Chase Closed My Accounts

[longtimelurker]

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@Trikoret wrote:

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. 

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That is certainly untrue!   As this example shows.    A double payment resulting in a credit is absolutely fine

ETA:   now if you mean better declined than a large negative balance on the bank account, that may be true, as that can be nasty too.

[Anonymous]

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@longtimelurker wrote:

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@Trikoret wrote:

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. 

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That is certainly untrue!   As this example shows.    A double payment resulting in a credit is absolutely fine

ETA:   now if you mean better declined than a large negative balance on the bank account, that may be true, as that can be nasty too.

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Yeah but banks aren't likely to close your checking account for overdrafting while credit card issuers are known to close a card for a returned payment. 

I don't know how Chase looks at things OP but I will be very surprised if they reopen your account. A returned payment is one of the worst things you can do in a creditor's eyes. Even Capital One, one of the most lenient around, is known for closing even long time customers for a single returned payment. 

[Iusedtolurk]

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@Anonymous wrote:

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@longtimelurker wrote:

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@Trikoret wrote:

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. 

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That is certainly untrue!   As this example shows.    A double payment resulting in a credit is absolutely fine

ETA:   now if you mean better declined than a large negative balance on the bank account, that may be true, as that can be nasty too.

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Yeah but banks aren't likely to close your checking account for overdrafting while credit card issuers are known to close a card for a returned payment. 

I don't know how Chase looks at things OP but I will be very surprised if they reopen your account. A returned payment is one of the worst things you can do in a creditor's eyes. Even Capital One, one of the most lenient around, is known for closing even long time customers for a single returned payment. 

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That's pretty harsh closing an account down for just one returned payment. 

A host of things could happen causing that to occur.

Why even advertise the returned check fee if you are going to just shut the account down. (rhetorical)

[Anonymous]

Nothing spells credit risk like a bounced payment. 

[Anonymous]

Yeah but if they're really paying attention to account they can clearly see I made the same payment of the amount that I had already made days before 

[TSlop]

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@Anonymous wrote:

Yeah but if they're really paying attention to account they can clearly see I made the same payment of the amount that I had already made days before 

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I'd call them. If that is the sole and only reason why it was closed, it should be easily explained. I'm not sure how willing Chase would be on re-opening the account, but at least you would have made your peace and explained the returned/double payment.

[VPExecutive]

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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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I could understand this action if Chase posts the payment and restores available credit immediately, and you abused this feature to exploit overcharging on your credit card. Otherwise, I don't see the reason why one returned payment should warrant an account closure. If I ran a bank, I would simply charge a returned payment fee of $35 and move on, but Chase has the right to do what they want with their money. 

Chase is known for being pretty firm. I doubt your account will be opened again, but I wish you luck. 

[Anonymous]

You guys need to think like a bank.

The returned payment unwittingly revealed to Chase that the OP did not currently have cash on hand, while at the same time he/she is running up debt on their Chase-issued credit cards.  So Chase decides that the risk of OP being unable to repay the credit card debt is too high and closes the accounts to prevent the accumulation of more debt (at least on their cards). 

[recoveringfrombk7]

Best of luck OP.  Hope to hear that this gets resolved and your accounts reopened.

[Namaste7]

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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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It's not uncommon for mistakes to happen, especially if you used a zero-based acount to handle your bill payments. Did you catch the error first and did you call them in advance to discuss the situation?

@Anonymous- We all have the discretion to manage our accounts and cash as we see fit, but you should always do so with the lender risk evaluation in mind. Having a safeguard in place when Plan A fails is crucial (i.e., in your case, the duplicate payment submission). It may be helpful to turn on all bank account alert settings. In the rare occurrence this happens again, you may be able to transfer the funds in the account so that the initial or second payment attempt clears. Alternatively, using a secondary backing account (e.g., a savings, money market, another checking account, line of credit or other assets) may be the best approach to safeguarding unanticipated payment situations.

While Chase did not disclosure it, your credit behavior may have been TOO aggressive given your account age. As far as getting your account back, did you pay down (or off) your existing balances as a measure of good will?