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Chase closing accounts

Established Contributor

Re: Chase closing accounts

Seeing some crazy account closings from the big banks today. Nuts. 

 

If if they were having a concern of income, why not simply hit him with POI or we are going to close your accounts message. To just close the accounts over something like this seems asinine. 

In the wallet:
Amex PRG ~ Amex BCE ~ Discover ~ NFCU Cash Rewards Visa Signature ~ NFCU Platinum Visa ~ NFCU Line of Credit ~ Chase Amazon Prime Visa Signature ~ PenFed Cash Rewards Visa ~ PenFed Promise Visa ~ Fairwinds Credit Union Cash Rewards Visa ~ CapOne QS1 ~ Lowes Store Card

Closed on mortgage 8/9/17!! Woot!
Message 31 of 117
Established Contributor

Re: Chase closing accounts


rmm140 wrote:

Seeing some crazy account closings from the big banks today. Nuts. 

 

If if they were having a concern of income, why not simply hit him with POI or we are going to close your accounts message. To just close the accounts over something like this seems asinine. 


What's interesting is a common thread I see in this thread as well as the BoA thread, as well as other reports of wholesale account closures from Synchrony, Comenity, etc.; that, in many though not all cases, the CL's involved are often quite big, eye-poppingly so sometimes. It really makes me start to wonder if there's such a thing as a credit line that is too big, and if maybe some people aren't courting trouble by pushing too hard and fast for CLI's and what not.

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 32 of 117
Established Contributor

Re: Chase closing accounts


joe8185 wrote:

rmm140 wrote:

Seeing some crazy account closings from the big banks today. Nuts. 

 

If if they were having a concern of income, why not simply hit him with POI or we are going to close your accounts message. To just close the accounts over something like this seems asinine. 


What's interesting is a common thread I see in this thread as well as the BoA thread, as well as other reports of wholesale account closures from Synchrony, Comenity, etc.; that, in many though not all cases, the CL's involved are often quite big, eye-poppingly so sometimes. It really makes me start to wonder if there's such a thing as a credit line that is too big, and if maybe some people aren't courting trouble by pushing too hard and fast for CLI's and what not.


I agree with that. I don't really pay attention to the Synchrony and Comenity closures though as they've done that for quite some time which is why I'll never give those two my business. I expect more customer service and common sense out of banks like Chase and BOA though. The gentleman in the BOA thread has had a decade plus relationship with BOA so that one really baffles me. 

In the wallet:
Amex PRG ~ Amex BCE ~ Discover ~ NFCU Cash Rewards Visa Signature ~ NFCU Platinum Visa ~ NFCU Line of Credit ~ Chase Amazon Prime Visa Signature ~ PenFed Cash Rewards Visa ~ PenFed Promise Visa ~ Fairwinds Credit Union Cash Rewards Visa ~ CapOne QS1 ~ Lowes Store Card

Closed on mortgage 8/9/17!! Woot!
Message 33 of 117
Contributor

Re: Chase closing accounts

On a positive note, I received a call from someone reviewing my account and said a decision will be made within two days if it's able to be reinstated. So, maybe the branch manager called after I left or something occurred. I'd be surprised if they change their minds but at least there's a little hope. Felt good to have that Ritz Carlton in my pocket Smiley Wink
Message 34 of 117
Established Contributor

Re: Chase closing accounts


KnightOwl101 wrote:
On a positive note, I received a call from someone reviewing my account and said a decision will be made within two days if it's able to be reinstated. So, maybe the branch manager called after I left or something occurred. I'd be surprised if they change their minds but at least there's a little hope. Felt good to have that Ritz Carlton in my pocket Smiley Wink

Did you offer that person your proof of income? Did the person offer up any useful information?

In the wallet:
Amex PRG ~ Amex BCE ~ Discover ~ NFCU Cash Rewards Visa Signature ~ NFCU Platinum Visa ~ NFCU Line of Credit ~ Chase Amazon Prime Visa Signature ~ PenFed Cash Rewards Visa ~ PenFed Promise Visa ~ Fairwinds Credit Union Cash Rewards Visa ~ CapOne QS1 ~ Lowes Store Card

Closed on mortgage 8/9/17!! Woot!
Message 35 of 117
Valued Contributor

Re: Chase closing accounts

Did they ask for proof of income? That would be the most common sense thing for them to do and would resolve the issue.

 

 

Message 36 of 117
Contributor

Re: Chase closing accounts

He only asked my income over my phone. I asked if I could fax over pay stubs or my checking account with my CU and stated that isn't necessary. He seemed nice and said he was going to put a note stating he feels the closure was wrong.
Message 37 of 117
Established Contributor

Re: Chase closing accounts

Good, so you're making progress. Personally, I'd have repeated my offer to send in documentary proof of income, but at least you got someone to listen to you and agree that Chase made an error.

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 38 of 117
Valued Contributor

Re: Chase closing accounts

This is tax season. It's pretty easy to find out that your income is a little bit different than what you might have estimated even as close a few weeks back.

Message 39 of 117
Established Contributor

Re: Chase closing accounts


KnightOwl101 wrote:
He only asked my income over my phone. I asked if I could fax over pay stubs or my checking account with my CU and stated that isn't necessary. He seemed nice and said he was going to put a note stating he feels the closure was wrong.

This is good! Keep us updated on the outcome!!

In the wallet:
Amex PRG ~ Amex BCE ~ Discover ~ NFCU Cash Rewards Visa Signature ~ NFCU Platinum Visa ~ NFCU Line of Credit ~ Chase Amazon Prime Visa Signature ~ PenFed Cash Rewards Visa ~ PenFed Promise Visa ~ Fairwinds Credit Union Cash Rewards Visa ~ CapOne QS1 ~ Lowes Store Card

Closed on mortgage 8/9/17!! Woot!
Message 40 of 117