A long time reader told me that his friend’s Chase accounts got axed and is most likely due to bitcoin buying. I thought that was ludicrous since 1) everyone is buying bitcoins and 2) I’m sure a good number of those people are using Chase accounts. However, he says his friend isn’t in the game, so no MS, perk abuse, or ramp-up in spending. I then asked him to check with his friend if he was using Coinbase or some other shady method. He then checked with the friend who told him he had done 20K total in multiple transactions, transferring into and out of Coinbase. That’s nuts! We all know Jamie Dimon hates bitcoins, but to go and axe someone for buying bitcoins is kinda absurd. Now granted there may have been other external circumstances (although I did ask if income was an issue and the reader said NO,) there is one lesson learned that I keep telling you guys.
I’ve said this before – don’t bank with the big boys. Don’t shit where you eat. Open up a local CU and use that as your hub. There’s just no reason whatsoever to bank with Chase, BoA, Citi, etc.