Chase Now Makes Unexpected Bank Account Closures

Chase now makes unexpected bank account closures, a growing problem that has customers concerned for the safety of their money.

One customer vented their concerns about the bank on a Chase subreddit thread with 19,000 members after their account was closed.

They labeled their post “Chase closed my new business account and has been holding my money for seven months.”

They claimed their account had shuttered without warning or notice, preventing them from accessing their $1,000.

The Redditor said they were supposed to get it back in a check, yet it’s been months and the bank won’t give them any clear answers.

It all started in June of 2023, when the user went to a Chase branch to open a business account for their limited liability company.

They said a staff member helped them deposit around $1,000 to their account.

“I didn’t touch the account until July when I had another check to cash, but it didn’t go through,” the user said.

“When I dug deeper, they told me that the account was flagged for fraudulent activity and they had the right to close my account without notice and without explanation,” they added.

According to Chase, the bank can close a member’s account for several reasons including inactivity, over-limit fees, credit scores, and delinquency.

The user was told there an ongoing investigation needed to conclude before Chase could return their account’s balance in a mailed check.

Months later, after several calls to customer service which the user described as, “incompetent,” they went to the branch for answers.

It turns out the user didn’t commit any fraud. A Chase staffer’s error actually caused the account to close.

“I found out that it was because the initial Chase employee deposited my check incorrectly – he clicked on the wrong bank for the ACH transfer,” the Redditor said.

The issue to this date has not been resolved, even with this discovery.

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

Other Banking News Today

Market News Today - Chase Now Makes Unexpected Bank Account Closures.
Market News Today – Chase Now Makes Unexpected Bank Account Closures.

A business owner now loses a whopping $172K from his bank account after his money was drained by hackers, sources report.

Joshua Capps, of Alabama, said he’s been hit hard by the ordeal and is fighting to get the funds reimbursed.

Capps revealed that his iPhone had been hacked and fraudsters were able to access his Notes app, where he stored his bank passwords, according to local ABC affiliate WBMA-LD.

“Never in a million years did I think somebody would get access,” he told the outlet earlier this week.

“I had $172,000 boom, vanish.”

His bank, Regions, then sent verification codes to his number, which meant they were in the hands of the scammers.

An FBI probe traced the fraudster to Arizona, where it was found that they had deposited the stolen funds into three banks, including Chase and Wells Fargo.

Capps, a roofer, hopes he will be able to be reimbursed with around $100,000 of the amount that disappeared from his Regions account.

The bank has recommended how customers can protect their data.

Passwords should be tricky to guess and confidential data shouldn’t be sent via email.

Banks will never call customers asking for one-time verification codes, usernames, or passwords.

Fraudsters are known for tactics designed to panic unsuspecting customers into wiring money.

But some scammers might sound demanding, while others might have a convincing tone, reports The-Sun.

Jack Batz, from Illinois, revealed a fraudster, purporting to be a Chase employee, sounded convincing before he was swindled out of thousands.

These are tactics designed to trick victims.

Regions warned that scams from fraudsters purporting to be banks have become common.

Jessica Small, from Boston, lost almost $40,000 after receiving a text message she thought was from Bank of America.

Customers should also keep an eye out for scams that contain odd links and spelling and grammar errors.

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

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Market News Today - Chase Now Makes Unexpected Bank Account Closures.
Market News Today – Chase Now Makes Unexpected Bank Account Closures.

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