i've been hearing ALOT about people's bank accounts being suddenly closed like this for the last couple of years, it's starting to sound like something fishy is going on and they're just looking for an excuse to limit withdrawals
Tell HN: Chase shadow banned and closed my bank accounts
111–120 of 121 posts
Re: Tell HN: Chase shadow banned and closed my bank accounts
#112Earlier quoted context omitted.
> Whatever happened to presuming innocence? private individuals can presume whatever they want to presume. it is only the state that has to presume your innocence.
I'm not saying private individuals have an obligation to presume innocence. I'm saying it's the courteous thing to do. It makes sense to apply the same principle. Better to assume a guilty man innocent, than an innocent man guilty. It's not like there's any risk in any of us doing that in this case.
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Re: Tell HN: Chase shadow banned and closed my bank accounts
#113This 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.
Illegal? Possibly, but even if it wasn't, they're not going to tell you because it gives you a basis to appeal, or sue.
As things are "computer says no" cold responses keep complainants at bay as they have no footing.
Re: Tell HN: Chase shadow banned and closed my bank accounts
#114Earlier quoted context omitted.
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.
If they thought you were really money-laundering, they wouldn't close your account unless you were actually charged as that could count as "tipping off". You could always do what Patio11 mentioned in his latest newsletter and buy a share in Chase and then call investor relations.
If they thought you were really money-laundering, they wouldn't close your account unless you were actually charged as that could count as "tipping off".
FYI: not accurate. A bank (etc etc) cannot will not tell a person they suspect or have actual knowledge of money laundering, but they also cannot facilitate it. There is a tiny bit of wiggle room around the edges if e.g. an investigating agency says "Definitely don't touch this until we tell you to" but that is an edge case on an edge case.
Re: Tell HN: Chase shadow banned and closed my bank accounts
#115Earlier 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…
> No losses associated with the resolution of Silicon Valley Bank will be borne by taxpayers. if the govt taxes citizens, and spends the money, it's govt funded. full stop. even though, yes, it's ultimately paid for by the citizens. if a govt requires fees from banks to an insurance company, that's a tax. if the govt requires cash outlays by the insurance company, not sure what we would call it, but coupled with the…
This is a useless argument.
According to your definition, everything that exists in the world that received funding is "tax-payer funded". As a result calling any specific thing "tax-payer funded" is an empty attempt at a slur.
There are two options, either use a scoped definition of tax-payer funded which means it doesn't apply here. Or an ultimately generic wildcard definition of tax-payer funded meaning it's no different than anything else in existence and debate about it is meaningless.
Re: Tell HN: Chase shadow banned and closed my bank accounts
#116This happened to me with Citi when I added a signatory to my account - it triggered some fraud algorithm. Apparently there are legal reasons they cannot explain the details which is super frustrating for the customer and the staff as nobody can say what is happening. They froze and closed my account and it took 90 days for the balance check to arrive. Someone with legal expertise may be able to explain the details but it’s a real thing that happens and not anything sinister, just a crappy algo.
Re: Tell HN: Chase shadow banned and closed my bank accounts
#117It looks like my post has been flagged. Is there a reason? How do I get the flag removed?
Like the bank, there is no appeal
Re: Tell HN: Chase shadow banned and closed my bank accounts
#118Re: Tell HN: Chase shadow banned and closed my bank accounts
#119Earlier quoted context omitted.
> Whatever happened to presuming innocence? private individuals can presume whatever they want to presume. it is only the state that has to presume your innocence.
I'm not saying private individuals have an obligation to presume innocence. I'm saying it's the courteous thing to do. It makes sense to apply the same principle. Better to assume a guilty man innocent, than an innocent man guilty. It's not like there's any risk in any of us doing that in this case.
> Better to assume a guilty man innocent
that's how you get exploited by sociopaths in your personal life.
Re: Tell HN: Chase shadow banned and closed my bank accounts
#120I do not know in USA, but in EU such action would normally led to a formal complain of private money theft and slander. In just few hours the local bank director would be called by fiscal police with such complaint asking him not so gently to quickly provide justification or risk a penal process with potential jails terms... So well... Anything can potentially happen, but if you have the law on your side and you use…
I'd be surprised if this is true. I'm not in the US (or EU), and I've heard almost identical stories in many countries. Read your banks terms, I bet there's a hand wavey paragraph allowing them to shut down your account for "compliance reasons" or similar with no requirement for justification.
I had this happen and contacted the relevant financial ombudsman, and got nothing.