Consumer complaint received 2017-11-10
Company: JPMORGAN CHASE & CO.
State: IL
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Closing your account
Sub-issue: Company closed your account

Complaint:
I am a JPMorgan Chase private banking client. On XXXX XXXX, 2017 I logged into my CHASE online banking account and noticed that all my 7 open credit card accounts were noted as closed. After calling the customer service, I was told by the agent on the phone that all she can see is that these accounts were closed due to bank 's policy and that I will receive a letter in the mail with more explanations within 7 to 10 business days. I also had a voicemail left on my phone from a woman named " XXXX XXXX '' from CHASE department of fraud operations with a phone number to call her back. I contacted this lady early morning the next day. She talked to me very rudely, and said that since few of my cards were stolen and CHASE was held liable for the large purchases made with these cards, I have put chase at undue risk for not being able to protect my cards and that she has gone ahead and closed all my credit card accounts. I asked her to reconsider telling her that I can send her a report of my finances along with police reports if required, but she declined and said the decision is final and there is no recourse. After a week, I finally received the aforementioned letter in the mail ( see attached ), and similar reasoning was used along with a few other things which I do not understand. For instance, in the letter, it says that the information received from merchants have linked me to the made purchases. If this is true, I do not understand why I have not been notified by the bank to take a look at this information. From my understanding, this is how a normal dispute process should proceed. Instead, I have been kept in the dark, and received a letter in the mail after 2 months saying that they have researched the charges and decided that my claim of unauthorized use is legit. What I can understand from this letter is that CHASE has decided to close all my credit card accounts because I have exercised my LEGAL right to dispute charges on my credit card accounts which I do not recognize, CHASE has lost money on me ( because of their own flawed system of fraud protection, not double checking with me when a big purchase is made which does not resemble my regular purchasing habits ), and so they have decided that I have put chase at risk and closed all my credit card accounts. To be honest, up until this point, I have been a fan of CHASE bank. That is the reason I have kept a lot of money in my bank account to qualify for the private banking status and I would like to forget about what has happened to me and keep doing business as usual with CHASE. I understand how the business world works, and of course, no business wants to lose money on a customer. That is why I am willing to sign a document saying that I might be held liable for any fraudulent charges occurring on my credit card account due to me not being sufficiently vigilant, in return for all my credit card accounts to be reinstated. I think with this proposition, the risk associated with me as a customer is going to be significantly lower given my outstanding payment history.
Hence, I would like to ask you to reconsider and give your private banking customer with more than at least {$250000.00} in assists with Chase a second chance.

Company response to consumer: Closed with explanation