A Massive Bank Now Charges Customer $25K After Closing Account

A massive bank now charges a customer $25K twenty years later after closing their account, according to a Reddit user report.

Chase bank withdrew $25,000 from a customer’s credit union account and claimed it was to pay off a balance from 20 years prior.

The customer’s daughter took to Reddit for advice on the situation.

The user explained that her dad had a Chase credit card in the early 2000s but closed it in 2004.

As far as the father knew, he had paid it off in full before closing the card.

Then one day as he was going through his bank statements from his credit union, he saw that Chase had withdrawn $25,000.

“He called Chase because he thought it was a mistake and they told him it was to pay for the credit card that was closed in 2004,” the daughter wrote.

“They said that the $25k included an unpaid balance, fees, and interest.

My dad found out that they had sent notices but to the wrong address. He has lived at the same address since 1997.”

She explained that her dad checked his credit report and there was no sign of any type of judgment or derogatory marks that would usually be there for someone with a large, unpaid debt.

He had also applied for and been approved for car loans and refinanced his house a few years prior.

In the replies, he was heavily encouraged to file a complaint with the Consumer Finance Protection Bureau (CFPB) and hire a lawyer.

People also pondered the possible reason behind the withdrawal.

“There was no way this was allowed through normal means if an account was closed they should have no access to your dad’s finances at all,” wrote one person.

Another added: “If this was a garnishment, there should have been paperwork submitted to the credit union that it should be able to produce pretty quickly.”

There has been no update from the original poster regarding the turnout of the situation.

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

Other Banking News Today

Market News Today - A Massive Bank Now Charges Customer $25K After Closing Account.
Market News Today – A Massive Bank Now Charges Customer $25K After Closing Account.

A massive US bank is now closing accounts without warning according to several customer reports.

A Chase customer is currently asking for help as the bank abruptly closed four accounts without notice.

The person described the situation on Reddit where several other customers said they had been through the same exact experience.

On the Chase Bank subreddit, the customer wrote that they had four accounts, all of which were closed “without any notice at all.”

“When I called they refused to give me any information at all. They locked all my accounts and I can’t even transfer my money or withdraw it from an ATM.

“I have no idea what to do. I have so many bills about to be due,” they said.

In the comments, they further explained that they hadn’t recently made any big purchases or tried to cash a check, and in the past, they had only overdrafted the account once.

Another user replied that the same thing had happened to them during the pandemic.

“Worst experience I’ve had with any banks. Ruined my credit, no money to buy food, and almost went homeless,” they wrote.

Two weeks later they were sent a check for the remaining balance.

A third person shared a similar experience and urged the original poster to “don’t bother fighting the customer service or staff” on the decision as they won’t give out extra information.

Two weeks later they were sent a check for the remaining balance.

A third person shared a similar experience and urged the original poster to “don’t bother fighting the customer service or staff” on the decision as they won’t give out extra information.

Someone else added: “They also closed my account and they told me they have the right to close my account, just like I have the right to close my own account.”

The original poster didn’t share an update regarding whether or not they were able to resolve the issue.

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

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Market News Today - A Massive Bank Now Charges Customer $25K After Closing Account.
Market News Today – A Massive Bank Now Charges Customer $25K After Closing Account.

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