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Banned from Chase Bank Deposit Accounts

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Moderator

Re: Banned from Chase Bank Deposit Accounts

Hi @zm2015 and welcome to myFICO! welcome.gif

 

To get your topic more exposure I've moved your post to a new thread.

 

--UB

Message 11 of 24
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Community Leader
Mega Contributor

Re: Banned from Chase Bank Deposit Accounts

Seems Chase is playing guilty by association. With the amount of money Chase has and sees, they can afford to ban people for life for whatever slight they deem their worth. Sorry OpSmiley Sad

Message 12 of 24
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Established Member

Re: Banned from Chase Bank Deposit Accounts

this is the first time i've ever heard of a bank banning someone for life.

 

 






Message 13 of 24
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Valued Contributor

Re: Banned from Chase Bank Deposit Accounts

Any high risk activity from certain industries?

Are you structuring? Mulitple transactions under $10000?  With that Patriot Act, banks are super careful these days.

Any large dollar amount transfers in and out? Did you trigger a SAR review?

 

 

"Reports of Suspicious Activities - 12 CFR 21.11 and 12 CFR 163.180

This regulation requires every national bank to file a Suspicious Activity Report (SAR) when they detect certain known or suspected violations of federal law or suspicious transactions related to a money laundering activity or a violation of the BSA. A SAR filing is required for any potential crimes:

  1. involving insider abuse regardless of the dollar amount;
  2. where there is an identifiable suspect and the transaction involves $5,000 or more; and
  3. where there is no identifiable suspect and the transaction involves $25,000 or more. A SAR filing also is required in the case of suspicious activity that is indicative of potential money laundering or BSA violations and the transaction involves $5,000 or more."

 

Message 14 of 24
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Moderator

Re: Banned from Chase Bank Deposit Accounts


@randomguy1 wrote:

Any high risk activity from certain industries?

Are you structuring? Mulitple transactions under $10000?  With that Patriot Act, banks are super careful these days.

Any large dollar amount transfers in and out? Did you trigger a SAR review?

 

 

"Reports of Suspicious Activities - 12 CFR 21.11 and 12 CFR 163.180

This regulation requires every national bank to file a Suspicious Activity Report (SAR) when they detect certain known or suspected violations of federal law or suspicious transactions related to a money laundering activity or a violation of the BSA. A SAR filing is required for any potential crimes:

  1. involving insider abuse regardless of the dollar amount;
  2. where there is an identifiable suspect and the transaction involves $5,000 or more; and
  3. where there is no identifiable suspect and the transaction involves $25,000 or more. A SAR filing also is required in the case of suspicious activity that is indicative of potential money laundering or BSA violations and the transaction involves $5,000 or more."

 


Any SAR reviews are actually confidential.  So, if the OP triggered something that was SAR-related, it is not something that an FI would discuss nor disclose. 

Message 15 of 24
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New Member

Re: Banned from Chase Bank Deposit Accounts


@randomguy1 wrote:

Any high risk activity from certain industries?

Are you structuring? Mulitple transactions under $10000?  With that Patriot Act, banks are super careful these days.

Any large dollar amount transfers in and out? Did you trigger a SAR review?

 

 

"Reports of Suspicious Activities - 12 CFR 21.11 and 12 CFR 163.180

This regulation requires every national bank to file a Suspicious Activity Report (SAR) when they detect certain known or suspected violations of federal law or suspicious transactions related to a money laundering activity or a violation of the BSA. A SAR filing is required for any potential crimes:

  1. involving insider abuse regardless of the dollar amount;
  2. where there is an identifiable suspect and the transaction involves $5,000 or more; and
  3. where there is no identifiable suspect and the transaction involves $25,000 or more. A SAR filing also is required in the case of suspicious activity that is indicative of potential money laundering or BSA violations and the transaction involves $5,000 or more."

 


Below there is a comment that information from SAR is confidential. My checking account had been 2 days old. I still do have credit cards with Chase. My financial advisor suggests I close them ASAP and don't have any relationship with Chase. And most likely it will effect my credit score. 

 

I am not sure if it will effect my credit score, who knows the answer to that?

Message 16 of 24
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Moderator Emeritus

Re: Banned from Chase Bank Deposit Accounts


@zm2015 wrote:

@randomguy1 wrote:

Any high risk activity from certain industries?

Are you structuring? Mulitple transactions under $10000?  With that Patriot Act, banks are super careful these days.

Any large dollar amount transfers in and out? Did you trigger a SAR review?

 

 

"Reports of Suspicious Activities - 12 CFR 21.11 and 12 CFR 163.180

This regulation requires every national bank to file a Suspicious Activity Report (SAR) when they detect certain known or suspected violations of federal law or suspicious transactions related to a money laundering activity or a violation of the BSA. A SAR filing is required for any potential crimes:

  1. involving insider abuse regardless of the dollar amount;
  2. where there is an identifiable suspect and the transaction involves $5,000 or more; and
  3. where there is no identifiable suspect and the transaction involves $25,000 or more. A SAR filing also is required in the case of suspicious activity that is indicative of potential money laundering or BSA violations and the transaction involves $5,000 or more."

 


Below there is a comment that information from SAR is confidential. My checking account had been 2 days old. I still do have credit cards with Chase. My financial advisor suggests I close them ASAP and don't have any relationship with Chase. And most likely it will effect my credit score. 

 

I am not sure if it will effect my credit score, who knows the answer to that?


Only credit / debt instruments land on credit files.  A checking account or savings account is neither.

 

Should not affect your credit either way, if they closed out the credit card (if it was still open?  Wasn't clear from your post) it won't matter unless it fiddles with your revolving utilization metrics.

 

Edited because I misread




        
Message 17 of 24
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Moderator

Re: Banned from Chase Bank Deposit Accounts


@zm2015 wrote:

@randomguy1 wrote:

Any high risk activity from certain industries?

Are you structuring? Mulitple transactions under $10000?  With that Patriot Act, banks are super careful these days.

Any large dollar amount transfers in and out? Did you trigger a SAR review?

 

 

"Reports of Suspicious Activities - 12 CFR 21.11 and 12 CFR 163.180

This regulation requires every national bank to file a Suspicious Activity Report (SAR) when they detect certain known or suspected violations of federal law or suspicious transactions related to a money laundering activity or a violation of the BSA. A SAR filing is required for any potential crimes:

  1. involving insider abuse regardless of the dollar amount;
  2. where there is an identifiable suspect and the transaction involves $5,000 or more; and
  3. where there is no identifiable suspect and the transaction involves $25,000 or more. A SAR filing also is required in the case of suspicious activity that is indicative of potential money laundering or BSA violations and the transaction involves $5,000 or more."

 


Below there is a comment that information from SAR is confidential. My checking account had been 2 days old. I still do have credit cards with Chase. My financial advisor suggests I close them ASAP and don't have any relationship with Chase. And most likely it will effect my credit score. 

 

I am not sure if it will effect my credit score, who knows the answer to that?


Have you already closed the credit cards?

 

I'm assuming the Adverse Action only impacted the depository side of things, both personal and business, correct? 

Message 18 of 24
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Frequent Contributor

Re: Banned from Chase Bank Deposit Accounts


@zm2015 wrote:

@randomguy1 wrote:

Any high risk activity from certain industries?

Are you structuring? Mulitple transactions under $10000?  With that Patriot Act, banks are super careful these days.

Any large dollar amount transfers in and out? Did you trigger a SAR review?

 

 

"Reports of Suspicious Activities - 12 CFR 21.11 and 12 CFR 163.180

This regulation requires every national bank to file a Suspicious Activity Report (SAR) when they detect certain known or suspected violations of federal law or suspicious transactions related to a money laundering activity or a violation of the BSA. A SAR filing is required for any potential crimes:

  1. involving insider abuse regardless of the dollar amount;
  2. where there is an identifiable suspect and the transaction involves $5,000 or more; and
  3. where there is no identifiable suspect and the transaction involves $25,000 or more. A SAR filing also is required in the case of suspicious activity that is indicative of potential money laundering or BSA violations and the transaction involves $5,000 or more."

 


Below there is a comment that information from SAR is confidential. My checking account had been 2 days old. I still do have credit cards with Chase. My financial advisor suggests I close them ASAP and don't have any relationship with Chase. And most likely it will effect my credit score. 

 

I am not sure if it will effect my credit score, who knows the answer to that?


To be honest if a financial institution decided to end banking relationship with me I would certainly end my credit relationship with them. Not only out of spite but also because I would not be able to trust them in the future. Think about it. Can you really take your Chase credit cards out of the country and trust them when you travel? 

Message 19 of 24
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Moderator Emeritus

Re: Banned from Chase Bank Deposit Accounts

Bring a backup card then.  That actually standard advice regardless of lender, don't bet the farm on one when you go out of the country.  Same reason to have a diversity of lenders in your portfilio anyway, use them.  Is why I keep a Cap 1 QS around probably for as long as they will let me.  Anyway.

 

There are a few people recently arguing that if the lender whacks you to just stick that middle finger up in the air at them and walk.

 

Spite is never a good reason to do something: the FI does not care, so you shouldn't either.  Give up what was taken away with a *shrug* but cutting off the relationship altogether hurts you more than them.

 

I really don't understand what people find so offensive about any sort of AA, it's not personal or a reflection on you necessarily it's just something in the data stream that the algorithms flagged.

 

Speaking personally as a CPC even, Chase deposit accounts aren't really all that great and the relationship is great if you are looking for specific things (jumbo mortgage) but other than that while free wire transfers are nice as are free equity trades I can get those elsewhere... and when those discounts don't help me chasing houses in middle America, might be time to do something else.

 

If Chase has a problem with that, same thing: rational choice for me, they will make a rational choice for them.  It won't be out of spite though.  We would all be better off if we thought more like a FI algorithm some days.




        
Message 20 of 24
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