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Chase Closed all credit card accounts


Porsche023
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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?

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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?

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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.

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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.

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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 ...

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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.

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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.

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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.

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