A new report is calling out JPMorgan Chase, Citibank and the US banking system at large for kicking loyal customers to the curb in a systemic “exiting” process.
Nearly 200 former Chase customers have sent complaints to the New York Times stating their account was wrongfully terminated, triggering financial chaos and confusion.
The account terminations are due, in part, to a sweeping bureaucratic security process that’s supposed to thwart criminals and stop fraud, terrorism, money laundering and human trafficking.
But the closures are placing honest people and businesses in dire financial straits, with banks often taking weeks to send account balances after termination.
And although abrupt account closures appear to be on the rise, banks are not required to report details on how many accounts are