Cautionary tale on using Chase bank for indie business
1–10 of 282 posts
Re: Cautionary tale on using Chase bank for indie business
#2I followed the saga as Jason was going through this. You may not have the same sway as large entities if you are an indie dev.
Re: Cautionary tale on using Chase bank for indie business
#3I know that it's an extra expense, but shouldn't you get a lawyer involved first thing?
Re: Cautionary tale on using Chase bank for indie business
#4Diversifying in many cases won't help you.
If a bank suspects fraud, they can tell other banks about their suspicion, which will cause all banks to freeze your accounts and none will be able to tell you why.
Re: Cautionary tale on using Chase bank for indie business
#5The 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 from legal@ to the C-suite.
Re: Cautionary tale on using Chase bank for indie business
#6Business or Personal, do not ever rely on a single bank. Ever. Have a backup, ideally far enough from your "main" bank that any issue doesn't bleed over.
Re: Cautionary tale on using Chase bank for indie business
#7Diversifying in many cases won't help you. If a bank suspects fraud, they can tell other banks about their suspicion, which will cause all banks to freeze your accounts and none will be able to tell you why.
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Re: Cautionary tale on using Chase bank for indie business
#8Diversifying in many cases won't help you. If a bank suspects fraud, they can tell other banks about their suspicion, which will cause all banks to freeze your accounts and none will be able to tell you why.
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Re: Cautionary tale on using Chase bank for indie business
#9About 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 personal travel credit card with Chase, both of which were shut down within weeks, so apparently I'm personally flagged for life.
Re: Cautionary tale on using Chase bank for indie business
#10Crypto solves this. Well, eventually, after initially making it worse, because all your crypto-adjacent transactions in the meantime make legacy banks extra-hair-trigger suspicious.