Chase UK closed account without any warning

Tim.5

Hello,
has anyone experienced Chase UK just closing an account without warning.
I had my money in chase and was my main account for pay and making direct debits and chase have closed my accountz
After a dozen phone calls including with a ‘manager’ I was told the business has made the decision to close your account but we cannot see why and that is another team who will be able to tell you.
I have loss access to the app, current account and saver and have no idea if what they have done is first legal/ allowed and what I can do as they said they can’t even provide a bank statement to me until they have reviewed my account so I have no idea of what direct debits are due to move it over to another account.
All the staff response have been there is nothing we can do.

tacpot12

It is legal, and has likely occured because you have triggered some money laundering concern. You are unlikely to be told the reason as the bank isn't allowed to tip you off, but you may find that it's not money laundering, but some other concern and that they will tell you. 

Do you have another current account you can use? If not, you should try to open one asap. If you can't open one for reasons the banks won't tell you, try to open a basic bank account. Then try to recall where you have direct debits to. With luck, the organisations you pay via Direct Debit will write to you asking you to provide new bank details so that they can re-establish your Direct Debits. 

I would write and complain to your MP because far too many ordinary individuals are being caught up in the money laundering regulations.  

surreysaver

You must have made some sort of transactions, which to you may seem innocent, but to a computer may have raised some flags

steven141

This is ridiculous. People being accused of money laundering. Just because some people do doesn’t mean that innocent people are. If hate for this to happen if it did. I would never bank with them again if it did happen to me. Luckily I have multiple accounts and this is another reason for not having your eggs all in one basket. 

eskbanker

steven141 said:

I would never bank with them again if it did happen to me.

While that's true, it wouldn't be your choice!

And there is an important difference between accusations of money-laundering and transactions triggering checks that were introduced as a result of anti money laundering legislation....

Theleak250

I have been banned by chase after I closed my account. They are not far behind HSBC for being fussy. Although I understand it’s a tech issue.

born_again

steven141 said:

This is ridiculous. People being accused of money laundering. Just because some people do doesn’t mean that innocent people are. If hate for this to happen if it did. I would never bank with them again if it did happen to me. Luckily I have multiple accounts and this is another reason for not having your eggs all in one basket. 

We only get one side of a story.

Closing without warning is as serious as it gets. Something has triggered a internal investigation & a closure such as this is never taken lightly, & will be made quite high up in the bank.

Op better get a SAR into CIFAS & National Hunter to see what data has been passed to them.

If they have closed you down in this way, rest assured THEY will not let you bank with them again.

Having more than one account, with banks so long as not part of the same group. Should be everyone 1st step when starting banking.

ProPanic

The same thing happened to me, start of October frozen my account and locked my money, they keep saying it's with the relevant team, I only sold my car and they lock my money for a month now and still on going

TheBanker

ProPanic said:

The same thing happened to me, start of October frozen my account and locked my money, they keep saying it's with the relevant team, I only sold my car and they lock my money for a month now and still on going

Two possibilities spring to mind - either they were concerned about the large credit (but then they would likely have asked you where the money had come from and for proof of the sale), or the person you sold the car to has subsequently contacted his bank and told them it was a scam. 

SP218

I know this is about Chase but I had the same thing just days ago with my Barclays Premier account, though they have given me 60 days notice for closing my account. Per the T&C they don't have to give a reason due to the risk of tipping off. My Barclays Avios card has also been closed with immediate effect.

Obviously I know I'm not money laundering but in my case I am wondering if they are closing down the account as they gaining little financially. Whilst I pay a fee for both my account and credit card, in return get Avios points and upgrade vouchers and I have used the account to aggressively acquire points meaning I keep very little money in the account but put through loads of credit card spend which I pay off immediately. I also don't have any direct debits so I can sort of understand that my account represents very little value for money.

M25

Always have 2 entirely separate current accounts. It's not like it's difficult to do.

I use Chase as my backup account but it's only that.

Here today gone tomorrow for all we know.