Consumer complaint received 2018-02-09
Product: Checking or savings account — Checking account
Issue: Managing an account — Problem accessing account
Company: JPMORGAN CHASE & CO. (AZ)

Chase Bank persuaded me over 4 years ago to open my business account with them because, as a US Veteran, they allow my business account to have a XXXX balance without fees, they told me. For 4 years, I have used this business account to deposit checks paid to me through my XXXX  for my services as a XXXX XXXX, XXXX XXXX. No issues have occurred in all this time passed. 

This XX/XX/XXXX, my personal XXXX with XXXX, backed by Chase, was declined at the gas pump. I went into a nearby Chase Bank branch to fix this, only to be told my US Veteran business account is being closed also. All accounts, personal & business, closed effective immediately, I was told. They told me at the branch it is permanent and irreversible. Stunned, I asked why but they refused to tell me. I told them some advance notice to open a new account elsewhere would have been much less disruptive than giving me no notice. They said, as we speak, a letter to notify me they're ending the relationship is being drafted and I should receive it in the next several business days. But that's not giving me any notice. All of a sudden, I can't cash my clients ' checks remitted to me for my business 's invoices. 

I tried to remind the personnel at the branch : 1. ) I've had a relationship with them for many years. 

2. ) I'm a citizen in good standing with the government. 

3. ) I've never bounced a check, missed a bill, or had any other incident with them. 

4. ) I'm one of the few people that didn't default on my home loan after the XXXX crash. After all this time, I finally paid that 2nd mortgage back in full. 

5. ) My credit score is still XXXX. 

6. ) Earning a triple digit hourly pay rate as a white collar professional, I move more money through their bank than the average customer. 

They didn't care to hear any of this. Their subsequent letter in the mail didn't tell me more than the representative at the branch. Their explanation didn't go any further than to only say it's an " internal '' decision they've made about me. That's it. That's all I got from them. 

Because of this sudden cash flow crisis, I had to take emergency absence from my client 's office and rush to open a new bank account ( and credit card ) elsewhere. This absence has impacted my reputation with my client and also incurred a loss of income for not having worked those project hours as agreed to the client 's schedule. 

Under the duress of immediately establishing a new account anywhere in order to cash clients ' checks, I have entered into new contractual agreements not in the best interest for my business. If only I had been given some notice to begin looking elsewhere and plan/transition my exit from Chase Bank. 

I am an XXXX XXXX veteran treated by the VA for XXXX. This incident has exasperated my ability to cope with stress. This was completely unnecessary and unjust, treating me like an outlaw. I've broken no law nor breached the bank 's terms of service. I believe Chase chooses not to disclose their reason for suddenly banning me because they fear liability if they admit their unfair reason for imposing this sudden jeopardy onto me, my business, and my family.