Consumer complaint received 2024-06-10
Product: Credit card — General-purpose credit card or charge card
Issue: Closing your account — Company closed your account
Company: JPMORGAN CHASE & CO. (NY)

I get solicited every year to open a co-branded card with Chase. I am an XXXX XXXX customer and business owner and either open a consumer or business card. Every time I open a new account, the card gets indiscriminately shut down with a short notice. The letter states previous deposit account closure but no reason given ( I never had any deposit accounts with Chase ). Chase is closing an account b/c they did not know why they closed an account last time or I opened one and they had a bad day and decided to shut it down. How embarrassing and humiliating. Right? When I pressed XXXX for more question they started bouncing me around as they were completely clueless to answer any questions and eventually pointing to the Executive Office. The returning theme : we don't see any unexpected activity on your account but closed your account b/c we can do whatever we want ( including discriminating against you ) Disclaimer : I was never late on payments and all payments were made in FULL. Moreover, I am a credit worthy individual and business owner with a credit score considered excellent by all 3 major credit bureaus. During the course of this inquiry I will demonstrate how JP Morgan/Chase engages in subtle lending discrimination and breaking federal and state banking laws every day. In theory, the company allegedly claims that all creditworthy customers have equal access to credit. In practice, they approve and shut down accounts for customers whom they think wont fit into their internal algorithm ( i.e. not paying interest on balances because the balance is paid in full and just reaping cash or other rewards ). According to a bank employee they review accounts and purge customers who are not profitable ( Not paying fees or interest charges and just reaping rewards ). This is DIFFERENT from customers who are churners, reap rewards and closing accounts. This would be a legitimate reason to close an account. My case is different and points to a serious, subtle lending discrimination at hand. In addition, the non-profitable customers SSN is flagged. As a result he or she is unable to open any deposit accounts in the future and new credit or deposit accounts will be shut down followed by a canned we are severing our relationship with you letter. Very interesting, right? According to Chases algorithm : Why should we keep this customer that we are not making money off of and just reaping rewards? When they faced with pressing questions ( from the Executive office ) they just send out a canned response which is a blatant LIE. 
My Attorney General and Congressman 's Office have been notified and started their initial investigation.

Honesty and a modicum of respect go a long way. Not, when it comes to the business practices of JP Morgan/Chase . I am hoping this and all subsequent complaints will be read by hundreds of thousands of potential customers and it should be cautionary tale before they think about starting a relationship with a corrupt company like Chase/JP Morgan .