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A man who says he\u2019s banked with JPMorgan Chase for 18 years has gone viral after accusing the bank of terminating his account with zero warning or explanation.<\/p>\n
In a viral post on the social site Reddit, the user says his Chase cards abruptly stopped working and a quick check online showed his account was permanently closed.<\/p>\n
The man says<\/a> representatives at the bank promised he\u2019d receive a letter with more details, but that never happened. Instead, he was left in the dark and banned for life.<\/p>\n \u201cConfirmed, Chase closed everything down. No warning, no explanation. I had to take all my funds out yesterday and they recommended me to grab all my things in my safety deposit box. I\u2019m also banned from conducting business with Chase. <\/em><\/p>\n Nothing in my credit or banking history has been different than the normal transactions I\u2019ve been doing for years. Has this happened to anyone before? I feel like this is a \u2018it\u2019s you, not me, please delete my contact info from your phone. Don\u2019t reach out.’\u201d<\/em><\/p>\n Chase has not responded to the user\u2019s post, which was published on the r\/Chase subreddit.<\/p>\n Banks can terminate accounts at their discretion and have increasingly terminated accounts due to concerns of suspicious behavior.<\/p>\n When a financial institution is concerned about a given account\u2019s activity, it is required to submit a Suspicious Activity Reports (SAR) to the government.<\/p>\n According to the Banking Policy Institute, just<\/a>\u00a04% 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.<\/p>\n Back in 2014, the number of SARs submitted by banks stood at about 830,000.<\/p>\n That number has significantly increased in recent years, with about 1.4 million SARs reported in 2021.<\/p>\n This year, JPMorgan Chase has also been accused of systemically discriminating against its customers.<\/p>\n Back in May, Republican attorneys general in 19 states accused<\/a>\u00a0JPMorgan of \u201cpersistently\u201d discriminating against its own clients and closing bank accounts without warning based on religious and political biases.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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