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Tell HN: Chase shadow banned and closed my bank accounts

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Re: Tell HN: Chase shadow banned and closed my bank accounts

#81

Post by [deleted] »

StopHammoTime wrote: post #65
BoiledCabbage wrote: post #55

Earlier quoted context omitted.

> FDIC gets its money from either the taxpayer or the Fed prints the money The piece that your missing is that if they do (like what just happened here) it done essentially a loan. And any funds provided will be recovered via a special assessment on banks. Essentially they will increase their insurance rates that banks pay. It is legally required that the banks themselves cover all costs, and FDIC cannot just take mo…

Banks are known for sacrificing their margins and not passing on fees directly to consumer. /s

[deleted]

Re: Tell HN: Chase shadow banned and closed my bank accounts

#84

Post by austin-cheney »

phpisthebest wrote: post #71
austin-cheney wrote: post #44

I see this account was created only to post this complaint about an account closure. Stripe employees have commented on HN about this behavior as it occurs frequently. That behavior being an account with no history whining about how some big evil bank attacked them, a poor powerless innocent victim, for absolutely no reason. Almost always the account is closed due to fraud only after several rounds of correspondence…

>>while the financial institution is legally prevented from public comment. I am tired of banks and other companies hiding behind this excuse. The banks lobbied for that, they want that gag order. They want to be able to hide behind that regulation so they do not ever have to provide actual answers to why they banned someone or closed an account

I get the impression banks want the opposite. My former employer was a bank and their most valued asset is their reputation.

Re: Tell HN: Chase shadow banned and closed my bank accounts

#85

Post by werewrsdf »

pavlov wrote: post #2

> "Yesterday someone tried to deposit money in my account" How are these deposits sent? Do you receive them regularly? Is it business or personal? Just trying to understand if this could have been the trigger.

Yes, they are sent regularly. I have a rental apartment that the tenant has been depositing rent into for about 4-5 years. It's only really used for that purpose.

Re: Tell HN: Chase shadow banned and closed my bank accounts

#86

Post by werewrsdf »

cfcf14 wrote: post #22

This is 100% related to (suspected) fraud, anti money laundering, or other types of financial/political sanctions. You may be 100% innocent, but they will never disclose any information to you about their reasoning (and in fact it is illegal for them to do so). Sorry this has happened.

This was my best guess as well. Unfortunately I have not been able to confirm it since they won't say anything

Re: Tell HN: Chase shadow banned and closed my bank accounts

#87

Post by werewrsdf »

gadders wrote: post #11

Have you expressed views which are outside of the current overton [1] window politically? [1] https://en.wikipedia.org/wiki/Overton_window

I have not that I know of (I don't use social media). My best guess of what happened (little to no evidence) is that it's somehow money laundering related.

Re: Tell HN: Chase shadow banned and closed my bank accounts

#88

Post by werewrsdf »

fatneckbeard wrote: post #50

you have provided a lot of details on what the bank did you have provided absolutely zero details on what kind of transactions you are doing in this account

I didn't provide details of the transaction because I was more interested in what to do next and not have people speculate on the reason.

The transactions in the account are rental payments from a tenant and bills paid related to the rental. The account has had the same types of transactions for 4-5 years. It is a shared account with someone else (because I only own part of the rental), so it's possible I am being caught up in something related to them. They are closing that shared account and my personal accounts.

Re: Tell HN: Chase shadow banned and closed my bank accounts

#89

Post by werewrsdf »

briantakita wrote: post #13

I 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.

I appreciate the guess, but I think this is not right. There was a good amount of money in the account (~20k).

Re: Tell HN: Chase shadow banned and closed my bank accounts

#90

Post by werewrsdf »

tyoma wrote: post #12

You triggered a fraud/compliance issue. It is serious enough that they are closing all your accounts. If other banks also start closing your accounts, it may be time to find a lawyer.

Yes, I wrote the first part in the description above. I will definitely need a lawyer if it happens at other banks.
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