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Cautionary tale on using Chase bank for indie business

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Re: Cautionary tale on using Chase bank for indie business

#171

Post by spiffytech »

Maybe it was SARs?

> In the specific case of “Why did the bank close my account, seemingly for no reason? Why will no one tell me anything about this? Why will no one take responsibility?”, the answer is frequently that the bank is following the law. As we’ve discussed previously, banks will frequently make the “independent” “commercial decision” to “exit the relationship” with a particular customer after that customer has had multiple Suspicious Activity Reports filed. SARs can (and sometimes must!) be filed for innocuous reasons and do not necessarily imply any sort of wrongdoing.

> SARs are secret, by regulation. See 12 CFR § 21.11(k)(1) from the Office of Comptroller of the Currency:

> No national bank, and no director, officer, employee, or agent of a national bank, shall disclose a SAR or any information that would reveal the existence of a SAR. Any national bank, and any director, officer, employee, or agent of any national bank that is subpoenaed or otherwise requested to disclose a SAR, or any information that would reveal the existence of a SAR, shall decline to produce the SAR or such information, citing this section and 31 U.S.C. 5318(g)(2)(A)(i)...

https://www.bitsaboutmoney.com/archive/seeing-like-a-bank/

Re: Cautionary tale on using Chase bank for indie business

#173

Post by 77pt77 »

crote wrote: post #81
oasisbob wrote: post #11

Earlier quoted context omitted.

This may vary a lot by bank. At the small regional bank I used to work for accounts were assigned a home branch, typically where the account was first opened, and that branch had enhanced responsibilities in terms of servicing and maintaining the relationship. Chase is big enough that their KYC fallout queues probably have an entire team working them, and it wouldn't matter who else you CC on the email. ("Hey Joe, co…

> Chase is big enough that their KYC fallout queues probably have an entire team working them, and it wouldn't matter who else you CC on the email. The trick is to become so incredibly annoying that some CxO / VP is going to bump you ahead in the queue and assign a dedicated customer experience manager. Personally, if a bank were to steal $180.000 of my money, a few weeks in I'd probably start considering sticking "C…

>The trick is to become so incredibly annoying that some CxO / VP is going to bump you ahead in the queue and assign a dedicated customer experience manager.

Hard to be annoying when they can just completely ignore and redirect it to /dev/null

Re: Cautionary tale on using Chase bank for indie business

#175

Post by ethbr1 »

rolandr wrote: post #105
CliffStoll wrote: post #86

Earlier quoted context omitted.

Thanks D'moy! I'm still having fun with Klein bottles and other topological manifolds. Toying with immersions of the projective plane and several knot embeddings. At the moment, retirement mainly means "start taking out required minimum distributions". All the same, I wonder: How do you retire from a marginally profitable nano-business built upon glass mathematical shapes? How'd I ever reach 74 years old?

Find someone interested in continuing that business under a long term (royalty or such) or short term (lump sum) financial arrangement that is acceptable to you? I think there will be interested people, maybe even within this community (not suggesting I’m one of them, though).

Or he could go full Japanese and adopt the business heir into his family.

... actually, that might be safer so as to not raise any red flags with Citibank. /s

Re: Cautionary tale on using Chase bank for indie business

#177

Post by antimemetics »

lcnPylGDnU4H9OF wrote: post #134
ProllyInfamous wrote: post #75

Earlier quoted context omitted.

Usually just accepted the documents/lawsuit, then drove up the mountain to give it to the intended recipient. The first time this happened, business was closed... so I just taped it to the door (and then the owner came out LIVID, thinking I was the process server ...). Only once did the process server actually look on his phone to see that there were in fact two same-addressed properties (and obviously mine was resid…

Of course, what you did was the kind and polite thing but would the process server have any recourse to, "You would be failing to serve that notice if you leave it with me"?

I would just shrug and chuck it in the trash tbh. Probably not the first or second time but if it happens often and they don’t listen then definitely

Re: Cautionary tale on using Chase bank for indie business

#178

Post by jakespencer »

jmvoodoo wrote: post #85
CliffStoll wrote: post #26

Similar experience: Citibank Retirement. I had about $80,000 in IRA/CD's. I'd created & contributed to them over a period of 35 years. Last year, it's time to retire, and Citibank won't give me half the money. It seems that some CD's are for "Cliff Stoll" and some for "Clifford Stoll". Citibank Retirement demanded a "Marriage Certificate, Divorce Decree, or Court Order" to demonstrate that "Cliff Stoll" is the same p…

Unrelated, but I read your book in the 90s as a teenager and it had a huge impact on my life. Still one of my favorite books. Thank you.

Also unrelated, I too read your book in the 90s as a teenager and emailed you, and you emailed me back!

Re: Cautionary tale on using Chase bank for indie business

#179

Post by ethbr1 »

ceejayoz wrote: post #95
Djdjur7373bb wrote: post #94

Earlier quoted context omitted.

Is the experience that different? I've never tried one, but I assumed the level of bureaucracy must be similar in order to defend against fraud and fulfill regulatory requirements.

It is absolutely different. I can walk into my credit union's offices - they have just two branches - and talk to someone with decision making power. An actual human being picks up the phone if I call. Their customer service has been impeccable despite some complex asks. I am unlikely to be able to do this if someone steals my crypto. (My security question when calling in was once "you sent an email last week that ma…

Pros of a credit union: many processes are still manually-controlled

Cons of a credit union: many processes are still manually-controlled

There's a lot of scenarios where that's the lesser of two evils, though. And god it's nice to be able to walk into a branch, explain the situation to someone, and get "Let me see what I can do. There, all fixed" in reply.

Instead of "Oh, the system won't let me do that."

Re: Cautionary tale on using Chase bank for indie business

#180

Post by jachee »

nottorp wrote: post #165

Stupid question from outside the anglosphere: what's the difference between a bank and a credit union?

A credit union is ultimately owned by its members, and generally serves internal interests over pure profit. As a result, they tend to usually be less cutthroat and have lower fees, but also lower interest rates on the flip side.
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