Customers now accuse these massive banks of abruptly closing their accounts without warning or justification.
The New York Times just conducted a report and identified Chase and Citi as being two of the biggest banks to close customer accounts in the past few years.
Caroline Potter told the newspaper that her Citibank accounts were shut down abruptly last year, while Steven Ferker said he was booted by Citi after withdrawing money in 2016 and 2017 to help fund services for the new house he had bought in New York.
Ferker said he was surprised that the bank called to ask why he was making repeated cash withdrawals—which he made in chunks of $7,000 to $12,000 to pay his contractor, who had requested cash payments—but he explained the situation each time.
“I assumed they were calling to make sure someone was not stealing my money, and I was glad that they called,” he told the NYT.
“But I never gave it two thoughts until they threw me out.””Bryan Delaney, who has owned several New York City bars, and his business partner Jennifer Maslanka, told the newspaper that Chase abruptly closed the bar’s account this year, along with personal checking and credit-card accounts for Delaney, his wife, and Maslanka,” reports BestLife.
“There is no humanization to any of this, and it’s all just numbers on a screen,” Aaron Ansari, who used to program the algorithms that flag suspicious activity, told the NYT.
“It’s not ‘No, that is a single mom running a babysitting business.’ It’s ‘Hey, you’ve checked these boxes for a red flag—you’re out.'”
A spokesman for JPMorgan Chase, said that “accounts are closed only after appropriate review and consideration of the facts.”
NYT counted at least 500 cases similar to these — a shame for customers who have been affected.
Other Banking News Today
TD Bank customers now say they cannot access their money after the company recently had an outage last month.
Those affected have been unable to pay their bills or have had their accounts fall below zero.
“Still cannot access the funds I need. What is the plan for people whose rent check will bounce, or have automatic deductions for bills and stuff?
Senior citizens living check to check won’t be able to get their food or medicines. This is causing bigger problems then just a mere delay,” reported one TD Bank customer on Monday.
“This is beyond ridiculous – this is the second occurrence within the last two months. What good is a banking institution when you can’t receive or transfer funds seamlessly for days and I have to wonder what’s next. Seriously considering changing providers!!” said another bank user on Downdetector.
Last month, customers on were reporting they were unable to pull cash from TD Bank while others stated debit cards have been declined despite having funds in their accounts.
Similarly, Chase customers are currently reporting the bank holding their direct deposits up to a week!
The bank has recently had an array of banking issues including a massive ATM outage that prevented customers from pulling out their money during labor day weekend.
“Just got off the phone with Chase they are telling people the issue is cleared up but I have yet to receive my direct deposit it’s been 6 days and I am very frustrated I want to figure out what can be done about this,” reports Shadaya.
“This is very frustrating and there is nothing we can do but wait this is like a scam.”
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