Terrible experience with Chase bank

jimexbox

I've moved large amounts in and out of Chase without issue over the last few months.

Banks obviously use certain criteria that flags suspicious activity. Your activity was flagged as suspicious. I don't claim to know what constitutes such activity, but transferring 10s of thousands doesn't seem to be one of them. 

Clifford61

£4000 transferred in £3200 out next day £800 out day after and had to pull some out of savings couple days after that, all transfers no cash

masonic

jimexbox said:

I've moved large amounts in and out of Chase without issue over the last few months.

Banks obviously use certain criteria that flags suspicious activity. Your activity was flagged as suspicious. I don't claim to know what constitutes such activity, but transferring 10s of thousands doesn't seem to be one of them. 

Transfers between different accounts in your name are probably not going to cause problems. Receiving a £4k payment from another individual could be seen as more suspicious. Especially if accompanied by a communication from the sending bank, the exact details of which are unclear. And what of the person who sent the money and their own financial affairs? There is likely more to the story.

dunstonh

Clifford61 said:

£4000 transferred in £3200 out next day £800 out day after and had to pull some out of savings couple days after that, all transfers no cash

For a new account, that could be problematic if the credits were not from a known company.   On paper this is how money laundering transactions appear.  i.e. an amount in but then split into different amounts over a period of days but total the original amount in.    The details of the payer and where the money went would be important in the investigation.   This could be viewed as a  potential layering transaction.

Clifford61

dunstonh said:

Clifford61 said:

£4000 transferred in £3200 out next day £800 out day after and had to pull some out of savings couple days after that, all transfers no cash

For a new account, that could be problematic if the credits were not from a known company.   On paper this is how money laundering transactions appear.  i.e. an amount in but then split into different amounts over a period of days but total the original amount in.    The details of the payer and where the money went would be important in the investigation.   This could be viewed as a  potential layering transaction.

If I new what’s going on and it is his account asking for money back and he’s lying to me ( but I don’t think so) I could go up and get my stuff back before it disappears.

penners324

Sounds like the buyer has flagged the payment as fraudulent. That the money has already left your account has caused an AML review as well.

Sounds like the bank think you may be a fraudster or a money mule.

Daliah

penners324 said:

Sounds like the buyer has flagged the payment as fraudulent. That the money has already left your account has caused an AML review as well.

Sounds like the bank think you may be a fraudster or a money mule.

That’s one possibility. Another one could be that the buyer is under investigation, and the OP is now also being investigated because there is a connection between them. But it’s all speculation. None of us is likely to ever know the reason.

DjangoUnchained

wow, reading that lawyer firm link above its quite scary, enough to make me want to keep the minimum in my account possible (probably a good idea anyway).

masonic

DjangoUnchained said:

wow, reading that lawyer firm link above its quite scary, enough to make me want to keep the minimum in my account possible (probably a good idea anyway).

Yet another reason to hold multiple accounts with unrelated banks.

k_man

masonic said:

DjangoUnchained said:

wow, reading that lawyer firm link above its quite scary, enough to make me want to keep the minimum in my account possible (probably a good idea anyway).

Yet another reason to hold multiple accounts with unrelated banks.

A credit card for emergency use (if available to you), with a different bank can also be useful should you lose access to main account/funds (for any reason)