Chase Closed My Accounts

[Anonymous]

Found out today chase closed my accounts(CSR & CF) due to a "returned payment" & "rapid increased balances". The return payment was due to me paying the same amount twice on my CSR account I forgot that I had already paid it days earlier. And the rapid balances are due to me leveraging my credit to invest in real estate. I've had CSR for a year and CF for about 9 months what should I do to get my account bank?

[NRB525]

Sorry to hear about the closures. 

Increasing your amounts owed on credit cards to leverage real estate is a risky way to work. Taking large advances on credit cards will most likely result in adverse action as the banks take steps to reduce their risk by closing accounts and balance chasing existing balances. I am speaking from personal experience, though my balances were not increased to pursue real estate. The banks don't really care.

The only real way to get back the accounts is to reduce your credit exposure. Banks are really cranking on "risk averse" due to Coronavirus. You may have heard about this in the news.

[Anonymous]

So you paid twice and second time you didn't have enough money to cover the payment? 
Banks don't like returned payments. Some close accounts immediately, some restrict them and other banks will never give you CLI. 

[Anonymous]

Well I didn't take out a cash advance....but all in all I've always had big spend on these cards but have always paid them off in full on time! So if I'm not able to get the decision reversed does that mean I'm banned from chase for life? Cause those two were my everyday use cards, on top of that I had close to 150k in UR points. 

[Anonymous]

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@Anonymous wrote:

Found out today chase closed my accounts(CSR & CF) due to a "returned payment" & "rapid increased balances". The return payment was due to me paying the same amount twice on my CSR account I forgot that I had already paid it days earlier. And the rapid balances are due to me leveraging my credit to invest in real estate. I've had CSR for a year and CF for about 9 months what should I do to get my account bank?

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Its unclear from your comment whether you ran up the balance(s) on your Chase cards or on credit card(s) from other lenders.

You would typically have 30 days to reverse an account closure but I don't think that applies when the closure is initiated by Chase and not by the account holder.  Chase also allows you 30 days to transfer your UR points to other partners.

[Anonymous]

Yeah the second time I paid I didn't have the money in the account. Hopefully I can explain to them the situation and have the decision reversed. 

[Anonymous]

The spend was on my chase cards I filed for a reinstatement but I'm not sure what my chances are going to be to get reinstated the returned payment was a complete accident and I've always put lots of spend on the card. 

[Anonymous]

Have you been able to redeem your URs?   If you are locked out, that would be my first ask.   I don't know how successful you can be reversing.   You do seem to have a good case, but not clear that issuers care ("OK, this time it was an accident, but maybe next time you really will be trying to stiff us".   Or more likely, no response apart from "The decision stands")

[SweetCreditObsession]

Wow, sorry this happened to you. I would try to try to contact them and see what it will take to get back in.

[Trikoret]

It's probably to the returned second payment. Just tell them it was a duplicate payment. It's obvious the first one went thru and the second got declined. It's better to get declined then having a large credit balance.