Man, this story is so messed up. A reader sent it to me and said I could share it with you guys:
Chase Shutdown Story Vinh feel free to post on the blog if you want. This one is a bit different from others I’ve read recently. My brother signed up for CFU and CSR a few months back. Was MSing but not doing crazy volume and not doing any BPs to the accounts or any checking shenanigans. His UR account got hacked and someone drained all the points. He contacted Chase and they made him whole for his lost UR, froze CCs for a few days for security reasons, then mailed him new ones. Very quickly after that his txns started getting rejected and he called Chase. They told him his accounts were shutdown and he was deemed too risky. I gave him the risk division number to call for a review. After a week or two they upheld their decision. They also refused to refund the CSR annual fee even after he CFPB’d them. So moral of the story, use strong passwords.
Lessons Learned
This one is odd to me because when my computer changes IP addresses or I try to log in using incognito, Chase wants to send me a text code, so I’m not sure they could have hacked into the account. It seems 2 factor authentication is enabled by default. I mean, talk about bad luck. Now, I don’t think the “hack” is what did him in. I’m sure it’s the eyes on the account prompted by the hack that did him in. Not sure how you can prevent something like this.
My chase checking and savings were both hacked and thousands taken, within the past two weeks. But, the authentication can be done via email as well as text. So they had to have hacked my email as well. Chase should allow us to disable authentication via email, most other financial institutions are requiring text or phone call only.
My husband bank accounts were just hacked. They got a lot of money from us, but Chase has been amazing. Granted, we just signed up for Chase Private Client, but they have taken care of everything. Today we noticed charges on his IHG credit card. One call to our banker and everything was taken care of. I can’t begin to tell you how glad i am we decided to become CPC.
Same sort of thing happened to me. Someone fraudulently used my checking account with PayPal. I called the bank and they froze my account and opened a new checking account with a new number. That same day my payment was scheduled with Chase which was returned since my account was frozen. The payment was made the next day from the new account. A few days later ALL Chase accounts were closed. I appealed and they upheld their decision. The really snotty jerk at Chase admitted the returned payment was the trigger but they only closed my accounts because after they looked at my credit report they felt I had too many credit card accounts open. They also refused to refund any annual fees – even for the Reserve! Chase is getting crazy. I have an over 800 FICO and never a late or missed payment anywhere. I’m debt free aside from a mortgage and never had credit card debt. I did very low MS on my Ink card.
Your rebuttal about the login from a new location is valid and to me it seems the person who’s account got shut down is not sharing the whole truth. Just my initial thoughts, especially with the cfu and csr…not much MS you can do with those.
Agreed. Seems like there might be a bit more to the story than the OP let’s on. Don’t get me wrong, chase sucks a whole lot these days. However, someone “hacks” your chase acct which while obv possible is still a huge offside considering joe trigger happy chase’s security is. but anyways, they only go for a few measly URs? Leave cash and/or potential CL on CCs etc alone which they can do so much more with?! Hmm ohkayy. That’s like someone carjacking a banker in a fancy car but only stealing their (expensive) blazer but leaving everything else alone (the actual car, jewelry, wallet etc)
Same thing happened with me and a particular large bank. Not hacked but needed to contact customer service and 2 days later… shutdown!
Whaaat? When did this happen and what bank?
will msg