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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

#41

Post by ProllyInfamous »

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…

I'm having the same issue due to changing my surname (male). So far I've mentioned that millions of women experience name changes during marriage... to deaf ears.

The good news for this is that my primary stock has gone up 80% (since this issue became apparent, just two years ago), and it has encouraged me to live more frugally. Eventually?

Unrelated: thanks for the awesome Klein Mug, Cliff!

Re: Cautionary tale on using Chase bank for indie business

#42

Post by Bluestein »

benzible wrote: post #18
benzible wrote: post #9

About 10 years ago a startup I co-founded had about $3M in a Chase account. We received a notification that they were closing our account within 30 days. We weren't able to get any information but I assume this was a KYC false positive. The only thing I can think of is that we had some investors from the Middle East. We had no problem withdrawing our funds but since then, I've opened another business account and a pe…

Just for posterity, we received this on 6/28/2013. Looks like they actually gave us 60 days. > Dear [redacted] Inc. > A review of our records indicates that we are unable to retain your above-referenced account(s) (the "Accounts") at JPMorgan Chase Bank, N.A. (the "Bank"). > The terms and conditions governing the Accounts ("Account Rules") provide that the Bank may close your Accounts at any time. Although the Accoun…

> Loss Prevention

For "prevention," seems like a great way to lose customers ...

Re: Cautionary tale on using Chase bank for indie business

#43

Post by jonnycomputer »

650REDHAIR wrote: post #5

The most important lesson learned here is not to ever deal with retail banking at the branch. Not only do they not care they aren’t given the authority or autonomy to help you. By trying to do this at multiple branches across the country OP likely made the problem worse as those actions raise suspicions even more. With that much money after the first day of inaction by support he should have CC’d every department fro…

I'm going to have to say that getting a lawyer on board with that much money after the second obstacle would be first priority.

Re: Cautionary tale on using Chase bank for indie business

#46

Post by smeej »

mminer237 wrote: post #16
650REDHAIR wrote: post #5

The most important lesson learned here is not to ever deal with retail banking at the branch. Not only do they not care they aren’t given the authority or autonomy to help you. By trying to do this at multiple branches across the country OP likely made the problem worse as those actions raise suspicions even more. With that much money after the first day of inaction by support he should have CC’d every department fro…

It's definitely exacerbated by being a big bank though. If I have a problem with my local bank, I can literally walk into the branch and probably just talk to a VP about it straight-away if needed.

This is even more true at a local credit union.

Add in the co-op network of credit unions, where you can go to any branch of any of the member unions (50k+ branches last time I checked, but it's been awhile) and it's hard for me to understand why people bother with these big banks.

Re: Cautionary tale on using Chase bank for indie business

#47

Post by techsupporter »

wanderr wrote: post #32
pengaru wrote: post #14

When I first moved to the SF Bay it tickled me to find there was no retail Chase Bank presence at all. Then the financial collapse and bailouts happened, Chase scooped up WaMu, and now Chase is everywhere here. :sadpanda: I won't even take money from their ATMs if I can avoid it, my bank covers ATM fees, but f*ck giving that company another dime.

Is there a bank you recommend? Mostly I use online banks but every now and then you just need to go to a physical bank. I am a bit nomadic so one with branches all over the country would be good, although I know those are the most likely to be terrible

Most credit unions participate in the credit union shared branching network, so I recommend joining your local credit union of choice. You can then go into the branches of several other credit unions to do most banking needs.

The caveat is if there's a major problem, like here, then you'd need to deal directly with your home credit union.

Re: Cautionary tale on using Chase bank for indie business

#48

Post by wcarss »

benzible wrote: post #18
benzible wrote: post #9

About 10 years ago a startup I co-founded had about $3M in a Chase account. We received a notification that they were closing our account within 30 days. We weren't able to get any information but I assume this was a KYC false positive. The only thing I can think of is that we had some investors from the Middle East. We had no problem withdrawing our funds but since then, I've opened another business account and a pe…

Just for posterity, we received this on 6/28/2013. Looks like they actually gave us 60 days. > Dear [redacted] Inc. > A review of our records indicates that we are unable to retain your above-referenced account(s) (the "Accounts") at JPMorgan Chase Bank, N.A. (the "Bank"). > The terms and conditions governing the Accounts ("Account Rules") provide that the Bank may close your Accounts at any time. Although the Accoun…

did you retype this? Assuming not, I just noticed they made the "if" -> "fi" typo twice and in two different ways -- interesting that what amounts to boilerplate can have that stuff get through.

Re: Cautionary tale on using Chase bank for indie business

#49

Post by ProllyInfamous »

ghaff wrote: post #34
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…

I've had some weird experiences related to my address although none were really a serious problem. My street name changed (probably when an interstate spur was put in about 40 years ago) and I still have issues now and then with geolocation.

>My street name changed and I still have issues now and then with geolocation.

This happened at my previous house, except with an additional twist: the street name was changed to an identical streetname, less than a mile away, but within a different city.

Adding to the confusion, my address was duplicated on that other street with a commercial brokerage which often gets sued. How do I know about these lawsuits? — because several process servers showed up (over about eight years living there) to sue the other address. They never believed my factual explanation: the numbers repeat on the same road, so closely ("yeah, ok buddy").

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