A JPMORGAN Chase client said the bank gave them major issues after a few Zelle transactions.
The user posted their story on Facebook, alleging they opened a new Chase business account to start a business with their friends.
“Since the business is under my name, I am under immense pressure to get the funds released,” the user wrote.
They said the group initially needed $60,000 for inventory to get their business off the ground.
The friends and partners used digital payment apps Zelle and Cash App to send $56,000 to the user’s bank account within a month.
They contacted Chase Bank after realizing they couldn’t log into their account and heard some jarring news.
“Upon calling, I was told my account was shut down and I wouldn’t be getting my funds,” they said.
BUSINESS BUST
The user said a Chase representative told them they had to bring every person who transferred money to them to a Chase branch.
“My problem is my friends are all over the US,” the user explained.
They said they called Chase multiple times but the agents provided “zero help,” making them fear they wouldn’t get the money back.
They said they knew of other Chase clients who had had issues depositing checks.
Yet they weren’t sure if Zelle or Cash App sparked their dilemma.
They planned to email Chase’s executive team but asked for further guidance if this method didn’t work.
JPMorgan Chase did not immediately respond to The U.S. Sun’s request for comment.
CASH APP & ZELLE
According to Chase Bank, a credit card payment on Cash App could be declined for various reasons.
One of the most common reasons is if the payment recipient can’t be verified.
Reasons why a credit card account gets closed
According to Chase, there are several reasons why a customer's bank account gets shuttered without notice.
- Inactivity – if the account hasn’t been used for a certain period
- Fraudulent activity – suspicious withdrawals or suspected theft
- Over-limit fees – if a customer makes a transaction larger than the amount of money available in their account
- Credit score – if a client had a significant drop in their credit score
- Delinquency – if payments have been consistently missed
Chase suggests calling the issuer to inquire about reopening if an account is closed. The client may be asked to provide information such as name, address, and Social Security number.
Source: Chase Bank
Chase also says that depending on the activity, debit cards might be better for Cash App transactions instead of credit cards.
Cash App can charge additional fees for sending money, as per Chase.
The bank said connecting Zelle to a Chase checking account is simple and seamless.
It’s important to note Chase Bank might shut a business account down if they view a transaction as risky.
MORE BANK NEWS
Chase clients aren’t the only customers facing issues with their bank.
A Wells Fargo member said the bank closed his business account after 30 years and “screwed” them.
The user also shared their story on Facebook, alleging the closure resulted from a small address discrepancy.
Even when he tried to call the bank, he said none of the representatives could help him.
Another Chase customer said their account closed within two days of opening it and felt stressed about paying rent.
Meanwhile, a TD Ameritrade client said the bank won’t let them access their $40,000.