Chase Now Scrutinized For Freezing $50K in Retiree Money

Chase is now being scrutinized for freezing $50K in retiree money according to a new customer report published on Wednesday.

Barb and Steve White from Mesa, Arizona say they were stunned when they tried to log into their JPMorgan Chase bank accounts and discovered all three of them had been frozen without warning, reports The-Sun.

In total, the two retirees had more than $48,000 in their free accounts that they weren’t able to access.

The only explanation Chase gave the Whites was that the freezing of their accounts was due to recent activity, but didn’t elaborate further.

“That is like beating your head against the wall,” Barb said at the time.

“You go through person after person. ‘Oh, I’m not sure I can help you with this. Let me let you talk to this person.'”

She added: “It would have been really appropriate and nice of them to say ‘Hey, you guys, this is what we see. Can you explain? Can you give us a heads-up? Can we work this out?”

In total, the couple were locked out of their accounts for four months, AZ Family reported.

They decided to file a lawsuit against the major bank to get their money back.

Eventually, in February of this year, bank officials at Chase returned the money to the Whites but still did not explain why they had frozen their accounts.

“Chase’s attorneys called ours and said ‘Chase wants to give you your money back,'” Barb said.

Although they were relieved to have resolved the situation with Chase, the Whites said the lack of explanation from the bank is still frustrating.

“It still leaves a real bad taste in your mouth, just not having any explanation as to why,” Steve said.

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

Other Banking News Today

Market News Today - Chase Now Scrutinized For Freezing $50K in Retiree Money.
Market News Today – Chase Now Scrutinized For Freezing $50K in Retiree Money.

Bank of America now closes a customer account without warning or explanation, creating massive turmoil for the user.

The giant has been scrutinized for freezing customer accounts for many months now.

Christina Blanton says she has been a loyal customer at Bank of America for 17 years now but said the company couldn’t give a reason behind the decision.

CBS affiliate WBBM says Blanton couldn’t access money from Bank of America for her thyroid cancer surgery.

Blanton, who has since switched banks, said her account was locked just before she was due to have surgery.

She told WBBM: “I was upset and frustrated. I wanted to cry.”

Blanton said she initially thought she had put her password in wrong when she couldn’t access her online bank account.

She realized that her account had been locked.

The mom struggled to get an answer from Bank of America in an ordeal that lasted months – before it was eventually resolved, reports The-Sun.

She claimed that the bank had made a so-called business decision to shut the account.

She said she was eventually able to access her funds after her account was reopened.

But she was left furious that bosses couldn’t give an explanation why her account was closed.

A spokesperson told WBBM: “We can’t share information about an individual account for reasons of privacy, but we have resolved the issue directly with our customer.”

Meanwhile, Chase Bank customer Justin Martin has also told of the moment he realized his account had been frozen.

Small business owner Christian Haberkern has recalled the ordeal that saw more than $24,000 wiped from her Wells Fargo account.

She tried to get her money back for weeks before the funds were eventually returned.

Also Read: Wells Fargo is Now Freezing Bank Accounts in New Scandal

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Market News Today - Chase Now Scrutinized For Freezing $50K in Retiree Money.
Market News Today – Chase Now Scrutinized For Freezing $50K in Retiree Money.

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