Introduction
I am a magnet for shutdown stories. I love them because you can learn the limits of how hard you can push certain things. If you have a shutdown story, please let me know and I’ll post it (with anonymity of course.) Today’s story is coming from a reader’s friend who had his personal, business, and credit cards wiped out by Chase recently.
Story
“It turns out that the high deposit and withdraw volumes from his personal account were not the issue. The issue was with the high frequency of ACH transfers from other accounts in the company’s name. He’s a xxxxx that operates in multiple states, so his payments from banks came from state specific banks to a Chase account. Ultimately, the ACH’s looked like a transfer from Company ABC to Company ABC. Apparently, this a red flag for money laundering within Chase. While I doubt anyone is ACH’ing the same dollar values, it wouldn’t surprise me if the frequency of ACH’s are similar.”
Lessons Learned
At first read, you’re thinking, “Oh I don’t operate in multiple states and do that much ACH” and you’d be right. But let’s say Chase is your main bank account and you are having Paypal withdrawals to your account or maybe you’re doing the person-to-person bill pay stuff. The lesson learned here is THERE IS NO REASON TO HAVE A CHASE BANK ACCOUNT or any bank account that issues credit cards. Get off your lazy butt and go open up a local credit union checking account and have that be your main account. Then ACH, billpay, etc to your heart’s content because if they happen to shut you down, you move on to the next one and all of your credit cards won’t be wiped out too. Seriously, what does Chase banking offer that a local CU can’t? Not better interest rates. More convenience? Just get a Schwab ATM card for free ATM withdrawals in the world. Don’t poop where you eat people!
If you are Chase CPC though, I would just keep the account dormant (meaning no activity on it.)
lol i semi dumped chase for other reasons, no ms 70k spend on ink, and they wont waive the af, while amex offers the same card essentially for free ( though yes ur points are valuable + forex fee, but aye i like good treatment)
How sensitive are Chase regarding MO as payment for credit card?
How sensitive are Chase regarding MO deposit?
Stop. IMMEDIATELY. Deposit those MO’s into another bank.
They are freaking cray about MO. You can get shut down by just some random MO deposit. Regular deposit of MO almost guarantees your fate.
Seriously, this cannot be stressed enough. Having a checking account at Chase for anything other than the opening bonus is just asking for trouble. They are VERY sensitive to anything that could be construed as money laundering, and they will sever all ties with you in a heartbeat.