Have you expressed views which are outside of the current overton [1] window politically?
Tell HN: Chase shadow banned and closed my bank accounts
11–20 of 121 posts
Re: Tell HN: Chase shadow banned and closed my bank accounts
#12You 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.
Re: Tell HN: Chase shadow banned and closed my bank accounts
#13I 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.
Re: Tell HN: Chase shadow banned and closed my bank accounts
#14https://sneak.berlin/20191119/your-money-isnt-yours/ Banks fail closed without notice or recourse or any burden of proof. Plan accordingly.
Australia has some pretty decent protections, but the impending GFC part II has got me concerned anyway.
This is frightening. Considering just buying and storing metals instead of putting anything in the bank.
Re: Tell HN: Chase shadow banned and closed my bank accounts
#15Chase 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…
>FDIC insurance should require banks to open accounts for citizens unless there is clear financial reasons to refuse ( ie fraud, or other criminal acts)
That wouldn't help OP since his account was crosed due to suspected fraud.
Re: Tell HN: Chase shadow banned and closed my bank accounts
#16Have you expressed views which are outside of the current overton [1] window politically? [1] https://en.wikipedia.org/wiki/Overton_window
Is the Overton window still inside the Overton window?
Re: Tell HN: Chase shadow banned and closed my bank accounts
#17Chase 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…
>FDIC insurance should require banks to open accounts for citizens unless there is clear financial reasons to refuse ( ie fraud, or other criminal acts) That wouldn't help OP since his account was crosed due to suspected fraud.
No where in their statement does it say that. You have projected that belief base on assumptions, Your incorrect application of the dept name in question, and probably a good helping of personal bais
Hint compliance department, != Only fraud
compliance department is also their political and Religious hit squad
Re: Tell HN: Chase shadow banned and closed my bank accounts
#18Chase 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…
>FDIC insurance should require banks to open accounts for citizens unless there is clear financial reasons to refuse ( ie fraud, or other criminal acts) That wouldn't help OP since his account was crosed due to suspected fraud.
It doesn't say it was closed for suspected fraud anywhere?
Re: Tell HN: Chase shadow banned and closed my bank accounts
#19A couple of things. KYC and risk are big now. There's obviously something in your transaction history, credit file or other mysterious data that they really don't like (crypto? gambling? chargebacks/refunds? You're the only one that knows your history). They do not need to tell you why. I know it sounds bad & counter-intuitive, but if they revealed lots of little parts of their risk model, fraudsters could use it to…
> I know it sounds bad & counter-intuitive, but if they revealed lots of little parts of their risk model, fraudsters could use it to their advantage.
This is a commonly stated argument, but I don't think it holds water.
I once worked with a company that did grey area SEA stuff where they'd bid on one thing and then show another thing to the users to get around regulatory issues. Of course, Ad-Networks don't like that for all kinds of reasons and shut down their accounts. So they hired people who previously worked at those networks on compliance, enforcement, or in customer support. Those people gave them all the info they needed to make their accounts not get flagged, not look suspicious when someone glances at them etc.
The fraudsters and manipulators are making money, and they're happy to pay money, and will usually find an ex-employee (or current, large corps don't have super-loyal employees) to spill the beans.
The legitimate customers will not, and they'll be harmed and annoyed because of the secrecy (which I think is more to cover corporate asses anyhow, because corporate knows all of this, obviously).
Re: Tell HN: Chase shadow banned and closed my bank accounts
#20I 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.
The most basic bank account is a right afforded by law. No matter how bad your credit history or even if you are homeless, they have to give you the most basic account. Of course, it is your responsibility to keep the balance non-negative.