Terrible Chase experiance

[DaveInAZ]

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@Anonymous wrote:

One option is to keep the Chase accounts open for a full 7 months (to prevent any AA associated with early account closure) and then close them.  Then reopen the accounts in 2021 to get the bonuses again.  We used to be able to get the bonuses once a year at Chase but they became more restrictive in Fall 2018. 

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Not to derail the thread from Green456's terrible experience, but Chase made that change to once very two years effective as of that Fall 2018 change date. I did a Chase checking bonus last year for $300, opened the account in January & closed in July, 185 days to be safe. Did it again this year, opened a new account in Jan., DD hit in Feb. and I got the $300 bonus a few days later. So if you closed a Chase account last year before the Fall change in rules you can still do another bonus this year.

And they did the account suspension on me today. I moved my DD from Chase expecting it to stop in May but it stopped this month. So yesterday I made a $1,480.00 deposit in branch to bring the account to over $1500 to avoid fees until I close in July, $1300 check + $180 cash. This morning I get an email notice, Account Suspended with a $1300 hold on the account to May 6, almost 2 weeks. I log into the other bank and see the check already cleared today, so I call Chase, took a few transfers but finally got a rep who could apparently see the check cleared and released the hold and restored access.

Chase is going overboard with these account suspensions. Yes, a large deposit for an account with a low daily balance as I've been sweeping funds out as soon as the DD hit, but suspending your account for a deposit made in branch with ID & a paper check printed with my name is ridiculous. Don't they have any confidence in their branch employees to know what they're doing? Looking forward to yanking my $$$$ out in July & closing the account.

[Revelate]

Why do people think that with all the churning of credit cards and bank accounts that Chase and others wouldn't try to stop the abuse?

TANSTAAFL is one way of putting it, or otherwise this is why we can't have nice things.  Don't expect it both ways.

Ultimately you get out of a lender arguably what you put into it (financially); I have had zero problems with Chase but I:

• Run my financial life through there
• Keep a non-trivial percentage of my assets there
• Don't ask for awkward things, actually I try not to talk to them at all unless I absolutely have to, financial institutions aren't friends.
• Don't blatantly bonus chase / churn.

Behaving differently than this, YMMV.

[Green456]

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@Revelate wrote:

Why do people think that with all the churning of credit cards and bank accounts that Chase and others wouldn't try to stop the abuse?

TANSTAAFL is one way of putting it, or otherwise this is why we can't have nice things.  Don't expect it both ways.

Ultimately you get out of a lender arguably what you put into it (financially); I have had zero problems with Chase but I:

• Run my financial life through there
• Keep a non-trivial percentage of my assets there
• Don't ask for awkward things, actually I try not to talk to them at all unless I absolutely have to, financial institutions aren't friends.
• Don't blatantly bonus chase / churn.

Behaving differently than this, YMMV.

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I did exactly what you did. My account was frozen without warning and I was deprived access to my funds.

[DaveInAZ]

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@Revelate wrote:

Why do people think that with all the churning of credit cards and bank accounts that Chase and others wouldn't try to stop the abuse?

TANSTAAFL is one way of putting it, or otherwise this is why we can't have nice things.  Don't expect it both ways.

Ultimately you get out of a lender arguably what you put into it (financially); I have had zero problems with Chase but I:

• Run my financial life through there
• Keep a non-trivial percentage of my assets there
• Don't ask for awkward things, actually I try not to talk to them at all unless I absolutely have to, financial institutions aren't friends.
• Don't blatantly bonus chase / churn.

Behaving differently than this, YMMV.

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With all due respect, I don't see churning as having anything to do with the issues posted in this thread. Churning is fairly easy to prevent with screening the number of inquiries in credit reports for credit cards and the Chex & EWS bank reporting systems for banking accounts, and implementing rules like Chase has - only one bank account bonus every two years. And I have no doubt tht banks have data that tell them for every account bonus xx% will dine & dash and are able to make an informed decision if account bonuses are more cost effective than advertising.

With Chase account suspensions it seems more to me that there is rising bank fraud and Chase has implemented software solutions that closely examine new accounts, large deposits in accounts with low balance, and other 'suspicious' activity, and then makes autonomous decisions to suspend accounts to require contact with a rep to explain yourself. But those software decisions seem to disregard if the actions were made in branch. Fraud is much more prevalent online, and banks should have more confidence in their employees that they follow training & policies to properly document the customer's identity and sources of funds for transactions made in branch.

[Revelate]

Dave,

Actually what is not seen unless you work in the financial services industry and are plugged in is that there is a tremendous amount of internal fraud too.

Checks on all sides, it isn’t just end consumer fraud see Wells Fargo fiasco.

I admit I blended a few topics together and strayed a bit off course with the churning bit and for that I apologize, but the core and salient theme is this:

Act like an average consumer, and when something goes sideways plead ignorance and don’t blame or even get upset or rude with the individuals: you want them to help and if they are having and off day and you come across as less than nice, there’s a higher chance you’re going to get filed in the out basket.

That is a simple fact of customer service: they are humans too, and the bank’s idiosyncrasies aren’t their fault... odds are they are just as annoyed with the policies.

Frankly it probably isn’t even the branch’s fault on this one, hence when they ask for a fax, just fax it; they probably don’t have any common boss before the EVP level and maybe all the way up to Dimon.

[Green456]

Okay so today I got a letter from Chase, dated 1 week ago, that they recieved a report from Experian and they have suspended my account and will be closing soon.

So to sum it up:

Brach:

Does soft credit check, opens my account, states nothing besides my DL is required. They say my account is okay now.

Texas Offfice:

Claims I need proof of address and that DL alone is not enough. I go to branch who submit proof of address. They say my account is okay now.

Customer Service Rep:

Claims that neither proof of address nor driver licensce has been supplied and that my account is suspended.

Columbus Office:

Claims that my account is suspended due to Experian report.

My credit score is 800. My experian report is clean.

Again nothing wrong with declining to open an account for me. Or requiring a wait period of approval to open a bank account but putting someone through all of the above is unacceptable. Especially that they assured me multiple times that my account has been fine. 

You either open an account for somone or you don't.