By The Daily Hodl - 4 months ago - Reading Time: 2 minutes
JPMorgan Chase Accused of Terminating $200,000 Account Without Warning, Forcing Customer to Fly 2,400 Miles for Support: Report
A loyal JPMorgan Chase customer has reportedly had his life turned upside down after discovering his account was abruptly terminated without notice.
The customer, who lives in Hawaii, says he opened his Chase account two decades ago and was shocked to learn $200,000 was suddenly inaccessible, reports the US Sun.
According to the customer, Chase told him he’d have to visit a branch in person to try and get his money.
And although Chase has ATMs in Hawaii, it does not have any physical branches, which forced the customer to fly 2,400 miles to Los Angeles in an attempt to resolve the issue.
“I don’t know why… I’ve had no problem with them for the last 20 years… But ok, it’s their choice and nothing I can do.”
As for why his account was shut down without warning, the account holder says he believes a large Zelle transfer may have something to do with it.
In the US, banks can close accounts at their discretion for a number of reasons, including concerns about fraud and illegal activities, too many overdrafts or dormancy.
Banks typically send notices to account holders and mail checks for the balance to addresses on file.
When banks are concerned about potential fraud, they also file Suspicious Activity Reports (SARs) to law enforcement.
Banks filed about 830,000 SARs in 2014, a number that steadily increased to about 1.4 million in 2021, according to the Banking Policy Institute.
Only 4% of SARs trigger a follow-up from authorities, and a small fraction of the follow-ups result in arrests and convictions.
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The post JPMorgan Chase Accused of Terminating $200,000 Account Without Warning, Forcing Customer to Fly 2,400 Miles for Support: Report appeared first on The Daily Hodl.
Original source: The Daily Hodl