Massive US Bank Is Now Being Accused of Freezing Accounts

January 6, 2024

A massive US bank is now being accused of freezing accounts according to several customer reports on social media forums.

JPMorgan Chase is facing fresh accusations of locking down and terminating a customer’s bank account over unfounded concerns of suspicious activity, reports DailyHodl.

In a new post on the r/Chase Reddit forum, a user says a new Chase bank account has been abruptly shut down without warning or explanation.

After getting their account set up, the poster says their mother sent cash to the new account via Zelle, and several additional Zelle transactions were sent and received with friends and family for basic items like Uber rides and food.

Three days after the account was opened, the Reddit user says they were completely locked out of their account.

“When I try to login it says my account is locked due to suspicious activity. I cannot call at this time because it is already past business hours so I wait until Friday morning. I call and they are not able to confirm my identity over the phone because the number I gave wouldn’t show up in their database (this is the number I used to open the account).

At this point, the user says they were not informed that the account was facing imminent termination.

I’m told that I would need to go in person with two forms of ID. I schedule a meeting for whenever I wasn’t busy which was Thursday the 21st. The day comes, but I am unable to make it so I rescheduled for the 26th (today) which was the only day available. Today comes and I find out that my account was closed.

I only had 10 business days to resolve this, which I did not know because in the mail I received it didn’t specify how long I had. I’d also like to add that on the 15th when I was locked out of my account it said my balance reached below $20 and my available balance was $0. I had $50 when I was locked out.”

This isn’t the first time JPMorgan Chase has been accused of wrongfully closing accounts.

Last summer, Republican attorneys general in 19 states accused JPMorgan of routinely discriminating against its own clients and closing bank accounts without warning based on religious and political biases.

Also Read: The US Treasury Direct is Now Freezing Customer Accounts

Other Banking News Today

A massive US bank is now closing credit cards without warning according to new customer reports on social forums.

A Reddit user says Bank of America closed a total of four of their credit cards with many other (now ex) customers confirming the same experience.

They explained that they had missed one payment six years earlier and had an “almost perfect” FICO score.

“I checked TransUnion and the bank in question had checked my credit report one day then promptly on the same day sent a mail with no details on why my credit cards I had for 10+ years…was closed,” they wrote.

The customer service representative didn’t give them any details on why the accounts were closed, but the poster did say another institution they have a credit card with ran their credit report the day before BOA made the decision to close the card.

In the replies, people shared tales of caution from similar experiences and offered advice.

“BOA did this to me. Called and talked with a nice lady for an hour and she found out why. Try calling in until you get connected to someone helpful,” wrote one person.

Another added: “I shut down my checking account with Bank of America and 6 months later they closed my credit card. No letter, warning anything.

“Weirdly, they left the other credit card I have with them open. No late payments on either, so who knows.”

Unfortunately for customers, banks do reserve the right to close accounts abruptly with little explanation, reports The-Sun.

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

Market News Published Daily 📰

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Also, thank you to all of our blog sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Scroll below to view my stock purchases this month!

You can also follow me on X (Twitter), Instagram, Facebook, or LinkedIn for daily news and updates on your favorite stories.

More Market News 📰