jaytmoore

Balance as of March 26 2013

Previous Points Balance 36X,xxx
+ 1 point per $1 earned on all purchases 2X,xxx
+ Points for Ultimate Rewards Travel 0
+ Bonus points from Ultimate Rewards Mall 0
+ 4 pts per $1 intrnt, cable, phone, ofc sply st xxx
+ 1 point per $1 on hotels & gas stations xxx
- Points currently unavailable for redemption 38X,xxx

Without warning/notice Chase closed my INK Bold card and took all UR points associated with it. I'm looking for feedback on whether anyone believes I have any recourse outside of Chase? I've never had a rewards account closed so I'm reaching out to more experienced folks for advice.

Here is the portion of the rules and regulations that they used to justify this forfeiture of all UR's in my account.

"Ability to Earn and/or Redeem Rewards: If your Account is in default as described in your Business Card Credit Agreement (“Agreement”), and/or your Account is closed for any reason, and/or there is any fraud or abuse related to the accrual of points, we reserve the right to prohibit you from earning or redeeming points through your Account until the next billing cycle after your Account is no longer in default, and to cause you to forfeit any points in your Account. If your points are forfeited for any reason, we will not reinstate
these points to your Account. If your Account is closed for any reason, your membership in the Program will be terminated."

Some details on this situation

1. This INK Bold card has been in use since May 2012. There was no fraud or manufactured spend this card. All purchases were regular business expenses. Chase was happy to extend an initial $25k credit limit, raising it to $50k within a few months.

2. I had transferred ~85k UR points from another INK card that I have for a different business. They were being held in the INK account that was closed. Those points were forfeited as well. This seems particularly unfair as the business the card those points were earned on is still open and in good standing.

3. Why was the account closed? It was a business/compliance decision, although I never got official word. Chase notified me on 2/XX/13 they were closing 3 of my business checking accounts and one JPM investment account. The letter listed the accounts but no credit cards. Thus, it's my assumption the card was cancelled for being associated with the same business Chase no longer wants to align itself with after 8 years of providing banking services (including Private Client) and JPM Private Investments.

4. The business itself that the INK card is associated with somewhat irrelevant, but if it adds context to this story it's one of the early crowd funding websites (one of many we operate) [moderator edit]. Yes, it's controversial, but Chase had no problem working with us until now. I understand Chase can decide to do business with whom ever they want and it's within their rights to close my bank accounts if they want. These bank account closures were more of an annoyance than anything else, considering we've been with them for so long (8 years) and a move is a PITA. That said, I accepted this decision and setup new banking accounts with a competitor. It never dawned on me that my INK card would be cancelled too. This was a great mistake on my part as I had some time to transfer points to UA, Hyatt, etc.

5. 3/XX/13 my office manager went to make a purchase on the Ink Bold card and it was declined. I called Chase and they said the account had been closed. I was never informed of the closure although I was extended nearly 60 days of notice on the bank accounts. I feel there was no notice given specifically to keep me from redeeming UR's. I assume there is financial gain for them to confiscate UR's? Especially when they're probably closing thousands of accounts each year, with millions of rewards going with them.

In any case, I leveraged the other businesses/deposits/investments I have with Chase and went to the top of the ladder with Chase card services. There final answer as of 4/1/13 is they will not be returning any UR's, even the ones that were transferred in from an other businesses INK card, being held in the closed account. If anyone feels I have any recourse in this situation your suggestions are appreciated. Nearly 400,000 UR's is a lot to lose.

gv111

Not sure why Chase acted this way. My sympathies are with u.

Perhaps there is a lesson here. Better to transfer excess UR to your airline, hotel accounts to avoid situation like this. Chase would have a much harder time getting it back from FF/Hotel accounts.

Good luck!

jaytmoore

Yes, that's the strategy I'm telling all my friends/colleagues. I had a transfer to UA (my only redemption) that has not been touched. It's unlikely situation, but if Chase does close your account (for any reason) they can take all rewards in it.

chemist661

I would do alot of research on this. I would do the following:

1. Contact your Chase Private Banker and ask them why your account was closed. Ask for resolution that is satisfactory to you!!

2. If you are not successful going this route, I would file complaints with the appropiate regulatory agencies. (I would guess the "Office of Comptroller of the Currency" would regulate over Chase).

3. Chase would have to give you at least 1 cent/point in value for your closed account. (Note: your points are worth much more than 1 cent/point!! ). I would read the thread about closed UR accounts. (under Chase Sapphire thread).

I never had an account closed so my information may or may NOT be correct.

Bottom line: Do lots of research before taking action!!

tassojunior

Chase just closed my accounts and confiscated 247,000 UR points too. The same week your card was closed. 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 saying 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. Whether it's the intent or not, Chase is making a lot of money with these confiscations.

jaytmoore

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.

mia

Thread transferred to the Chase Ultimate Rewards forum, with a pointer remaining in MilesBuzz!

Here are links to some similar reports:

http://www.flyertalk.com/forum/chase...-accounts.html

http://www.flyertalk.com/forum/chase...ints-help.html

http://www.flyertalk.com/forum/chase...solidated.html

happy9zz

Oh my gosh... are you kidding me! I knew that Chase would close reward accounts if they are perk abuse. This case is really weird. I really dont have good feeling to keep a lot points with Chase. My suggestion is that we should always transfer our points out for safety.

I am very happy that I am lucky with all my points that I transferred out. So sad to hear your situation.

Getiton

Chase closed my Credit cards 7 mos. ago,took 146K+ fortunately I had moved about 200+ to United & Hyatt of course I was pissed.The only equalizer was the fact that over the years I have danced on their bones so I could accept it as a means of cleaning their clock.
I remember when they offered 5k for every 10k in an equity loan 400k = 200,000 United miles.Did that 3 times or Ba CC @ 100K 4 times and numerous others.
Forget em there is still Amex & Citi. Check the horizon there be another hotshot MBA putting a program together we can ride.Remember they are only as good as they last anyway.

Dangjr213

They should let you transfer them out, Transferring for fear of losing them defeats the purpose of them being flexible points

chavjs

i just finish transfer 120k to swa i dont want risk to loosem bc i earned with ink in 2 months buying home improvement cards @ OD

Nottafatslob

It appears noone has said it yet so let me be the first. Evil Selfish Blogs seeking referal money from sign up links to the Ink Bolk card are part to blame. Maybe a Large Part but think about it if some geek didn't post about how to Exploit Benefits with a Chase Card at Office Depot and even take Photos of the outside of the store and the inside and even the Cards on Multiple occasions. Well maybe a few higher ups at Chase said we will show some of these people. I think the amount of blame is a very large part but once again this one puts a check mark in the slow and steady approach column

deant

As has been said, slow wins the race. Earning 120k in 2 months is insane and will raise suspicions.

happy9zz

I have learn that it is better not keep your high point balance in Chase account.

Mountain Trader

Only Chase and each customer know the activity that triggered a closure. When I read these reports, I am empathetic but I must admit I also suspect there is more than meets the eye. Chase shutting down a solid business relationship built over many years for no reason not only makes no sense-it's also dumb from Chase's standpoint. In any event, Chase should give the customer a reason, and I hope they do and that we get to learn the whole story. In the meantime, I'm not going to leave a lot of UR in my accounts.

"The bloggers made me do it". I used to tell my mother that about my brother. She would always say that no one can make you do anything. I'm smirking the same way my brother used to.