My friend in the banking industry said I was not alone and that they've seen a lot of 'Chase deposits" move over to their bank.
I think it had to do with this
"Jan 11 (Reuters) - A U.S. regulatory probe of JP Morgan Chase & Co is expected to result in an order that the bank correct lapses in how it polices suspect money flows, in an action expected as soon as Friday, people familiar with the situation said."
It appears Chase has been investing/laundering money for some very suspect people? This may have resulted in them wiping out legitimate, tax paying, small businesses from their portfolio. Whatever the reason, it seems their policy on reward forfeiture is unfair and not without financial gain on their part.
I was thinking small claims as well. I'll shoot you a PM so we can discuss further.
Originally Posted by
tassojunior
Chase just closed my accounts and confiscated 247,000 UR points too. After 20 years with them holding my mortgage and many cards for several years, they did an investigative service on me and decided to "terminate our relationship" (as far as credit cards). There are services besides credit bureaus that compile personal information including neighbor comments, etc. which financial firms can use when their exposure to you reaches a certain level.
I've phoned and written all the way up and they are absolutely firm that when your accounts are closed they do not give zip for your Ultimate Rewards. Posts and bloggers' columns that they do otherwise are wrong.
On 4 cards Chase had just gotten the $95 annual fees and doesn't even refund that.
I filed with the CFPB, but that just gets you an extra call from Chase reaffirming their position.
Chase is certainly a unique culprit in this- When AmEx does a Financial Review you get 2 weeks to move your MR points. When Citi closes TYP accounts, you get 30 days to move TYP's.
I picked up papers today to do a small claims court action.