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Chase closing accounts

Senior Contributor

Re: Chase closing accounts

Maybe I'm missing something here, but how does "income" have any relevance to a checking account?  When you open a checking account you don't have to declare income, do you?  Are they basing it off of a direct deposit amount into that checking account?  I'm just not understanding what is meant here by income not matching the checking account I suppose.

Message 21 of 117
Established Contributor

Re: Chase closing accounts


BrutalBodyShots wrote:

Maybe I'm missing something here, but how does "income" have any relevance to a checking account?  When you open a checking account you don't have to declare income, do you?  Are they basing it off of a direct deposit amount into that checking account?  I'm just not understanding what is meant here by income not matching the checking account I suppose.


Just a wild guess here, but maybe Chase looked at the pattern of deposits, direct and otherwise, into the checking account over the past year or so and compared it with the income claimed in the credit-card app/account? At that, I don't remember whether Chase asks for gross or net income in the app process.

Ch 7 BK discharged 12/14, well along in rebuilding credit. FICO 12/1/17:TU 663/EX 697/EQ 688 FICO 8 (Aug 2017) or 680 FICO 9 (Penfed Sep 2017), VS 3.0 12/30/17: TU 701/EX 687/EQ 695. $49,751 revolving credit as of 1/12/18; $951 Cap One secured Platinum MC, $3500 Amazon Prime Store Card, $3500 Walmart Store Card, $3500 Cap One Quicksilver MC, $4000 Care Credit, $4500 Discover It, $5800 Overstock Store Card, $7000 Apple FCU Platinum Visa, $7000 Penfed Power Cash Rewards Visa, $10K Cap One QS Rewards Visa Signature, $10k PenFed used car loan, $5k Navient student loan. Resetting the garden clock from 1/11/18...
Message 22 of 117
Valued Contributor

Re: Chase closing accounts

Really wierd, I had a bank account with chase, yes I openned it because they gave me $200 bonus for doing so with $500 direct deposit into the account, I set up $500 direct deposit from each of my two bi-monthly paychecks into the account. Didn't effect my credit cards in the slightest.  The remainder of my paychecks went to my existing credit union checking account that has been open for nearly 20 years. That wasn't changing.  Needless to say the $1000 a month income showing up in my chase account didn't come close to matching my actual income.  

 

It really does sound crazy that this would be a reason. Many people recieve income that never shows up in any bank account especially if the person is well paid, many times income comes in the form of stock options and shares that are deposited into brokerage accounts, large portions of income can go straight to stock purchase plans and 401k. 

 

Cards: Chase Southwest 20k & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 10k, Paypal Extras MC 7.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Message 23 of 117
Established Contributor

Re: Chase closing accounts


jamesdwi wrote:

Really wierd, I had a bank account with chase, yes I openned it because they gave me $200 bonus for doing so with $500 direct deposit into the account, I set up $500 direct deposit from each of my two bi-monthly paychecks into the account. Didn't effect my credit cards in the slightest.  The remainder of my paychecks went to my existing credit union checking account that has been open for nearly 20 years. That wasn't changing.  Needless to say the $1000 a month income showing up in my chase account didn't come close to matching my actual income.  

 

It really does sound crazy that this would be a reason. Many people recieve income that never shows up in any bank account especially if the person is well paid, many times income comes in the form of stock options and shares that are deposited into brokerage accounts, large portions of income can go straight to stock purchase plans and 401k. 

 


Like Irish80 said, there might be something else going on here - which is not to imply any malfeasance on the part of the OP, but that Chase saw something they thought looked wrong (but which we have no way at this point to know is actually there or not) and took action based on that. I'm actually wondering now, if the OP can demonstrate with solid proof that Chase acted wrongfully/mistakenly in closing their accounts, do they have any recourse at all (such as getting Chase to reopen their accounts)?

Ch 7 BK discharged 12/14, well along in rebuilding credit. FICO 12/1/17:TU 663/EX 697/EQ 688 FICO 8 (Aug 2017) or 680 FICO 9 (Penfed Sep 2017), VS 3.0 12/30/17: TU 701/EX 687/EQ 695. $49,751 revolving credit as of 1/12/18; $951 Cap One secured Platinum MC, $3500 Amazon Prime Store Card, $3500 Walmart Store Card, $3500 Cap One Quicksilver MC, $4000 Care Credit, $4500 Discover It, $5800 Overstock Store Card, $7000 Apple FCU Platinum Visa, $7000 Penfed Power Cash Rewards Visa, $10K Cap One QS Rewards Visa Signature, $10k PenFed used car loan, $5k Navient student loan. Resetting the garden clock from 1/11/18...
Message 24 of 117
Moderator

Re: Chase closing accounts

The moral of the story is its best to not have deposit accounts unless they are CDs with a bank that you are going to have a credit relationship with. A CU is ok they dont do these things normally. I learned this a long time ago pre myFico even existing. Sorry to hear this OP.

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne
Message 25 of 117
Contributor

Re: Chase closing accounts

Thank you all very much for your time and input. After going back and forth with myself, I decided to stop in my local branch and speak to a branch manager. She logged on her system and looked at the notes, stated nothing appeared other than closed. (Obviously) She then proceeded to call someone and they stated that I updated my income on my profile too soon after I opened the Ritz Carlton. Had it a little over a month. So, I guess when I did that I "spooked" them and they thought I was lying about my income. The branch manager said they can't reopen the accounts but I can apply for chase products in six months. So, I'm guessing I'm "blacklisted." For six months. ~Oh happy day~
Message 26 of 117
Regular Contributor

Re: Chase closing accounts

Ive had my Chase card for three months and updated my income twice. No AA yet.

Message 27 of 117
Valued Contributor

Re: Chase closing accounts


KnightOwl101 wrote:

This evening, I discovered that all my chase accounts had been closed. I have a debit card through them along with a freedom unlimited. Chase Amazon, and the Ritz Carlton. With those three accounts, I probably had about 35k in credit, so its a loss but I'm actually not upset at all. Only reason I'm posting here is to get answers. When I called they stated the reason was because the income on my applications did not match the income in my chase debit account. I attempted to explain I have two checking accounts. one through Chase and my main one is through a credit union. Has anybody experienced this with Chase? If I may add, I've never been late on any of my credit cards, had one of them for roughly five years. Always paid in full. The checking account I had with them always had at least $6,500 in there. Never let it drop below that. (Stated I have 24 hours to go to a local branch to get my funds or they can mail me a check.) I'm just surprised this occured. I know people are going to ask, and the answer is no. Nothing negative in my credit report changed. Although, clearly they seen something they don't like. Not having good luck with credit cards. Might just close the rest and use cash!Smiley Very Happy   Thank you for reading and I look forward to reading your comments.

 

-Allen


Chase is doing a half a** job investigating. I would call recon and write a letter if you have to and explain the situation and offer to provide pay stubs.

Message 28 of 117
Established Contributor

Re: Chase closing accounts


KnightOwl101 wrote:
Thank you all very much for your time and input. After going back and forth with myself, I decided to stop in my local branch and speak to a branch manager. She logged on her system and looked at the notes, stated nothing appeared other than closed. (Obviously) She then proceeded to call someone and they stated that I updated my income on my profile too soon after I opened the Ritz Carlton. Had it a little over a month. So, I guess when I did that I "spooked" them and they thought I was lying about my income. The branch manager said they can't reopen the accounts but I can apply for chase products in six months. So, I'm guessing I'm "blacklisted." For six months. ~Oh happy day~

Well, it's too bad that you can't get your accounts reinstated, but at least you were able to find out what was going on and can apply for another account after a six-month period. I guess the moral of that story is that one should be very careful to make sure one's income information is accurate when filling out an app or update, and also to be careful not to make major changes or updates to one's profile information too soon after opening a new account.

 

EDIT: Now that you know what actually happened, I think @sjt's idea is a good one. I'd write that recon letter (with the offer to provide hard-copy documentation of your income so they can see you were telling the truth) and try to contact Chase's EO directly as well - going to an issuer's EO and talking to a live person there sometimes helps in situations like this.

Ch 7 BK discharged 12/14, well along in rebuilding credit. FICO 12/1/17:TU 663/EX 697/EQ 688 FICO 8 (Aug 2017) or 680 FICO 9 (Penfed Sep 2017), VS 3.0 12/30/17: TU 701/EX 687/EQ 695. $49,751 revolving credit as of 1/12/18; $951 Cap One secured Platinum MC, $3500 Amazon Prime Store Card, $3500 Walmart Store Card, $3500 Cap One Quicksilver MC, $4000 Care Credit, $4500 Discover It, $5800 Overstock Store Card, $7000 Apple FCU Platinum Visa, $7000 Penfed Power Cash Rewards Visa, $10K Cap One QS Rewards Visa Signature, $10k PenFed used car loan, $5k Navient student loan. Resetting the garden clock from 1/11/18...
Message 29 of 117
Valued Contributor

Re: Chase closing accounts


KnightOwl101 wrote:
Thank you all very much for your time and input. After going back and forth with myself, I decided to stop in my local branch and speak to a branch manager. She logged on her system and looked at the notes, stated nothing appeared other than closed. (Obviously) She then proceeded to call someone and they stated that I updated my income on my profile too soon after I opened the Ritz Carlton. Had it a little over a month. So, I guess when I did that I "spooked" them and they thought I was lying about my income. The branch manager said they can't reopen the accounts but I can apply for chase products in six months. So, I'm guessing I'm "blacklisted." For six months. ~Oh happy day~

I would write EO and file a complaint with the CFPB out of principal.

Message 30 of 117