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Chase Bank Attempted to Seize My Accounts in 2021; Just One Example of a Larger Shadow-UnBanking Practice
# Account Inaccessible to protect it from unusual activity
I was locked out.
**June 5, 2021**: Chase Bank, without notice or cause, froze my accounts. Chase threatened to seize my funds, and forward them to the state Controller's Office.
# Notification
Arrived 2 min after failed log-in https://preview.redd.it/514wisrp3krb1.png?width=1154&format=png&auto=webp&s=f9d75a47f292399b63bf415f97def2560042acb6
Why are they closing my account? This tells me nothing.
I couldn't access the letter, so I called Chase at Midnight. They validated my identity, and a rep quickly answered.
But not to help.😟
He instructed me to find a new email message. He then read it word-for-word.
Chase freezes accounts with form letters https://preview.redd.it/1polh9k24krb1.png?width=1007&format=png&auto=webp&s=a1add372e9e7ac10ace0164bbe0e54e7a64e976b
Chase rep refused to engage on a human level or respond to any questions.
If I wish to salvage any of my money, I ought to listen. He reiterated my accounts were flagged, along with my phone number, but would not offer a reason why.
He urged me to collect:
* **five years tax returns**
* **income statements**
* **business expense forms**
And ordered me to report to my Chase Branch on Monday. WTF! I demanded he tell me what this was about! Are my funds safe?
Now frustrated, he reminded me he has the authority to initiate a full account garnishment now.
I can deal with the Controller's office if I persisted.
I confess I was intimidated. I didn't know what was happening, and they had my money. I mistakenly believed I had nothing to fear. I'm a long-time customer in good standing.
That didn't matter anymore.
# Coinbase notification & call
Another strange notification https://preview.redd.it/ezb4pfgf5krb1.png?width=1014&format=png&auto=webp&s=e0f2e3d594e8554669ceb10250d2cda4b8b2ba47
"How do I know this isn't a scam?" was my first question.
After all, Coinbase doesn't call customers. But it was legit. I received a call from Coinbase to discuss Chase Bank, and what to expect; so I listened.
Chase notifies Coinbase when mutual customer transactions are flagged for audit. Coinbase Pro transfers fell under Chase's *frequency audit.*
# Chase meeting
Little to discuss. Instead, I sat silent while admonished that
* *$10K deposit from CB to checking acct "imperiled" Chase*
* *Crypto transactions limit their ability to protect me*
* *SBA empowered them with oversight authority*
Now satisfied that I had been put in my place, Chase cancelled the closure.
I left an hour later with a check for my account funds. They were genuinely stunned I closed the account.🤦♀️
# ___
# Not just me
Seeing this tweet triggered a PTSD moment. I DM'd Hayden, and he described an identical experience. Hayden shared the following tweets and believes the issue goes well beyond crypto.
https://preview.redd.it/z0hf73dutjrb1.png?width=793&format=png&auto=webp&s=1cef2d730e8f7400cbe1fb60f905da3529ad944b
https://preview.redd.it/wvc9bko3ujrb1.png?width=670&format=png&auto=webp&s=e18702182ba569352e067918b4afe4110393870a
Brian Quintenz, former Commissioner of the Commodity Futures Trading Commission (CFTC).
https://preview.redd.it/5kea3aujujrb1.png?width=674&format=png&auto=webp&s=f56d12e5b925150e001c7171c4cb0401a4ee2dc4
Not just people in crypto.
https://preview.redd.it/jwf4mcqozjrb1.png?width=1236&format=png&auto=webp&s=6fc2c32d54b69d51134fa374e0f124cb7f615a14
Chase Bank freezes and strong-arms customer accounts as a business practice.
Run a Google search and find the same story played out across the nation. They do it simply because they can.
Worse yet, this practice is becoming sector wide.
Please be mindful of this. Protect yourself, and best of luck to you.🙏
source
# Account Inaccessible to protect it from unusual activity
I was locked out.
**June 5, 2021**: Chase Bank, without notice or cause, froze my accounts. Chase threatened to seize my funds, and forward them to the state Controller's Office.
# Notification
Arrived 2 min after failed log-in https://preview.redd.it/514wisrp3krb1.png?width=1154&format=png&auto=webp&s=f9d75a47f292399b63bf415f97def2560042acb6
Why are they closing my account? This tells me nothing.
I couldn't access the letter, so I called Chase at Midnight. They validated my identity, and a rep quickly answered.
But not to help.😟
He instructed me to find a new email message. He then read it word-for-word.
Chase freezes accounts with form letters https://preview.redd.it/1polh9k24krb1.png?width=1007&format=png&auto=webp&s=a1add372e9e7ac10ace0164bbe0e54e7a64e976b
Chase rep refused to engage on a human level or respond to any questions.
If I wish to salvage any of my money, I ought to listen. He reiterated my accounts were flagged, along with my phone number, but would not offer a reason why.
He urged me to collect:
* **five years tax returns**
* **income statements**
* **business expense forms**
And ordered me to report to my Chase Branch on Monday. WTF! I demanded he tell me what this was about! Are my funds safe?
Now frustrated, he reminded me he has the authority to initiate a full account garnishment now.
I can deal with the Controller's office if I persisted.
I confess I was intimidated. I didn't know what was happening, and they had my money. I mistakenly believed I had nothing to fear. I'm a long-time customer in good standing.
That didn't matter anymore.
# Coinbase notification & call
Another strange notification https://preview.redd.it/ezb4pfgf5krb1.png?width=1014&format=png&auto=webp&s=e0f2e3d594e8554669ceb10250d2cda4b8b2ba47
"How do I know this isn't a scam?" was my first question.
After all, Coinbase doesn't call customers. But it was legit. I received a call from Coinbase to discuss Chase Bank, and what to expect; so I listened.
Chase notifies Coinbase when mutual customer transactions are flagged for audit. Coinbase Pro transfers fell under Chase's *frequency audit.*
# Chase meeting
Little to discuss. Instead, I sat silent while admonished that
* *$10K deposit from CB to checking acct "imperiled" Chase*
* *Crypto transactions limit their ability to protect me*
* *SBA empowered them with oversight authority*
Now satisfied that I had been put in my place, Chase cancelled the closure.
I left an hour later with a check for my account funds. They were genuinely stunned I closed the account.🤦♀️
# ___
# Not just me
Seeing this tweet triggered a PTSD moment. I DM'd Hayden, and he described an identical experience. Hayden shared the following tweets and believes the issue goes well beyond crypto.
https://preview.redd.it/z0hf73dutjrb1.png?width=793&format=png&auto=webp&s=1cef2d730e8f7400cbe1fb60f905da3529ad944b
https://preview.redd.it/wvc9bko3ujrb1.png?width=670&format=png&auto=webp&s=e18702182ba569352e067918b4afe4110393870a
Brian Quintenz, former Commissioner of the Commodity Futures Trading Commission (CFTC).
https://preview.redd.it/5kea3aujujrb1.png?width=674&format=png&auto=webp&s=f56d12e5b925150e001c7171c4cb0401a4ee2dc4
Not just people in crypto.
https://preview.redd.it/jwf4mcqozjrb1.png?width=1236&format=png&auto=webp&s=6fc2c32d54b69d51134fa374e0f124cb7f615a14
Chase Bank freezes and strong-arms customer accounts as a business practice.
Run a Google search and find the same story played out across the nation. They do it simply because they can.
Worse yet, this practice is becoming sector wide.
Please be mindful of this. Protect yourself, and best of luck to you.🙏
source
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