Los Angeles, California
1 comment

I have had a small business checking account for many years with Chase. Apparently, someone came into a branch with a forged check made out to themselves. They attempted to cash it. Chase was great in that they called me immediately to let me know they stopped them from cashing the check. Then they told me I had to go into a branch right away and put a hold on my account. I did and they said they have to close it!

Then Chase told me they don't offer the account I have anymore and they will have to give me a new account with extra fees a minimum balance of $1500 and a loss of the other benefits that went along with my account.

I had to go to two different branches, one where an investment person looked down his nose at me and told me it wasn't his department and I'd have to wait. He told me this repeatedly and was super rude and smiling about it.

Finally after calling the executive offices and being told the same thing. I had to push them to at least *** the minimum balance fee. I never got my original account back, and lost a week of banking and about four hours of my time. In the end I was up and running again but who knows what other things I may have lost. Certainly I have to get new checks that they are going to charge me for and then apparently reimburse me.

The bank assistant manager at one point said this happens all the time.

Frankly, I don't even know if anyone really came in the bank with a false check, or if this is just a scam to get people to lose benefits on their account.

Product or Service Mentioned: Chase Bank Checking Account.

Monetary Loss: $200.

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I hate to break it to you but no one in the bank is making up fake check cashers because there are so many real forgers and scam artists to deal with. A branch doesn't get ahead by closing one account and opening another one.

They are told to focus on acquisitions and to close one business account to open another one doesn't improve their numbers. I'll grant you that older business (and personal accounts too) are phased out for newer ones and once closed the hands of the bankers are tied. They cannot reopen an account the bank no longer offers, there is no way for the banker to override the computer. With Chase business accounts there are ways to avoid fees or get something for free, in this case you can have their top of the line personal checking account for free (no min balance) when you have a business account.

In my opinion, it is better to have the fees on the business account so they can be deducted on your taxes. As far as new checks go, it is customary to waive the fees for new COMPARABLE checks when a customer has had to close an account due to fraud. I say comparable because if you had a regular size, regular style check that is what they should replace for you. If you are going to demand a three on a page secretary with a hard cover binder and and a special pattern or design, well, good luck getting them for free.

If you chose to keep your compromised account open just to avoid some new fee structure, you would have been very sorry. The bank, any bank, is always right when they say to close the account. Once you have been alerted that your accounts are compromised it is your job to assist the bank in safeguarding your money and information. If you really hate the new account then start shopping around at other banks for business accounts.

If you find one you like, open it and then slowly start transferring your business to that other bank to minimize the impact on your day to day operations.

Chase isn't the only fish in the sea, but trust me, fraud happens in every bank and statistically, it is one's own employees who are to look to when there is a problem. Good luck.