JPMorgan Chase and Citibank Are Abruptly Terminating Accounts, Triggering Chaos and Confusion for Customers: Report

[jafo]

Source:

JPMorgan Chase and Citibank Are Abruptly Terminating Accounts, Triggering Chaos and Confusion for Customers: Report - The Daily Hodl

A new report is calling out JPMorgan Chase, Citibank and the US banking system at large for kicking loyal customers to the curb in a systemic "exiting" process.

dailyhodl.com

 

[JohnnyDoe]

the crypto family is expanding

 

[kekmaw]

Can confirm.

Had three accounts closed earlier this year (two personal ones in two different jurisdictions and a business account). No explanations given, impossible to deal with or get an answer.

 

[jafo]

Can confirm.

Had three accounts closed earlier this year (two personal ones in two different jurisdictions and a business account). No explanations given, impossible to deal with or get an answer.

Did you have credit cards with them with outstanding balance?

 

[kekmaw]

Did you have credit cards with them with outstanding balance?

I didn't.

However, on one of the accounts I had a credit card with excess capital on it which they weren't a fan of. Was a one time thing though and got no warning about it.

 

[jafo]

I didn't.

However, on one of the accounts I had a credit card with excess capital on it which they weren't a fan of. Was a one time thing though and got no warning about it.

I keep a balance on all of the credit cards issued by the bank. Seemed to have thwarted their "ideas". I pay the credit card from the same bank account. If they close my account...then I have NO way to transfer money and pay them
Nice little chunk of change for me if they did that!

 

[Martin Everson]

At end of the day the general public should NOT be forced to use privately owned institutions to store, send and receive privately printed legal tender.

Maybe a government operated CDBC offers a way to bypass the privately owned banking system. But governments may be worse if rules are not clear.