Porsche023 Posted May 30, 2022 Share Posted May 30, 2022 For the past month, I had been getting a phone call from a Chase rep to turn on fraud protection services on my accounts (ACH debit block). I brushed it off a few times till he finally convinced me to turn it on. This was a big mistake as it caused so many issues for me and my business. My payroll account was suspended due to a declined payment. Which caused a lot of issues and had me scrambling to process payroll on time. Then Chase closed a total of 5 credit cards because of 1 declined payment. I lost over 100k in credit because of this. My fico score is over 780 and I haven't had a single late payment. I'm shocked with the amount of business I do with Chase that they would just close all my accounts like this. Has anyone had an experience like this? Am I able to get Chase to reopen the accounts? StarkRaven$ 1 Quote Link to comment Share on other sites More sharing options...
Porsche023 Posted May 30, 2022 Author Share Posted May 30, 2022 For the past month, I had been getting a phone call from a Chase rep to turn on fraud protection services on my accounts (ACH debit block). I brushed it off a few times till he finally convinced me to turn it on. This was a big mistake as it caused so many issues for me and my business. My payroll account was suspended due to a declined payment. Which caused a lot of issues and had me scrambling to process payroll on time. Then Chase closed a total of 5 credit cards because of 1 declined payment. I lost over 100k in credit because of this. My fico score is over 780 and I haven't had a single late payment. I'm shocked with the amount of business I do with Chase that they would just close all my accounts like this. Has anyone had an experience like this? Am I able to get Chase to reopen the accounts? Quote Link to comment Share on other sites More sharing options...
Admin MarvBear Posted May 30, 2022 Admin Share Posted May 30, 2022 Welcome to Creditboards! We hope that you find what you're looking for here. Some helpful tips: Your post may not get a reply right away. Don't be discouraged, this is a very busy board. If it falls off of the first page, feel free to reply to your post yourself, with the word *bump* in the text. This will *bump* your post back up to the top of the board. If you haven't yet, take a peek at out Newbies Section. Everything that you need to know is in that forum, for the most part. It's a lot of reading, we know, but this credit stuff can have a steep learning curve. In no time, you'll be posting like the pros! If you find that someone is discourteous to you, use the REPORT button at the top right of every post - that will ensure that a moderator or admin looks at the post and decides if it is against the TOS. Off -topic posts should go in the General Forum. Again, welcome to the CreditBoards family! CB Admin: Pam, MarvBear, radi8, LKH & 😇breeze😇 Quote Link to comment Share on other sites More sharing options...
dredee0 Posted May 30, 2022 Share Posted May 30, 2022 It doesnt hurt to try. However, Chase may be telling you its changing and that change doesnt benefit you. ALWAYS keep additional financial backups. Quote Link to comment Share on other sites More sharing options...
A Credit Ed Posted May 31, 2022 Share Posted May 31, 2022 23 hours ago, Porsche023 said: I'm shocked with the amount of business I do with Chase that they would just close all my accounts like this. If your business uses Chase for things besides credit cards, it might be best to go into the main Chase office in your city and talk to the highest up person you can reach. centex and StarkRaven$ 2 Quote Link to comment Share on other sites More sharing options...
hegemony Posted June 1, 2022 Share Posted June 1, 2022 what is the connection between fraud protection and you having a failed payment? Quote Link to comment Share on other sites More sharing options...
centex Posted June 2, 2022 Share Posted June 2, 2022 Were any of these accounts which had terms that precluded the co-mingling of personal and business? I ask because of the reference to a Fair Isaac score...and businesses SHOULD ideally be structured such that the financials are not tied to a personal credit report. Quote Link to comment Share on other sites More sharing options...
Orlandomagic Posted June 2, 2022 Share Posted June 2, 2022 I would talk to an attorney to threaten a lawsuit. You didn't miss a payment. Your credit report hasn't changed. They harmed you financially. Quote Link to comment Share on other sites More sharing options...
hdporter Posted June 2, 2022 Share Posted June 2, 2022 On 6/1/2022 at 3:02 PM, hegemony said: what is the connection between fraud protection and you having a failed payment? If it were an entity other than Chase, I might suspect a turtle lies somewhere in the gap ... Quote Link to comment Share on other sites More sharing options...
centex Posted June 2, 2022 Share Posted June 2, 2022 45 minutes ago, Orlandomagic said: I would talk to an attorney to threaten a lawsuit. You didn't miss a payment. Your credit report hasn't changed. They harmed you financially. Competent counsel will NOT threaten litigation where there is not a legitimate basis in law for such a claim to be advanced. And, compounding matters is that it is STILL not clear if OP even has clean hands here. MarvBear, insolent1, hegemony and 1 other 3 1 Quote Link to comment Share on other sites More sharing options...
WestCoastKid Posted June 4, 2022 Share Posted June 4, 2022 Sounds like because the ACH debit block was enabled and therefore returned the large payroll debit for your employee payroll as "unauthorized ach". A large returned ach debit can certainly trigger issues with banks, and Chase is particularly known for closing its customers entire relationship on a whim at a moments notice. Quote Link to comment Share on other sites More sharing options...
hdporter Posted June 4, 2022 Share Posted June 4, 2022 3 hours ago, WestCoastKid said: Sounds like because the ACH debit block was enabled and therefore returned the large payroll debit for your employee payroll as "unauthorized ach". A large returned ach debit can certainly trigger issues with banks, and Chase is particularly known for closing its customers entire relationship on a whim at a moments notice. Help me understand: ACH debit block would reject any attempted debit that was initiated by an entity that hadn't been previously authorized by the account holder. Presumably, from the narrative, with ACH debt block activated, the OP failed to authorize his payroll processor for debit activity, and when they submitted such a debit, Chase rejected it. I get how that likely caused havoc with payroll. But why would Chase turn around and shut OP's accounts down. The debt block simply did exactly as it's supposed to. StarkRaven$ 1 Quote Link to comment Share on other sites More sharing options...
StarkRaven$ Posted June 5, 2022 Share Posted June 5, 2022 I am really curious how this works out. Hopefully OP will tell us after the dust settles. Quote Link to comment Share on other sites More sharing options...
centex Posted June 6, 2022 Share Posted June 6, 2022 15 hours ago, StarkRaven$ said: I am really curious how this works out. Hopefully OP will tell us after the dust settles. OP has been back at least once and chose not to address any of the questions. Peculiar, that... StarkRaven$ 1 Quote Link to comment Share on other sites More sharing options...
StarkRaven$ Posted June 7, 2022 Share Posted June 7, 2022 12 hours ago, centex said: OP has been back at least once and chose not to address any of the questions. Peculiar, that... Indeed. Quote Link to comment Share on other sites More sharing options...
centex Posted June 7, 2022 Share Posted June 7, 2022 13 hours ago, StarkRaven$ said: Indeed. And again in the past 16 hours...with no update. I'm sensing a new one for Hege's bump-out-of-the-blue file... StarkRaven$ 1 Quote Link to comment Share on other sites More sharing options...
StarkRaven$ Posted June 9, 2022 Share Posted June 9, 2022 On 6/7/2022 at 8:11 AM, centex said: And again in the past 16 hours...with no update. I'm sensing a new one for Hege's bump-out-of-the-blue file... Stay cauious my friend. TheVig, centex and hegemony 2 1 Quote Link to comment Share on other sites More sharing options...
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