Mobile, Alabama

I've had my checking account with chase for 15 years. I recently had the proceeds for a cash-out home refinance wired into my Chase checking account. I proceeded to go online to transfer most of this money (over 100K) into a new high interest bearing account at Everbank. I was heretofore unaware that Chase online arbitrarily limits outgoing EFT transfers to 25K per day. As such, I had to create a series of transfers over 5 days to transfer all the funds.

Well, Chase put a fraud alert on my account. I contacted Chase on 8/2/08 and explained the situation. I canceled the transfers with Chase and transferred the money directly through Everbank. The alert was removed.

On 8/3/08, my internet access was blocked again. I called the fraud dept. and was rudely informed my Joe Chavarria that "As per the customer agreement Chase was closing my account, and that no reason is necessary." I asked to speak to his manager and I was told,"this is the end of the line, case closed."

Chase is now holding over $118,000 in cleared funds for ten business days at which time a check will be supposedly be mailed to me for the proceeds. Meanwhile my direct deposits from Social Security and my pension will bounce. Furthermore, all of my outstanding checks and automatic bill payments will bounce as well.

Note, I have never bounced a check nor deposited a bounced check. My FICO score is over 800. If Chase can do this to me, then they can do this to anyone. Caveat Depositor!

Product or Service Mentioned: Chase Bank Checking Account.

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Chase bank just took over washington mutual and they raised my credit card rates from 19.9% to 29.9% for no reason. I have had this card for 4 years and never have been late, I always pay way more than the min.

payment required.

I called and asked them what was going on and the lady said "" I DONT KNOW WHY THEY RAISED YOUR RATES AND I CANT CHANGE THEM". This is a consumer alert as they are a rip-off , please be aware.


I just had a similar experience with Citibank when they decided to close my online account after I made a few online transfers out of the account into my other high-interest bearing account except the amounts were a lot smaller, less than 10k. They told me on the phone and at a branch that the fraud department will investigate it and that the bank no longer wants to do business with me.

I wonder do consumers have any rights in situations like this? When you ask them to give you a valid reason for closing, you will hear "we don't need your acceptance or agreement to close any account" or they will simply be vague and not disclose any information to you at all.

I thought it was an exception and not a rule until this week Everbank has done the same to me. Do you see a pattern? And I have been a customer for many years, since the beginning of online banking, a customer with a very high credit score.

Does anyone know how this madness can be reversed?

Thank you


I have to agree with the original writer. My experience has been that chase simply looks at their computer screens and doesn't realize there are customers at the other end.

Sometimes the picture the computer paints does not represent the reality of the situation.

Talking to a couple of friends, this is common with Chase. I have closed all but 1 of my Chase accounts and that one will soon follow.


You really need to go into a branch and talk to a branch manager. The phone people are a joke and a waste of time.

It's just that this large transaction sent out a electronic red flag. Due to so much fraud nowadays the system assumes that this is fraud. Otherwise it would assumed you would have waited to the funds to have passed a clearing and would have wrote a check for the large amount. You should never send large amounts electronically.

I always suggest using a paper trail it protects you and your money. Also if the funds are being held for 10 days it means the funds have not cleared the paying bank that the funds are coming from yet.

That Chase originally credited your account out of good faith, and now due to the large transfers it thinks that this is possible fraud. Don't blame the bank blame all the fraudsters in the world that are ruining it for the rest of us.