Chase closed my checking account without any explanation at the end of August. When I contacted my branch in person, they were told over the phone from the main offices that I would receive a check of the remaining balance (over 3k) and a letter in the mail. After not having heard anything for over a month, we headed back to the branch, where they were informed that our account is under investigation and I need to provide documentation for the validity of the funds that came into the account right before Chase decided to close it before they can release the final check to us of the remaining balance. Just before the closure, I received all of my backed up unemployment and pandemic assistance benefits (over 12k) and now Chase wants me to prove that I was in fact entitled to that money. I sent in all documentation I had from DOL but Chase still refuses to release the money and says they are still ‘investigating’. Since when do I need to justify to my bank whether I was entitled to unemployment benefits? How come they can hold my money for over 3 months now without ANY explanation or communication from their side? I’m furious and outraged by this whole situation, but we have no one we can reach. My branch can’t help, since all they can do is call an executive number when I go in to inquire and they are given the runaround as well.
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8Sounds like your account got flagged for suspicious activity. I doubt they care about the specifics of your eligibility for benefits; they probably just want to verify that the money is coming from a legitimate source.– glibdudNov 23, 2020 at 17:13
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6"Since when do I need to justify to my bank whether I was entitled to unemployment benefits?" Obviously, when they're suspicious that you've done something fraudulent.– RonJohnNov 23, 2020 at 19:56
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1Try going to the media, tweeting them, generally make a public fuss. The backlash for denying you your unemployment benefits for no good reason may spur them into action.– KatNov 23, 2020 at 20:11
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5Sorry you are going through this, but I doubt there will be a response here.– JTP - Apologise to Monica ♦Nov 23, 2020 at 20:24
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Did you read the agreement when you opened the account? I'm sure they retained the right to return the money and close out the account at any time, and the right to place holds on transactions and accounts as required by security policies and/or law enforcement. That's how. For why, you have to ask them; nobody here knows.– keshlamMar 16 at 21:16
1 Answer
The Patriot Act put heavy responsibilities on the banks to keep a close eye on the sources and movements of money coming into and leaving their accounts, and in this case something you did (whether it was innocent or not) tripped an alert for them.
If you read the documentation they gave you when you opened your account you'll see what circumstances tend to be the cause of your current situation.
I assume from your post that you had previously maintained a fairly low balance with Chase prior to receiving such a large deposit, so this isn't surprising that it triggered a reaction from the bank.
You can be outraged all you like, but at the end of the day, your new account agreement would clearly spell out the bank's responsibilities (AND yours) when it comes to suspicious activity with your account. I know you aren't happy with this (or my answer either, probably!), but thats' the age we live in.
