Consumer complaint received 2022-06-24
Company: JPMORGAN CHASE & CO.
State: MI
Product: Checking or savings account
Sub-product: Savings account
Issue: Closing an account
Sub-issue: Company closed your account

Complaint:
XX/XX/2022 Amounts : In excess of {$200000.00} Action : We have decided to close your Accounts On the above date, XXXX letters were written by Chase Bank to my wife and I. Those letters were received thru US Mail approximated XX/XX/2022. Copies of the letters are available upon request. 

The first letter began, " Financial institutions have an obligation to know our customers and monitor transactions that flow through our customers ' accounts. After careful consideration, we decided to close your accounts because of unexpected activity on this or another Chase account. '' We, the customer, are not aware of any unexpected activity, suspicious activity, or any irregularities in our daily activity that might have warranted such a reaction from our banking institution. We have not knowingly or been made aware of any concerns ever from our Bank that we are not in compliance with their rules and regulations. 
To the contrary, we have enjoyed an unblemished relationship with Chase Bank for XXXX consecutive years. 
Out of nowhere, we received XXXX letters informing us that Chase Bank has decided to close all our accounts and that we have 18 days to move our money, bank credit cards and safety box elsewhere. 
At the time of this letter we had XXXX personal accounts, XXXX business account, XXXX credit card accounts and XXXX safety box. Of the XXXX personal accounts, my wife and I were trustee 's of XXXX of our children 's accounts and a relative 's account. 
My wife and I called the number on the back of the letter but no one could provide us any information as to the behavior that may have caused this action by the Bank. We followed up going to the Bank the next business day and were told by the branch XXXX that they were not at liberty nor were they privy to the reasons Chase Bank elected to close all our accounts. 
We wrote to the Banks Complaint Department, followed by a letter to the Chief XXXX XXXX of Chase Bank, XXXX XXXX XXXX asking for the courtesy of an explanation as to what we had done wrong to have caused the Bank to take such actions. 
To date, my wife and I have never received any explanation whatsoever as to why the Bank took the actions they took. We have no knowledge of what we did wrong that compelled the Bank, after XXXX consecutive years, to unilaterally close our accounts. We were never afforded due process, to defend and or remedy, any egregious action that we may committed knowingly or unknowingly because we do not know what caused the Bank to take the actions they took. 
Our complaint, is to address the lack of transparency, and the rights of the customer, in such an important relationship as a banking relationship to be provided a reason and an opportunity to defend one 's position, name and reputation against a charge worthy of permanent dismissal from a Bank. We feel we were provided no rights and that bank customers should be afforded rights. We feel a banking relationship should offer the customer a sense of security, that their money is protected, not just thru FDIC XXXX, but for the physical safety of that money and any documents or other property held at the Bank in a safety deposit box. To ask that all such assets and deposit box items be removed within 18 days is no more than an eviction notice. Even an eviction notice is a last resort, not a first resort. We were never granted the opportunity to defend our dispute because the Bank would not be forthcoming as to the details of the dispute. We could not defend our position, because we didn't know the basis of the claim. We were simply found guilty, to an offense, to this day, we don't know the charge. 
We hope this letter will get the attention it deserves. We are happy to co-operate with you and ask that you attempt to better serve the public at large. Such actions, as taken by our Bank, should not have occurred. Banks should be held to a higher standard. In the future, we hope from this letter and other complaints like it, such occurrences will be looked at closely by the banking XXXX XXXX so that rules are improved and protections granted. Bank customers shouldn't be removed from their banking institutions without due process. We advocate for transparency to protect customer 's rights. This was a terrible disruption to our lives. It was unnecessary and likely could have been avoided if we allowed dialogue with our Bank. 
We have moved on. Our credit scores remain exceptional. But the long and short of it is, my wife and I didn't deserve this. We couldn't defend ourselves against the Bank, only because we were never afforded a reason why and the Bank didn't want us to know the reason why. There's something terribly wrong with this picture. 
We thank you for looking into this matter. Perhaps, with your help, we can get some closure.

Company response to consumer: Closed with explanation