MilesGator

I received a letter from Chase today. It said:

"Dear MilesGator,
We value our relationship and want to continue providing our services to you, but we need additional information from you. Chase policy requires us to obtain, verify and record certain identifying information for each customer.

Her is the information we require and do not have:
Citizenship
Income

Please update this information by March 21, by calling us anytime at 1800-935-9935 or visiting a branch."

Anyone ever see a letter like this? What was the outcome? Is this a Chase FR?

My fiance also got the same letter yesterday.

Thanks FT!

Slickw

Do you have a Chase checking account? Others here with Chase checking accounts have been asked to provide this information.

PainCorp

Do you have to submit a form or just call them? That's the difference.

Shelby455

Let us know the outcome when you submit the information.

MilesGator

I do have a Chase checking account. Do you think this is what the letter is referring too? I just assumed it was about credit cards. My fiance (who also got the exact same letter) has a checking account and credit cards as well.

I'm not sure if I'll have to submit any forms. I definitely have not gotten any forms from Chase. The fact that the letter states "Chase policy requires us to obtain, verify and record certain identifying information for each customer." makes me think Chase is gonna want some form of paperwork submitted. Though in this letter it does not specify HOW I would prove to them my 1) citizenship and 2) income.

Also it states: "Please update this info by calling or visiting a branch". I feel like if it was a true FR it wouldn't give me the option of visiting a branch.

As a side note, the only Chase card that I do continuous MS on is my Ink card (and everyone once in a while a VGC on my CSP). However, my fiance (again, got the same letter) does not have an Ink card and does no MS on any of her Chase cards. We both use MS concepts to meet min spends though.

My main goal with posting this was to try to get a sense of if I'm in for a FR, and if so, should I start planning on transferring out my UR (I'm small fish compared to some here...only ~75k UR right now).

I will definitely keep this thread updated as my SO and I get this sorted out.
Thanks FT!

patrick.barnes

This is related to checking accounts, not credit cards.

Just some KYC (Know Your Customer) thing.

mmdough

Don't worry. I got a call from my local chase branch today too. All they ask is whether I am a US citizen. The rep says is just new info they are required to obtain that weren't required back when I opened my account.

Blueskyheaven

not trying to be rude here but is yours foreign sounding name like middle eastern? or did you do lots of deposits or withdrawals in the past months? Why do you think they are requiring you to prove your identity and income on checking account?

bribro

Nothing to worry about, this is not a Chase "FR." They're just updating KYC information.

jordandawg05

ditto, got a call from local branch for this similar information. won't worry about it, just go to branch or talk to branch manager where you opened your checking account.

when i called in they needed my wifes income and phone #. even though my wife's name is foreign...but i don't think that has anything to do with it...just KYC.

andres17

I got the exact same letter today. I have a Chase checking account, and 3 credit cards with them.

I got worried when I read the letter because of:

1- I am a US citizen, but I'm currently living outside the states. This shouldn't be a problem, right?

2- I'm mostly worried about the income question. That is because my income decreased, and I don't want my credit lines cut. Do they ask you by phone only, or do they require documentation of income?

If someone who already called Chase can give some insight onto what it was like, it would help me be better prepared when making the call. At first I thought I should move my UR points to a partner program, but I like to have the flexibility of choosing which one when I actually need it. So I don't want to make this preventive move at all.

Thanks for any help.

Blueskyheaven

this is strange. why they need to know if you are a citizen now? what has income anything to do with checking account? they do check for 2 to 3 docs when you apply for checking account.
the law is you don't have to be a citizen to open a checking, with chase, even the immigrants who have legal docs can apply.

bribro

You guys are overthinking this way too much. They are just verifying your information (including citizenship status and income) as part of an expanded KYC policy, thanks in large part to Dodd-Frank and the AML crackdown. If you are an Iraqi citizen making $20k a year and sending $250k wire transfers to Saudi Arabia, you might have a problem.

You should see what they put clients through on the Private Banking side. Citi PB wanted to conduct a KYC interview in front of a video camera. Answering a couple of basic questions over the phone is a walk in the park.

csol47

Exactly, here's how it went with jpm. They needed multiple forms of ID, documentation on all of my accounts and sources of income. This included statements and paystubs. It also involved filling out a lengthily and vague questionnaire about the intended transactions (particularly wires and to whom they would be sent), the average account balance etc etc. About the only thing they didn't ask for was a tax transcript. For my business account the opening processes is quite a big deal as well. During the process there's a fair amount of interaction, and delay. I have to wonder whether most people (unless they're looking to invest in exotics etc) would knowingly succumb to such an invasive procedure.

andres17

This seems like a hassle to me. I don't think it is worth it for the checking account. It is for my credit cards with Chase. I guess this is Chase covering the bases after all the lawsuits of late. Is everyone being asked to provide all those documents?

Also, I wonder, what if I just close the checking account, will that save me this hassle? I certainly don't need the checking account that much. I guess I have until March to think about it