Chase Bank Attempted to Seize My Accounts in 2021; Just One Example of a Larger Shadow-UnBanking Practice
3 min read
Account Inaccessible to protect it from unusual activity
I was locked out.
June 5, 2021: Chase Bank, without notice or cause, froze my accounts. Chase threatened to seize my funds, and forward them to the state Controller’s Office.
Notification
Arrived 2 min after failed log-in
Why are they closing my account? This tells me nothing.
I couldn’t access the letter, so I called Chase at Midnight. They validated my identity, and a rep quickly answered.
But not to help.😟
He instructed me to find a new email message. He then read it word-for-word.
Chase freezes accounts with form letters
Chase rep refused to engage on a human level or respond to any questions.
If I wish to salvage any of my money, I ought to listen. He reiterated my accounts were flagged, along with my phone number, but would not offer a reason why.
He urged me to collect:
five years tax returns income statements business expense forms
And ordered me to report to my Chase Branch on Monday. WTF! I demanded he tell me what this was about! Are my funds safe?
Now frustrated, he reminded me he has the authority to initiate a full account garnishment now.
I can deal with the Controller’s office if I persisted.
I confess I was intimidated. I didn’t know what was happening, and they had my money. I mistakenly believed I had nothing to fear. I’m a long-time customer in good standing.
That didn’t matter anymore.
Coinbase notification & call
“How do I know this isn’t a scam?” was my first question.
After all, Coinbase doesn’t call customers. But it was legit. I received a call from Coinbase to discuss Chase Bank, and what to expect; so I listened.
Chase notifies Coinbase when mutual customer transactions are flagged for audit. Coinbase Pro transfers fell under Chase’s frequency audit.
Chase meeting
Little to discuss. Instead, I sat silent while admonished that
$10K deposit from CB to checking acct “imperiled” Chase Crypto transactions limit their ability to protect me SBA empowered them with oversight authority
Now satisfied that I had been put in my place, Chase cancelled the closure.
I left an hour later with a check for my account funds. They were genuinely stunned I closed the account.🤦♀️
___
Not just me
Seeing this tweet triggered a PTSD moment. I DM’d Hayden, and he described an identical experience. Hayden shared the following tweets and believes the issue goes well beyond crypto.
Brian Quintenz, former Commissioner of the Commodity Futures Trading Commission (CFTC).
Not just people in crypto.
Chase Bank freezes and strong-arms customer accounts as a business practice.
Run a Google search and find the same story played out across the nation. They do it simply because they can.
Worse yet, this practice is becoming sector wide.
Please be mindful of this. Protect yourself, and best of luck to you.🙏
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