Though this sounds a difficult situation, I do understand that the bank aren’t able to explain the reason as it would potentially be tipping off a fraudster or someone who is breaking sanctions. Monzo in the UK had this issue and put out quite a convincing defence if I remember correctly, though I cannot find the statement right now.
Tell HN: Chase shadow banned and closed my bank accounts
31–40 of 121 posts
Re: Tell HN: Chase shadow banned and closed my bank accounts
#32Re: Tell HN: Chase shadow banned and closed my bank accounts
#33I wonder if this is happening to anyone else. Speculation: Possibly a rolling bail in? I wonder what Chase's financials look like. Perhaps they are letting go of unprofitable customers while keeping their money on the books as some banks are having solvency issues; to hedge against the impacts to the credit market.
this isn't very good speculation
I would agree with you if multiple banks were not currently having solvency issues.
Re: Tell HN: Chase shadow banned and closed my bank accounts
#34Earlier quoted context omitted.
This is just the most useless and stupidest trigger of all. I've got a PayPal account for my small side business. I did not receive any money on that so far, only paid with that account for whatever I needed. Hundreds, if not thousands, of Euro over the last 3 years. Last week I received something like 12,30 € and PayPal locked the money and the account somewhat down, because of "unusual behaviour" that needed invest…
Well, I agree about PayPal. But their whole business is predicated on being extremely vigilant against scammers, to the detriment of ordinary customers. But regular American bank accounts are pretty different from PayPal or European bank accounts. (The original poster is talking about Chase so I assume the account in question was a regular checking account.) I lived in the US for a couple of years, and the oddities o…
That is some crazy mess people are dealing with over there. I'm just happy for free SEPA-transfers...
Re: Tell HN: Chase shadow banned and closed my bank accounts
#35[dead]
Re: Tell HN: Chase shadow banned and closed my bank accounts
#36Earlier quoted context omitted.
This is just the most useless and stupidest trigger of all. I've got a PayPal account for my small side business. I did not receive any money on that so far, only paid with that account for whatever I needed. Hundreds, if not thousands, of Euro over the last 3 years. Last week I received something like 12,30 € and PayPal locked the money and the account somewhat down, because of "unusual behaviour" that needed invest…
Even 10k doesn't mean you're a criminal, you might just get paid for a contract. I'm so happy I don't need to use Paypal. I hope I never run into issues like this with my bank.
PayPal is a good service I think. If it wasn't invented, somebody should do it.
It's just that their way of doing things is just crazy and broken sometimes.
Re: Tell HN: Chase shadow banned and closed my bank accounts
#37Chase is famous for this. Do a search. They have been closing accounts for political reasons for a long time. Not saying that is your issue but chase is known for just closing accounts for a huge array of non-financial reasons. Don't bank with chase US citizens have no rights to banking even as we the taxpayers (contray to the feds latest claims ) bear all the risk in insuring and bailing the banks out when they inev…
This bizarre claim that FDIC insurance is funded by taxpayers is becoming more prevalent. So a bank offers financial services to a citizen and in exchange makes money. The bank uses these profits to pay insurance on the deposits. And by some mental gymnastics, this makes the bank taxpayer funded?
If we taxpayers buy phones from Apple, is Apple now taxpayer funded? Is an antitrust fine on Apple meaningless because it’s “borne by the taxpayer”?
At that point, the term “taxpayer funded” becomes meaningless.
Re: Tell HN: Chase shadow banned and closed my bank accounts
#38Automated KYC/AML rules/ai may flag an activity in err, but if you chased (no pun) the issue with an operator, your local branch and even their Compliance Dept, well then it's likely more serious.
> Anyone have any ideas of what I should do next? I'd hire a chartered Accountant with some experience in AML, to quickly go through your transactions and see if there're any hints/suggestions as to what may've triggered it
Re: Tell HN: Chase shadow banned and closed my bank accounts
#39Earlier quoted context omitted.
It doesn't say it was closed for suspected fraud anywhere?
It doesn’t say it in the post but it’s what happened. “Your account was closed and we can’t tell you why, also you’re banned now” is always suspected fraud or worse. Source: I work in fintech. Everyone who works in fintech knows this.
The "worse" has been proven to be political.. like when they closed gun dealers accounts a couple of years ago
Re: Tell HN: Chase shadow banned and closed my bank accounts
#40Automated KYC/AML rules/ai may flag an activity in err, but if you chased (no pun) the issue with an operator, your local branch and even their Compliance Dept, well then it's likely more serious. > Anyone have any ideas of what I should do next? I'd hire a chartered Accountant with some experience in AML, to quickly go through your transactions and see if there're any hints/suggestions as to what may've triggered it
What is AML?