It has been just revealed the fact that JPMorgan Chase is involved in another scandal. The bank has terminated a $200k account without warning. Check out the latest mind-blowing reports below.
JPMorgan Chase new scandal
A JPMorgan Chase customer who has been loyal for over two decades was shocked when he discovered that his account had been terminated without any prior notice.
The customer, who resides in Hawaii, was left helpless as he was unable to access $200,000 from his account.
According to reports from the US Sun, the customer was informed by Chase that he would have to visit a branch in person to try and get his money back.
However, since Chase does not have any physical branches in Hawaii, the customer had to fly to Los Angeles, which is 2,400 miles away, to resolve the issue.
“I don’t know why… I’ve had no problem with them for the last 20 years… But ok, it’s their choice and nothing I can do.”
The account holder suspects that a large Zelle transfer may have led to the sudden shutdown of his account without any warning.
Banks in the US have the authority to close accounts for various reasons such as suspected fraud and illegal activities, excessive overdrafts, or inactivity.
They generally inform the account holders about the closure and send the remaining balance through checks to the address on file. In case of suspected fraud, banks also file Suspicious Activity Reports (SARs) with the law enforcement agencies.
These reports have increased from 830,000 in 2014 to about 1.4 million in 2021, according to the Banking Policy Institute.
However, only 4% of SARs result in follow-ups from authorities, and a very small percentage of these follow-ups lead to arrests and convictions.
You probably know that the bank has been involved in more scandals before which were similar to this one. Stay tuned for more news from the financial space.
