A Massive US Bank Is Now Declining Credit Cards

A massive US bank is now declining credit cards after a customer says they had no access to their funds or accounts when using an ATM.

A Chase customer was shocked to find out that her credit card was declining multiple times and account was erased from the system.

On May 1, 2023, JPMorgan Chase acquired First Republic Banks, absorbing their accounts and customers.

“Our government invited us and others to step up, and we did,” said Jamie Dimon, Chairman and CEO of JPMorgan Chase in a press release.

“Our financial strength, capabilities and business model allowed us to develop a bid to execute the transaction in a way to minimize costs to the Deposit Insurance Fund.”

He went on to boast about the benefits of the acquisition.

“This acquisition modestly benefits our company overall, it is accretive to shareholders, it helps further advance our wealth strategy, and it is complementary to our existing franchise.”

On First Republic’s side, the bank issued its own statement of assurance to its customers.

“First Republic and JP Morgan Chase are committed to your account and information safe,” read the statement.

The transition information noted that First Republic customers’ accounts would be transferred to Chase Bank by May 25, 2024, just days ago.

For one customer, this transition was less than perfect, finding that Chase Bank could not locate their funds.

Phoebe Wall Howard, @phoebesaid on X, posted her frustrations on the site, tagging Chase in her call out.

“Dear @Chase You acquired First Republic Bank a year ago. Customers were told the transition would be seamless,” Howard began.

“Well, my ATM card was declined 2x today and then a Chase clerk told me she can find no evidence of my checking account — to come back next week,” she continued.

“So that’s unsettling.”

Howard’s concerns did not go unanswered, as Chase Bank’s account reached out to her via X.

“We understand how it feels when you are unable to access your money and your card is declined,” the bank began.

The bank then explained some potential reasons Howard was running into issues.

“Your debit or ATM card will continue to work during the transition to your Chase account with a few exceptions,” the post continued.

“Deposits, transfers and balance inquiries at ATMs will not be available, nor will money transfer requests when using your debit card as the funding source (ex. Cash App, Venmo).”

The bank went on to explain that these features would be available later in the month.

“Generally, we’ll be able to update or check your account after May 27th once we transfer it to JPMorgan Chase’s computer systems,” the bank explained.

JPMorgan Chase has yet to respond to a request for comment by The U.S. Sun, the outlet reported on the case.

Have you or anyone you know experienced something similar? Leave your thoughts below.

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Also Read: A Massive US Bank is Now Closing Credit Cards

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Market News Today – A Massive US Bank Is Now Declining Credit Cards.

A banker is now convicted for stealing money from customers while working at Bank of America over a 10-year period.

The personal banker was arrested after her years-long scam, resulting in nearly $300,000 being stolen, came to light.

Police in Seneca, South Carolina said they received a report in 2013 about missing money from an account with Bank of America.

The victim, who also reported the incident to the Customer Service department, told police he was missing around $30,000.

Investigators worked with Bank of America for several weeks after the crime was reported and learned that an employee who had been stealing money from several people in Oconee County.

The police said the victims would use the Bank of America location in Seneca as their primary bank and Bobbi Cortese was their personal banker.

Seneca Police investigators and the US Secret Service spent nearly a decade doing more interviews.

Meanwhile, Bank of America was given time to complete an internal investigation.

It was revealed that Cortese had stolen nearly $300,000 from four people while working at the bank.

Some of the money was in the victims’ bank accounts for life insurance payouts related to the deaths of their spouses.

Others had a lifetime of earnings that was supposed to be used for their retirement, said police.

Cortese would open accounts under the victims’ names without their knowledge or consent and would perform a “shell game.”

This is when a scammer uses the money from one victim to replace what she stole from another victim.

After investigating further, police said Cortese forged several documents and issued them to the victims to hide the theft.

She committed these acts for about four years while working at the Bank of America, said police.

Cortese was arrested in May 2023 and charged with four counts of breach of trust and two counts of forgery.

She was later fired by the bank, reports The-Sun.

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Also Read: A Massive Bank Now Freezes Money From Direct Deposits

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Market News Today - A Massive US Bank Is Now Declining Credit Cards.
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