Complaint Review: Chase Bank - New York New York
- Chase Bank 270 Park Ave 31st Floor New York, New York United States
- Phone: 800-392-5749
- Web:
- Category: Banking, Banking Fraud
Chase Bank Individual Retirement Account New York New York
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I received a letter from Chase dated September 29, 2020, informing me that "We have decided to close your accounts" and they decided to end their relationship with me. "A loyal customer for 3 decades to say the least". The letter outlined various steps I would have to take to close the accounts before October 28, 2020.
The letter also listed a phone number to call should I have additional questions. I called the customer service number and the person refused to give any reason my accounts were being terminated. Please note I was listed as a "Chase Private Client" and did all banking transactions at a Chase Bank in Stamford CT.
I was able to cancel my savings and checking account and transfer funds to Bank of America and Discover Bank. I also had two (2) Individual Retirement Accounts with Chase Bank (Roth IRA and Traditional IRA). I submitted the applications to Chase Bank for transfer of funds to Discover Bank. After repeated phone calls to Chase Bank (800-392-5749) the bank made a transfer of my Traditional IRA ONLY, and refused to transfer my Roth IRA, without explanation.
I elected to leave the funds in the existing Chase account until I reached 59.5 years to avoid any penalties, or tax witholding penalties. Fast forward to October 2021. I once again tried to have the funds in my Chase account transfered to Discover Bank. I was told that they sent a check to me, of which I never received. In my investigation they advised the check was sent February 2021 to the worng address.
I never authorized Chase to close my account. I was advised to complete a Release of Funds Declaration & Indemity Agreement form (completed 9/3/21) to stop payment and have the funds placed back into my account. The 10% witholding and other bank fees cost me close to $4000. To this day I am unable to get answers from any Chase Bank representative. I was told I would have to contact IRS department at this point "Chase would not be able to help me".
This report was posted on Ripoff Report on 03/21/2022 11:04 PM and is a permanent record located here: https://www.ripoffreport.com/report/chase-bank/new-york-individual-account-1517054. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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