Chase just killed me without any reasons in their letter

[CorpCrMgr1]

@FicoMike0  not the prince that's the son of the Treasury Minister? 

[FicoMike0]

The very one. I think they're moving to the country that invented carry out food, Togo.

[NoHardLimits]

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@FicoMike0 wrote:

The very one. I think they're moving to the country that invented carry out food, Togo.

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I don't want to encourage you, but I have to admit that made me laugh.  

[FicoMike0]

I don't need fans, I break myself up!

[xenon3030]

Lol. This post made my day, since "you" are the reason

As the others mentioned, either of using Zelle or buying GCs can raise red flags. Not sure why on earth, some grown people buy GCs heavily to possibly save a few $$$ and for a business!!!. What sort of business is it? If you are a student with limited or no income, that is another story. 

There are several issues with your current business plans. You should revisit and fix them to minimize the risks. Can you run your business in a simple way, without Zelle/GC?

[northway]

I've had my fair share of bank breakups. Sometimes it's just because they don't like your activity or you got on the wrong side of a BSA/AML algorithm.

File a CFPB complaint and see where it goes. Sometimes it may take anywhere from 5-10 years to get back in.

I was booted from Navy Fed, Chase, Capital One, HSBC, and BoA most recently. No explanation, no negative reporting, minimal activity.

I appealed Navy, Chase, Capital One, and HSBC about 3 years ago and got a statement that the relationship would remain terminated. After about 5-6 years since the closure, I submitted another round of complaints. Chase declined still as well as Navy, Capital One overturned their decision, HSBC has overturned theirs, and BoA said I can try again after 5 years.

Long story short, just move on. Now I have a Private Bank (FieldPoint Private for those in the NY/CT, GA/Atlanta and FL/West Palm Beach/Orlando area, I HIGHLY recommend them) that I absolutely love dealing with and a banker that answers her phone and texts even after hours as well as numerous credit union accounts. Big Banks aren't always your friend.

[RedKhaos]

Business accounts + Zelle + Gift Card = Fraud  or  Money Laundering

^

I don't run Chase's modeling units, but I'd assume that's what their models said. It would account for both Chase and your second bank's actions. You might consider checking Early Warning Services, which will have more extensive records, but it's very possible the above was enough to do you in.

It's not strictly about the amount you send on zelle or buy in gift cards but also the pattern of your spending, your reported income and nature of your business, any business partners/officers/owners and what they are involved with. If any of those things or your background touches on or could be entangled with some of the international hotspots around the world today, your risk profile rises expentially. And obviously, they decided to de-risk in a big way.

As for why they would keep your business account around, perhaps to see what you would do in the hypothetical scenario that you weren't legitimate.

[butterpecan]

Why is using Zelle a red flag? Or is it just on the businees end with Giftcards + Zelle? BofA and Navy (like many other FI's) both have them right in the app and I use zelle to send to myself  from one to the other sometimes. Zelle or Venmo actually...I have both. 

[GhostCredit]

Here's the thing, when it comes to chase especially on the business side, if you use business credit cards for personal use, it could tick them off. I could understand that you may buy gift cards for your business, but they don't know that. We see it all the time on the news about gift cards scheme, I would stay away from buying gift cards, I get why and understand it but it makes no difference to me than buying the actual item then to save on fees for the gift cards for the 5%, just not worth it. When it comes to chase business cards, use for Biz expense like running ads, buying hardware stuff like computers, monitors, etc. 

For the Zelle, I've yet to seen a business that operates on zelle. Most if not all run credit card transactions thru merchant accounts. Especially online. If you want cash, do a check or cash. I would add this as well, but never have personal banking with credit cards. I've been with chase for 8 years and nothing has happened. I'm hesitant to get their Biz cards. 

I think those are the 2 reason that gave it a red flag. Sorry man, go with amex. Amex is very strict when it comes to gift cards so you can't do it with them. 

[Janneman]

In my personal opinion, it couldn't be because of gift cards because I have been a member of two different Facebook groups about credit cards wherein people buy tons of gift cards all the time thru Chase cards to earn points, I mean thousand of dollars they spend all the time on purchasing gift cards on Chase card. Those groups are completely dedicated to this stuffs...In a year or two I have not seen not even one person who were kicked out by Chase because of buying gift cards...Thus, I personally don't think its because of gift cards....

However, it could be because of Zelle as I have seen on so many credit forums and groups wherein people's accounts were shut down because of Zelle activities. So, I strongly believe it might be the reason.

These days banks are acting very strangely. For example, I never ever have had deposit account with Citi...Two months ago I opened a deposit account with Citi bank for their promotion for $300...I opened a checking account and made my salary deposited in their as direct deposit even though I was not required to earn $300 promotional bonus. And when my salary was deposited, I withdrew because I needed to pay bills...Second week I was trying to withdraw my salary as well when I told that my account got closed out..They never told me any reason...and nobody can reach to their back-office...not even branch manager from local Citibank. Everyone surprised because my account was brand new and only twice my salary was deposited as DD...and I withdrew only once...

Until now I never received ANY letter from them as to why my account got closed out even though they are kept saying that I would receive in the mail. I have called them millions of times...visited local branch at least 10 times..and they tried to call backoffice on my behalf but no avail...my money got stuck there for the last 2 months and I will NEVER be able to open any deposit account with Citi as Citi has a rule that if they close an account then its a life time ban. Until now I have no idea why my account got closed out even though there is no activity at all other than two salary deposited and one withdrawal. Thats it....

Thus, we will never know how this bank operates...I sometimes think to take them to court....Then they would be compelled to answer and I have a very strong case because I have picture perfect credit...and I have many credit cards with them as well...Very clean credit reports....I think I should take them in court to teach them a lesson....