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Valued Contributor
Posts: 2,084
Registered: ‎05-05-2010

Re: Chase closing accounts

I think the combination of updating income and only having half of net pay deposit into the Chase account triggerd the AA. I dont understand why Chase didnt just ask for proof of income instead of jumping to conclusions and shut the OP down.
Not good Chase!

 

Valued Contributor
Posts: 1,195
Registered: ‎07-10-2015

Re: Chase closing accounts


Backwoods wrote:

Income in the checking does not match the app and thats the reason to close sounds lame and or nuts. I know plenty of people with multiple banks.  I think you need a talk with the Branch Manager. Is somebody at Chase angry at you?  


I know I do. I have checking accounts with Chase, BoA and Cap1. Chase though is my primary checking account.

Valued Contributor
Posts: 1,195
Registered: ‎07-10-2015

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. 


Agreed. That would at least have given OP a chance. 

Valued Contributor
Posts: 1,841
Registered: ‎10-10-2011

Re: Chase closing accounts


baller4life wrote:

gdale6 wrote:

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.


+ 1 gazillion! I am a FIRM believer in keeping your money separate from your credit relationships. I bank with Alliant and use them as my hub to pay all my bills. 

 

OP I am so sorry this happened to you. I have NEVER seen this as an account closure reason. Wow. These banks never cease to amaze me. That's why I love credit unions so much. #teamcreditunions


Ok, At the risk of sounding naive, why is it not a good idea to keep money and credit accounts at the same bank? 

 

My parents have had Wells Fargo for 30+ years. They've had two mortgages, a car loan, line of credit, and a Wells Fargo credit card in adition to various checking and savings accounts. 

 

Personally, I hate Wells Fargo with a passion and I don't do business with them if I can help it. But, they have had no problems. 


Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017
Regular Contributor
Posts: 210
Registered: ‎05-06-2008

Re: Chase closing accounts


grillandwinemaster wrote:

baller4life wrote:

gdale6 wrote:

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.


+ 1 gazillion! I am a FIRM believer in keeping your money separate from your credit relationships. I bank with Alliant and use them as my hub to pay all my bills. 

 

OP I am so sorry this happened to you. I have NEVER seen this as an account closure reason. Wow. These banks never cease to amaze me. That's why I love credit unions so much. #teamcreditunions


Ok, At the risk of sounding naive, why is it not a good idea to keep money and credit accounts at the same bank? 

 

My parents have had Wells Fargo for 30+ years. They've had two mortgages, a car loan, line of credit, and a Wells Fargo credit card in adition to various checking and savings accounts. 

 

Personally, I hate Wells Fargo with a passion and I don't do business with them if I can help it. But, they have had no problems. 



grillandwinemaster wrote:

baller4life wrote:

gdale6 wrote:

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.


+ 1 gazillion! I am a FIRM believer in keeping your money separate from your credit relationships. I bank with Alliant and use them as my hub to pay all my bills. 

 

OP I am so sorry this happened to you. I have NEVER seen this as an account closure reason. Wow. These banks never cease to amaze me. That's why I love credit unions so much. #teamcreditunions


Ok, At the risk of sounding naive, why is it not a good idea to keep money and credit accounts at the same bank? 

 

My parents have had Wells Fargo for 30+ years. They've had two mortgages, a car loan, line of credit, and a Wells Fargo credit card in adition to various checking and savings accounts. 

 

Personally, I hate Wells Fargo with a passion and I don't do business with them if I can help it. But, they have had no problems. 


I don't understand this either, as I only bank with BOA/Merrill Lynch.  I have no desire to have multiple checking/savings accounts.  And in my many years on earth, I've never had a situation where having one banking relationship has harmed me. 

Valued Contributor
Posts: 1,841
Registered: ‎10-10-2011

Re: Chase closing accounts


CreditInspired wrote:
+1000 everyone else.
This just sounded to unreal to me too so I decided to Google it and OMG, Chase actually does close down everything, including checking accounts, with no warning if anything appears suspicious. Here is the article I found
https://www.uscreditcardguide.com/how-to-avoid-chase-closing-all-your-accounts/

Excellent Article Credit Inspired!

I never realized Chase was a paranoid ex girlfriend, to a lesser degree than Barclays! 

 

I agree with a previous poster that is questioning whether or not they WANT a relationship with Chase. 


Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017
Valued Contributor
Posts: 1,195
Registered: ‎07-10-2015
0 Kudos

Re: Chase closing accounts

Just thought about something. Do you have a reward balance associated with your Freedom Unlimited? If so, are you able to log into your Chase account and get to the rewards Portal  so you can redeem your points for gift cards? 

 

I usually redeem mine for cash, but I would assume this is not an option for you since your checking account was closed as well.

 

Super Contributor
Posts: 6,748
Registered: ‎10-30-2014
0 Kudos

Re: Chase closing accounts


KnightOwl101 wrote:
Correct. I updated my income couple weeks after the approval so I guess that triggered it. Hoping for the best but if not, it is what it is. Although I did plan to close out some cards so in a way, Chase helped me 😂 Smiley Wink

OP, sorry to hear about the closures, it would be a frustrating experience. 

 

Did you say you only used the checking / debit account about 6 times in a year? So does that mean you never had any direct deposit going there?  Were you paying monthly checking fees, or did the $6,500 Balance get those fees waived.?

 

I will guess that the combination of a checking account with no direct deposit (but a substantial static balance) got associated with high credit limits, including a recent boost with at least $5k for the Ritz card, putting OP near or at the internal limit for CL, based on the original stated income. When the OP updated the income soon after, the automatic algorithm used for risk calculations had no direct deposit cash flow history to compare to, a recent New Account plus Overall Credit Increase, started to try to recalculate what Chaees risk profile looked like, and ended up in a divide by zero kind of situation that made even $6,500 look like a kings ransom, then melted down and shut down all the accounts, automagically. 

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727 FICO Simulator 2014: $20k balances = 812 FICO.
March 2017 $20k on $300k 6% util EQ 824 TU 824 EX 815

9 / 24 counting down to 1 Nov 2017
Super Contributor
Posts: 15,142
Registered: ‎04-22-2013
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Re: Chase closing accounts


grillandwinemaster wrote:

baller4life wrote:

gdale6 wrote:

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.


+ 1 gazillion! I am a FIRM believer in keeping your money separate from your credit relationships. I bank with Alliant and use them as my hub to pay all my bills. 

 

OP I am so sorry this happened to you. I have NEVER seen this as an account closure reason. Wow. These banks never cease to amaze me. That's why I love credit unions so much. #teamcreditunions


Ok, At the risk of sounding naive, why is it not a good idea to keep money and credit accounts at the same bank? 

 

My parents have had Wells Fargo for 30+ years. They've had two mortgages, a car loan, line of credit, and a Wells Fargo credit card in adition to various checking and savings accounts. 

 

Personally, I hate Wells Fargo with a passion and I don't do business with them if I can help it. But, they have had no problems. 


 

 

 Eggs in one basket.   If something spooks them, rightly or wrongly, you can suddenly lose all your banks credit cards and have to deal with loss of checking as well (which can then make you late when paying other issuers and everyone else).   With Chase, there are a few known triggers that can make them take nuclear options: transferring/selling UR points to someone other than the (very small) set of people you can transfer to, depositing "too many" money orders in the bank account which can then be traced back to spend on the chase credit card etc. 

 

Basically you don't want things linked unless there is a real advantage, which for some there is, such as payments from bank account to card instantly resetting available credit.   Depends on your needs.

 

Established Member
Posts: 136
Registered: ‎02-24-2017
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Re: Chase closing accounts


grillandwinemaster wrote:

baller4life wrote:

gdale6 wrote:

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.


+ 1 gazillion! I am a FIRM believer in keeping your money separate from your credit relationships. I bank with Alliant and use them as my hub to pay all my bills. 

 

OP I am so sorry this happened to you. I have NEVER seen this as an account closure reason. Wow. These banks never cease to amaze me. That's why I love credit unions so much. #teamcreditunions


Ok, At the risk of sounding naive, why is it not a good idea to keep money and credit accounts at the same bank? 

 

My parents have had Wells Fargo for 30+ years. They've had two mortgages, a car loan, line of credit, and a Wells Fargo credit card in adition to various checking and savings accounts. 

 

Personally, I hate Wells Fargo with a passion and I don't do business with them if I can help it. But, they have had no problems. 


Higher risk of one type of accounts affecting the other. For example, if chase does not like your depositing of cash/mo into your checking account with them it will almost always shutdown all your chase CCs. Lossing all chase CCs is likely a big deal for many 'in the CC game'.

 

Thus some use a CU for checking, they can thus move to another easily if anything happens to that account.  CUs are better suited than the other big banks because CUs are usually not known to have good CCs and have higher APYs (than the big banks) so your cash parked there can better offset the AFsSmiley Happy

 

 

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