A Massive US Bank Is Now Freezing Customers’ Money

A massive US bank is now freezing customers’ money and giving them the ‘runaround’, according to several media reports.

After a deposit debacle, a Chase Bank client threatened to switch to Bank of America.

The social media user shared their story anonymously on Facebook, alleging they deposited two checks worth $3,500 in October of 2023.

The customer used the Chase mobile app to send the money through and waited during a standard 10-day hold.

They were told their account would be closed if the bank couldn’t verify both checks.

A week after they tried to log into the Chase app, they discovered their account shuttered from a demand deposit account withdrawal.

“I am now going to Bank of America,” the user wrote.

The user said they eventually were able to verify the first check, but it took them longer than expected as their employer was reluctant.

The bank wouldn’t verify the second check with the rest of the money until the user provided a valid number.

“I gave them one which they told me wasn’t registered in their system and there’s nothing they can do,” they said.

The sender of the check told the user it was the right one though.

The user tried calling Chase multiple times and spoke with one representative that they said wasn’t helpful.

Three days later, they spoke with another representative who told them the check was in Chase’s system.

They said the previous representative had misinformed them before the user finally verified the second check.

“I told her this was such a crazy process.

She told me this happens all the time and that she understands it’s frustrating,” the user wrote.

“But they have to follow the bank guidelines.”

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Also Read: Three Massive Bank Branches Are Now Closing in California

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Market News Today - A Massive US Bank Is Now Freezing Customers' Money.
Market News Today – A Massive US Bank Is Now Freezing Customers’ Money.

A massive bank is now closing nine more locations this year after its CEO said the company is running out of branches to shutter.

Chase Bank has announced plans to close nine additional branch locations this year.

However, the banking institution has suggested it is rapidly running out of branches to shutter.

The move to close more branches reflects a broader trend in the banking industry, reports The-Sun.

“Digital banking services are increasingly becoming the preferred choice for consumers.

As advancements in technology continue to revolutionize the way people manage their finances, traditional brick-and-mortar branches are facing pressure to adapt or downsize.”

The closures were released by the Office of the Comptroller of the Currency (OCC) in March, AS News reported.

There will be nine Chase stores closing this year, however, a timeline for the closures has not yet been released.

Illinois will close three stores – two in Skokie, and one in Wilmette.

There will be one closing in New York.

Another will close in Pataskala, Ohio.

Two California stores will close in San Lorenzo and Los Angeles.

Las Vegas, Nevada, will also be shuttering one store.

There will also be one closure in Lafayette, Indiana.

Marianne Lake, co-CEO of JPMorgan’s consumer and community banking unit, addressed the changes at a Goldman Sachs conference in December 2023.

“Just really briefly on branches, you know that we continue to want to grow our branches in certain markets where we’ve either just entered them or where the opportunity is high,” Lake said.

“We have been adding branches at about gross, about 150 plus or minus a year. 

“We expect to continue to do that. 

“We’ve obviously been consolidating also, but going forward there are less and less accretive opportunities to consolidate. 

“So over time, you’ll see our network generally be flat to up, but we’re going to keep adding in areas where we think the opportunity is there to do it.”

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Also Read: A Massive US Bank Now Closes More Branches in Ohio

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Market News Today - A Massive US Bank Is Now Freezing Customers' Money.
Market News Today – A Massive US Bank Is Now Freezing Customers’ Money.

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