biggest restructuring of Citigroup in decades as she seeks to improve the bank’s returns.

She has said the moves will allow the bank to eliminate bureaucracy, slimming it down from 13 management layers to just eight.

Fraser has also said the overhaul would help her boost a key measure of profitability known as return on tangible common equity to at least 11% by 2027 at the latest.

She reiterated that medium-term guidance on Friday.

The 20,000 roles that Citigroup will eliminate include jobs cut as part of the restructuring as well as dismissals that would have occurred anyway, reports Bloomberg.

This comes as a major blow to employees at the bank.

Massive bank layoffs have also been occurring within Wells Fargo, JPMorgan, PNC, and others.

The continued coverage of bank layoffs in 2024 is a developing story — for more news and updates like this, opt-in for push notifications.

Also Read: A US Bank is Now Denying Customers Access to Money

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