Chase Is Saying They Want to Close All Our Accounts...... ??!!!!??!!??

Updated on January 24, 2013
S.D. asks from Peoria, AZ
26 answers

Has this happened to anyone ? We have been a faithful chase/ bank one- bank customer for 20 years and now they are all of a sudden saying we are getting all accounts closed. They can't even give us a valid reason... we are good bankers.
They are giving us 30 days.... I am freaking out that the funds will freeze before I can get to the money and withdraw it. they are closed now and have to get through the night.... this is crazy.

We got a notice and it is ligit, we called . They said they don't have to give us an explination on any reason as to why .

Any words of encouragement ?

What can I do next?

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So What Happened?

we did call the bank and the debit card 800 # and the business magment for chase and talked to a teller.
The people on the phone have a whole story and the tellers just read the notes and are perplexed. So needless
to say, we have to move..............

Featured Answers



answers from Kansas City on

How were you informed of this? It sounds like a scam. I would call or go down to the bank to talk to them and find out what is going on.

ETA: I googled "chase closing accounts" and it seems like this may not be uncommon. I would go to the bank and find out what's going on ASAP.

7 moms found this helpful


answers from Salt Lake City on

Chase did that to me. I just got out and got a new bank. I hate Chase. They don't care about their customers. They don't care if you are a loyal customer. I hate Chase! If I have a credit card that gets bought by Chase again, I would immediately close it and get another. I hate Chase! They were horrible.

5 moms found this helpful


answers from Chicago on

Identiy theft?
Get money out ASAP
Call the police.
Go into the bank.
Ask, ask, ask.
And believe me they know why.

4 moms found this helpful

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answers from St. Louis on

I don't understand, all it took for me to close everything out at B of A was them saying do you know how many customers we have. If they were to give me a 30 notice I would take me five minutes to open an account somewhere else and another 20 to close and move the money.

Don't become obsessed with the why, they don't want you, that is good enough. Move your money to somewhere that wants you.

17 moms found this helpful


answers from Washington DC on

When you say called, did you call the number on the notice, or the number on your statement? I only ask because scammers sometimes send official looking documents with similar phone numbers so when you call the number you only THINK you've called the bank. They're can be trying to get your account numbers.

Verify with your branch directly. If it's not for real, immediately have the bank flag your account and report it to your credit agency to protect your credit.

12 moms found this helpful


answers from Detroit on

Screw 'em. Get your money and find a good credit union.

10 moms found this helpful


answers from Chicago on

They won't take your money.... but they CAN close your accounts.

I had 2 credit cards.... one with WaMu and one with Chase. Both were set up with autopay (so the accounts were paid on time each month). Neither were maxed, nor were any of my other cards.

WaMu was bought by Chase.... so now I effectively have 2 Chase cards.

One day I tried to use the Chase card..... and it was declined. I called and they told me that they routinely look at their customers for "worthiness" and I had not "passed" so they CLOSED both my credit cards and I was automatically put on a "payoff" plan (still revolving, mind you.... so they got the interest payments... it wasn't converted to a "Loan").

She said it's all automated.... no one even LOOKS at it. The computer looks at your credit score, your available credit and makes a decision.

I HATE Chase.

Anyway, she cut me a cashier's check for the balance of my checking and saving's accounts. But it was SUCH a hassle. I had to scramble to get all my auto-debits moved to a new account at a new bank.

I HATE Chase.

Did I mention that I HATE Chase?

The Branch Manager even agreed that I was a model customer, as far as balances, payments etc.

10 moms found this helpful


answers from Miami on

No no. Go down to the bank and talk to the bank. Show them the correspondence. I will bet that this is a scam to get you to call a number or answer an email, phishing for your info so that they can actually clean out your account.

Don't call the phone number OR answer an email.

Go down to the bank. If something is REALLY wrong, they will tell you what is wrong.


10 moms found this helpful


answers from Washington DC on

Seriously? You called the number on the letter? I'm sorry - but if I got a letter from my bank telling me they were going to close my account - I would NOT call the number on the letter - I would call the number on the back of my debit card.

Please know I'm not trying to be mean. But with all the scams out there - phishing, scam artists, con-men - whatever name you want to give it...I would NOT believe a letter. And I would NOT call the number on the letter. I know - call me a me a skeptic...but really? I got taken ONCE on an ebay scam 10 years ago and it woke me up to things that "look legit"....

RUN, do NOT WALK - RUN to your bank with said letter - show it to them. If it is legit - talk to the bank manager...if it's NOT legit? And I gave out ANY information on that phone call - I would place an emergency hold on my accounts, switch all accounts to new numbers and put a notice of potential fraud on my credit report.

Sorry - have to ask - just HOW did you get this letter? E-mail or mail? Did you have to sign for it? Did you compare the address on the letter to the letter on Chase's website?

Good luck!!

8 moms found this helpful


answers from Norfolk on

I love credit unions much better than banks.
You have 30 days - that should be plenty of time.
Find a good credit union first, and open an account there.
Then go to Chase, tell them you are closing your accounts and they will write you a check.
Then you can deposit the check into your credit union account and you are all set.
If Chase isn't interested in doing business with you, take your business to another institution who will appreciate you.
I wouldn't even think of fighting to stay with them.

7 moms found this helpful


answers from Chicago on

Looks like it has happened to others. I have a friend who had a horrible experience with Chase. Just get your money out and go to a community bank. Chase is too big for its britches I think.

7 moms found this helpful


answers from Phoenix on

You might want to get a free credit report done. There could be some incorrect or fraudulent activity on your credit that may have caused your score to drop through the floor and made your bank consider you high-risk.

6 moms found this helpful


answers from Dallas on

Yikes, you need to get to your bank branch ASAP. Talk directly with your bank. This seems incredibly fishy...

5 moms found this helpful


answers from Albuquerque on

You're surprised and it isn't fair... but you can get a new bank account and new credit cards in 30 days. They won't freeze your funds or take your money; they've given you a full month to get new accounts. And you can do that. Find a local credit union and open a bank account. Talk to them about applying for a credit card if they offer one. Or accept one of the offers that probably come in the mail.

This doesn't have to be a huge deal...

5 moms found this helpful


answers from Phoenix on

I agree w/PP - go to the branch where you opened the account, if you can, or a local one, at least, to talk to a manager in person. This just doesn't sound right to me, and I've never heard of this happening to anyone else.

Did you call the phone # on the bank's website, or on your ATM card? If you called the # that was on the letter, it doesn't mean anything, if the letter is a fake, then the # is a fake.

I would highly recommend Sunwest Bank, it's a local Credit Union here in AZ and they're very easy to work with. Never had any issues with them.

5 moms found this helpful


answers from Columbus on

How exactly did you receive notice of this? It sounds like a phishing email -- "we're going to close your accounts unless you verify your information -- click this link and give us your account info."

I can't imagine they would do that without an explanation. But 30 days should be more than enough time to withdraw all funds, shouldn't it? But your post doesn't make sense -- they're giving you 30 days to do what? In the same breath you say they've already closed the accounts and you have to get it through the night.

4 moms found this helpful


answers from Washington DC on

I remember reading an article about this a few years ago. Sad thing is, they don't want "model" customers. They want customers that will max their limits and pay the minimums. Why? They get more interest. Another reason is that some of their older customers have better deals in terms of interest payments, and they don't want to honor them anymore. They won't take your money. If you don't get it out in time, they will mail you a check most likely. They are giving you 30 days notice to find another credit card. How "honorable" of them.

4 moms found this helpful


answers from Washington DC on

well, first off, take a deep breath. you've got 30 days. that's plenty of time to get your money out.
it does sound fishy, but on the other hand, scammers wouldn't give you 30 days, they'd be pushing you to call/deposit/move your money today.
honestly, it just sounds like a Big Bank doing what Big Banks do- treat customers like the commodities they are, and paring away the ones that don't earn them enough money for their stockholder bashes.
take your money and go to a local credit union.

4 moms found this helpful


answers from Dallas on

Unfortunately they can choose to keep you as a customer or ask you to leave as a customer. It is within their rights to refuse service to anyone and they don't necessarily need to give you a reason. I would make time to go to the bank and talk to the director and just ask. They may tell you a reason at the bank that is not stated in the letter - most of those are one format and don't give much information. Take the letter with you to verify that they did send it - if they did it will be on your account notes. Then ask them what the easiest solution is for getting the money out. You have 30 days to remove the money. I don't think they can just freeze the account and not allow you to have access to it. I think first of all you should take a deep breath and then start making calls. Then go to the bank if they don't give you the answers you need. Then just move the money and open an account somewhere else.

3 moms found this helpful


answers from San Francisco on

IF YOU ARE IN GOOD STEAD GO IN AND ASK TO SPEAK WITH A BAN OFFICER, IF YOU GET NO SATISFACTION....REPORT THEM TO THE BETTER BUSINESS BUREAU. Never heard of such a thing.....Go to another bank and tell them what is happening. Words of encouragement? Take immediate action!

I had an issue with Wells Fargo after being them for years. I'm sure you will get many stories about other banks.

2 moms found this helpful


answers from San Francisco on

Wow. We bank with Chase and they've been nothing but wonderful to us. Have you gone to your local branch to verify if this notice is actually real, and not some kind of phishing scam? I had a bank fee hit my account last month that I felt wasn't legit, went into Chase, talked to our banker, and he not only reversed the charge, he gave me a promotional gift card to apologize for the error, and gave the kids lollipops. I mean, seriously, Chase has been better to us than our previous 3 credit unions. Go talk to your banker in the morning.

2 moms found this helpful


answers from Phoenix on

We have banked with Chase for 5 years and never had a problem. We even have had levy's hit our accounts, talk about a pain in the a$$! However, we have a lot of cash going thru our accounts so maybe they like that. lol I would just go to the branch and ask them. If that's true, just close accounts and go open new ones, not a big deal and easy to do. Good luck!

2 moms found this helpful


answers from Indianapolis on

Chase is straight up evil. I will never bank there. Unfortunately, hubby owes them money, and we have to fork over the cash so we can finally have an account with both our names on it. And of course the money he owes is their doing. But he has to pay it. A*holes.

Switch banks and move on.

1 mom found this helpful


answers from Detroit on

I agree with some others below -- take the letter in person to your local branch and have them explain it to you. It doesn't sound right. If it is, at least you're 100% sure before you uproot all your accounts.

1 mom found this helpful


answers from Madison on

I read recently that Chase/Bank One has decided they only want a certain bank customer with a certain amount of money in their accounts and certain assets; the article I read (and I can't remember where I read it--I think it was actually in the mainstream newspapers a year or two ago) stated it would take them a while to go through their accounts and figure out just who they wanted to keep (I'm taking this to mean, how much money their account holders have in the bank and who doesn't have enough/should be eliminated).

You can go to the bank and ask why--and they're right; they don't have to tell you.

It sounds like they've finally decided how much/what kind of money/accounts/assets they want their bank customers to have. Anyone else who doesn't fit their bill is being axed. Apparently, you're not "rich" enough for them to keep. Or maybe it's, you're not "poor/indebted enough."

After reading some of the other comments here and going to some of the off-site links provided, I would heavily bet on the fact that Chase is only interested in those who have a lot of debt/outstanding fees/don't pay their credit cards in full, because that way, they make a lot of money off them in terms of fees.

In the world of banking and money, the BEST way to use a credit card is to pay what you owe on it in full every month. That's the best for YOU. However, it's not the best for the bank(s); they don't make any interest on you if you don't hold over money from month to month.

I've currently finished 2012 with being able to pay my VISA bill in full 11 out of 12 months of the year. In fact, as of two months ago, my bank actually lowered my interest rate by 10% points. Why? Because they're hoping that I'll suddenly splurge and run up a big credit card bill and won't be able to pay if off the next month so they can make interest off my account!

I'm running my account as an experiment to see how long the bank will allow me to pay off my account every month before they say something or decide to drop me because I'm not making them any money. Sad, isn't it, when we should all be better stewards of our money and our debt and the banks don't want to allow that? We just paid off my husband's huge VISA card debt and will start paying his bill off every month as well, starting this year. We both are with the same bank (which I've been with since I was 18 years old--27 years); wonder how long it'll be before we're "kicked out" because of them getting no interest on our accounts?

Find yourself a smaller bank, maybe a credit union. You'll find they are a lot nicer and will appreciate you and your money.

1 mom found this helpful


answers from Phoenix on

people, have you not noticed what the banks have been doing ??? they literally brought us into this recession years ago, by making bad loans and making the small print, smaller.
chase, b of a, wells fargo??? remember the bail out?????? too big to fail???? and then using the money to send their ceos on vacations???

you have much better options than to support these corporations and the people who run them.
30 days is plenty of time. tell them good riddance and take your money to a local credit union. they will treat you like a human being.

"the only way for evil to exist in the world, is for enough good people to do nothing."

in our country it is almost a civic duty to boycott... it doesnt matter if you have very little money, if enough people yank their money, and the company begins to lose money, they will regroup and accomodate if they wish to stay in business. this is true from the smallest to the largest business. do not reward a bank for treating you poorly. it makes you a willing victim.

1 mom found this helpful
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