"I've been a Chase client for 18 years. It's been my primary account and had two credit cards," the JPMorgan Chase customer said on a Reddit thread. According to him, he suddenly noticed neither of his cards worked. So, he logged in to his online account and it said "Account closed." After assurances that the banking side was fine, he began to notice that money coming in was not landing in his account. He tried reaching out via phone and also visited a branch twice. He also tried to take out money at the ATM and it wouldn't allow him to.
"You'll just receive a letter with details," he was advised. However, people knowledgeable about bank procedures could attest that before a financial institution closes your account, they are supposed to send a letter. But apparently, he did not receive one.
Eventually, Chase officially confirmed it closed everything down, without any warning or an explanation. "I had to take all my funds out yesterday and they recommended me to grab all my things in my safety deposit box," he stated and added that he was also banned from conducting business with the bank. He wondered why as nothing in his credit or banking history has been different than the normal transactions he has been doing for years. "I feel like this is a 'it's you, not me, please delete my contact info from your phone. Don't reach out,'" he lamented.
Chase has not responded to the user's post but another user linked a New York Times article that could explain what happened. He warned though, that "it may not make him feel any better." As per the article, another customer experienced the same thing, and he received a letter from JPMorgan that vaguely explained: "Financial institutions should know our customers and monitor transactions. After careful consideration, we decided to close your accounts because of unexpected activity on this or another Chase account."
The client was so frustrated by the unclear reason that he called the bank. After much prodding, the representative told him that the bank's global security and investigation team had ultimately made the decision. "I have sifted through my account activity for the past few months and have failed to see or detect any kind of unusual activity. This entire ordeal has been painful and difficult," he said. But after the news outlet called on his behalf, he received another call from the bank, which had opened an investigation. A representative later told him that they "couldn't confirm any wrongdoing" on his end.
Banks can close an account for any reason at any time, a point that is buried in the fine print of its customer agreements. When they dump an account, it's usually because they're trying to protect the institution from potential fraud. However, it is required to submit a Suspicious Activity Report (SAR) to the government. According to the Banking Policy Institute, just four percent of SARs submitted by banks to law enforcement result in a follow-up, and a small fraction of the follow-ups result in arrests and convictions. (Related: Dr. Mercola files LAWSUIT against JPMorgan Chase for de-banking Mercola Market employees.)
19 Republican AGs accuse Chase of persistent discrimination
But JPMorgan has been accused of systemically discriminating against its customers recently. Back in May, Republican attorneys general (AGs) in 19 states accused the bank of persistently discriminating against its clients and closing bank accounts without warning based on religious and political biases.
The law enforcement officials, led by Kentucky Attorney General Daniel Cameron, sent a letter to JP CEO Jamie Dimon stating that the banking giant's practices go against the company's policies on equality. Wall Street Journal published the said letter stating that the bank repeatedly discriminated against customers based on their religious or political beliefs. "It is clear that JPMorgan Chase & Co. has persistently discriminated against certain customers due to their religious or political affiliation. This discrimination is unacceptable. Chase must stop such behavior and align its business practices with the anti-discrimination policies that Chase proclaims," the letter indicated. The AGs cite the sudden account closure of a religious liberty organization as an example of the bank's discriminatory practices.
They also said that Chase has refused to accept proposals that would demonstrate its commitment to openness and inclusivity and so they called on the bank to publicly disclose its internal policies on account closures. "Banks generally have the right to conduct their business however and with whomever they choose. But a bank does not have the right to mislead its customers," they said.
Visit SocialJustice.news to read stories similar to this.
Watch the video below that talks about Dimon warning Chase customers to prepare for the worst-case scenario.
This video is from the MEGA (Make Earth Great Again) channel on Brighteon.com.
More related stories:
JPMorgan Chase to shut down nearly 160 bank branches across the U.S.
British banks are now closing the accounts of clients they don't politically agree with.
Sources include:
Please contact us for more information.
