21–30 of 121 posts
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.
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.
No bank would just refuse to accept money, without [in their eyes] a good reason.
Is the OP running any particular type of business that may be fraught with integrity issues? Is this one of those ever-shifting Amazon storefronts?
etc.
> "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.
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…
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 of banking were a bit of a shock to me. In Europe we're used to bank transfers just working and costing nothing, but there isn't really an equivalent in the American system at all!
You can send a "wire" which usually costs $15-30 depending on the bank, and is meant for larger amounts and business transactions. Or, there's something called ACH which you can use to pay bills and businesses can use to send you money (e.g. paycheck deposits), but ordinary banking customers can't use ACH to send money to each other.
To address this obvious deficiency, banks have cooked up their own system called Zelle which is like a weird proprietary hybrid of PayPal and a European-style bank transfer. (Apparently it's so confusing to US bank customers that Zelle is widely used by fraudsters.)
So, when the OP wrote that they've been receiving deposits in the account that was closed, I'm curious to know what kind of deposits those were. Wires? ACH from businesses? Zelle? This could be a major factor in why the account triggered a red light at the compliance department.
Earlier quoted context omitted.
>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
https://www.mckinsey.com/capabilities/risk-and-resilience/ou...
Earlier quoted context omitted.
>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?
Source: I work in fintech. Everyone who works in fintech knows this.
> "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.
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…
I'm so happy I don't need to use Paypal. I hope I never run into issues like this with my bank.
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.
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.
By what law?