Chase closing accounts

[Anonymous]

KnightOwl101 this has been a really tough read! Stayed the course to see that you got a Chase Banker's attention. It is distressing when this happens and then not to get solid answers. Fingers are crossed that you get a solution that works for you. Scares me to read situations like this. Makes me want to return to cash (I know that is not realistic as the mattress can catch fire). Best Wishes and thanks for sharing.

[AllCredit]

Im with Dinosaur, this is scary...interesting what was mentioned a little earlier about larger limits possibly triggering such actions. 

I hope OP is able to get their accounts reinstated!

[longtimelurker]

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@Anonymous wrote:

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@Anonymous 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.

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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.

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This certainly happens if you do MS and are foolish enough to deposit proceeds in your Chase account (or, as mentioned, any other bank you have a credit relationship with!)  In such cases your spend is usually multiples of your annual income (if not, you are doing it wrong!)  But OP wasn't doing this.

[Anonymous]

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@longtimelurker wrote:

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@Anonymous wrote:

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@Anonymous 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.

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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.

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This certainly happens if you do MS and are foolish enough to deposit proceeds in your Chase account (or, as mentioned, any other bank you have a credit relationship with!)  In such cases your spend is usually multiples of your annual income (if not, you are doing it wrong!)  But OP wasn't doing this.

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Yes - as more information has come in, it now appears what happened was that the OP updated their profile information right after getting the latest credit card, and that triggered something in Chase's computers which led to this fiasco. Fortunately, the OP has already gotten at least one Chase reviewer to agree that that was likely an error on Chase's part, so we'll have to see how this goes and hope for the best.

[Anonymous]

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 😂

[red259]

This whole thing sounds weird. Makes me glad I don't bank with Chase. I always prefer to keep my banking seperate from credit card lenders. The exception was when I had a citigold account for the bonus and I kept almost nothing in that account for several months and had no problem. 

[Anonymous]

I don't understand how changing profile information such as income after getting a CC would be a red flag.  Before getting it, sure, as it could mean you're inflating your income in attempt to get an approval or a more favorable approval result.  If you've already been approved and update you profile info a month later, what's the big deal?  People get raises all the time and different points during the year, so it's feasible that someone would update their income at any given time.  I don't see the red flag in that this was done a month after getting approved for a card.  

It would be nice if Chase reached out to the OP about this before just closing down accounts, both bank accounts and CC accounts.  The amount of time and effort Chase is going to invest in dealing with the OPs inquiry and request to have the accounts repoened is going to greatly exceed the time it would have taken, all of a few minutes, to give the OP a call and touch base.  While a "shoot first, ask questions later" philosophy may work for businesses a large portion of the time, there's examples such as this that prove that a tidbit more of CS goes a long way.

[pip3man]

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@Anonymous 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 😂

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Ok so I guess my question is why apply for the card just recently if you had "planned to close out the cards in a way?" Also did u get the pay raise right after applying for the card that made u go update your income with Chase? I'm just tryna make a sense of it all...

[baller4life]

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@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.

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+ 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

[Anonymous]

@Mister-Endowed- I will not answer your first question because I feel like it is irrelevant to the topic. Further more, my income did increase after the approval and I always like to update and keep information current such as income, address, and telephone numbers. Thank you for your comment.