Consumer complaint received 2021-04-03
Company: JPMORGAN CHASE & CO.
State: IL
Product: Checking or savings account
Sub-product: Checking account
Issue: Closing an account
Sub-issue: Company closed your account

Complaint:
XX/XX/2021 Chase Bank closed my 20+ year checking account after I transferred money from my account to ( 2 ) cryptocurrency accounts. Possibly the bank stopped my transfers to XXXX and XXXX  platforms ( they wouldn't verify it when I called and I can't access my account to see ). 

After the transfers, some time had passed and I logged on my account to take care of other business. I got a message that my account had been suspended for my protection, and to call a number. I called it thinking that someone had stolen my identity after opening those crypto apps. When the agent got on the phone, and verified my ID and account information, they said that my account would be closed in 10 days, and they wouldn't give me any more information. I panicked thinking I had fallen for some malware scam and called a bogus number. I wouldn't give them my address until they cleared some things up. The agent suddenly hung up on me, which fueled my suspicion that this was a scam number. 

So I called the XXXX XXXX ... number Ive used the past 2-3 decades dealing with Chase only to get the same rhetoric ( this time it was after 4 transfers and an hour on hold with no music..not a big deal but seemed odd ). I called a 3rd time on XXXX phone while the other call entered 1h 7 minutes.

I finally got someone who would give me a little more information on the 3rd attempt. I mentioned that it was weird that after nearly 30 years of being a customer, the morning I decide to invest in cryptocurrency, JP Morgan Chase Bank did a " random review '' on my account and decided to close my account. I inquired did I do something illegal or was there fraud on my account. Was cryptocurrency illegal? They told me " no, '' then reluctantly verified my latest business transactions and gave my account balance to assuage my fears that someone had committed fraud on my account. They refused to tell me why it was being closed stating it was an internal matter, and they would not state whether it was because I invested in cryptocurrency. 

I got off the phone in disbelief and dazed. Still not wholly satisfied if Chase thought I did something illegal, if authorities were going to show up at my house or if fraud had been perpetrated in my name. The lack of disclosure and their cryptic language scared me and left me feeling confused. Only after I XXXX " Chase Bank Closed my account for no reason '' did I understand that others have experienced this after transferring funds to cryptocurrency platforms, was my suspicion confirmed. 

If this country is still governed they way I think it is, I don't understand how an American financial institution can close an account without disclosing the reason if I didn't engage in illegal activity. It's the first time I felt like had no rights as an American citizen. It was a foreign, embarrassing and utterly powerless feeling. Their actions don't reflect a free market economy. It was tantamount to refusing business because I voted a certain way or if I married someone of the same XXXX. 

This scare tactic was a form of censorship against Americans who choose to not march lock step with the traditional banking institutions. Perhaps Chase and other big banks like them feel threatened, but treating Americans like criminals is not the way to foster loyalty. As an American, I have the right to spend my money where I want ( legally, ethically ). Competition fuels American progress and economics.

Company response to consumer: Closed with explanation