Recently, I had my Chase checking account closed without any notification. This was a complete surprise, as I had never missed a payment or been late on a payment. I had always conducted my business with Chase in a responsible manner, so I was shocked to learn that they had closed my account.
Why Did Chase Close My Account?
Chase did not give me a specific reason why they closed my account. They simply said that it was due to “inactivity.” This is frustrating because I am an active user of my account. I use it to pay my bills, make purchases, and transfer money. Just because I don’t keep a large balance in my account does not mean that I am inactive.
Is This Legal?
As it turns out, Chase is well within their legal rights to close my account without notice. According to the Truth in Savings Act, banks are not required to give customers advance notice before closing an account. The only requirement is that the bank give customers a written explanation of why the account was closed after the fact.
What Can I Do?
If you find yourself in a similar situation, there are a few things you can do. First, you can try to negotiate with the bank. If you have been a customer in good standing, they may be willing to reinstate your account. Second, you can open an account with another bank. There are many options out there, so take your time and find one that best suits your needs.
Chase recently closed my checking account without any notification. While this was unexpected and frustrating, it is important to know that banks are well within their legal rights to do this. If you find yourself in a similar situation, try negotiating with the bank or opening an account with another bank.