why did chase shutdown my checking acct?
 

just because I deposit 100k per month for a year and now I got shutdown?

You're going to need to provide more information than that for anyone to formulate a hypothesis...

Did you deposit the 100k and leave it in the account?

Not possible. What happens when Robert Downey Jr. deposits a $30 million check at his local Chase branch? They shut him down? I think not.

Entirely possible. Maybe not for RDJ, but definitely possible for a random poster on FT. Chase is hyper-aggressive in shutting down checking accounts for a multitude of reasons, including but definitely not limited to the following:

Too many "large" cash transactions (deposits or withdrawals)

Accessing a safe deposit box too frequently

A business customer legally operating in an industry they do not like (porn, gambling, firearms, legal marijuana retailer, etc)

A personal customer known to be employed in any of the above industries

Being citizen of a high risk country or have businesses on risky countries AKA china, iran, mexico, venezuela...

Cash deposits on different branches in a short amount of time

Big deposits and movement of money in comparison of what your average balances are or according to the info you provided when you opened your account.

Sometimes they call you or Email you before to ask for info on the movement of money. But once the desicion is made, there is no turning back. However after 1 year you might be able to open a CC...

Was the 100k per month deposits in money orders? My account was recently shut down for depositing too many money orders (it was quite a bit, but not even close to 100k per month).

about 40k MO 30k cash 30k transfer from other accounts(BB，etc)

That's not suspicious at all :rolleyes:. How much did you say your annual income was on your credit card apps? You don't have to tell us exact amount but if its not proportional to the money you're depositing, no wonder they shut you down.

A yeah they should shut you down. If you were Chase you would have kicked you out as customer if you faces fines in the millions from the US Gov for not knowing your customer. Do a little research. You can start with those banks in washington dc that faced xx,xxx,xxx. in fines for not knowing their customer

xxxx
people are shut down for violating tfr rules for UR points and other stupid behaviour (massive MO/other cash equiv. deposits)- those are justified. however, many are shut down for harmless behaviour that, if chase had only talked to the person, they could have requested documentation to answer any perceived questionable deposits/actions. however, CHASE DOESN'T DO THAT. they don't care about your input and they don't review anything. shoot first and ask/answer no questions later. they will NOT tell you why they shut down your bank account. but rest assured, all your other accounts are gone too.

i think it's too much power with no explanation. when a bank shuts an account and reports to Chexs, it causes problems- they should have to document what you did, and offer you a chance to counter their position.

to go with the impact on your credit and chex, chase also has a monopoly position with regards to several hotels and airlines. yesterday, you had Plat status with UA because your 25k in spend on your Chase UA account waived EQD. today (well, next year), you're back to general member. same for Plat HY, IC, Gold Mar/RC, etc. Plenty of people who did no MS and did nothing shady have been shut down.

Yeah, Chase can do business with who they want. However, with all the collateral damage to an individual with their monopoly arrangements, etc, they wield quasi-government power. it's too much for some low to mid level worker to be allowed to make decisions where even the XO people won't intervene to suss out a tangible reason. who knows, the reason may be that the 27 year old who closed all your accounts needed to hit his quota, and lowered the bar, or his x just unfriended him. mafia kingpins have to answer more for their actions than chases LP dept.

People (like me) can say the Amex FR is way overly intrusive with the tax return nonsense, BUT... to their credit, it's interactive. I'd bet that Jamie Dimon doesn't know how poorly such closures are handled. Some memos went down the chain about being vigilant about $ laundering/etc and the mid level managers ran with it and have their subs overreacting, is my guess. so they're throwing the net in the water and not caring how many dolphins are killed; assuming the majority must be tuna.

- Flipper

To the OP, I am not at all surprised you got shutdown for 100k a month. that's a massive amount of money, and although others may do that amount per month too, I suspect they spread it over 5 or so checking accounts. Even at that level it is incredibly suspicious.

Hopefully this won't affect your future checking account options.

No more personal/attacking comments
 

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It's all about risk. If the bank perceives risk which is not worth the reward, e.g., what they make off you as a customer, they fire you and report the transactions on SAR's.

It's not personal, just a plain old business decision regarding doing business with customers they want (and not with those they don't want).

Multiple threads on this... but here you go again. Chase kicked out a customer with a 43 year old business
http://www.npr.org/2015/01/04/374582...undering-fears