- Report: #1517054
Complaint Review: Chase Bank - New York New York
Reported By:
Ingrid Armorer -
Stamford, Connecticut, United States
Submitted:
Updated:
-
Author Not Confirmed
Why?
Chase Bank
270 Park Ave 31st Floor New York, 100171866 New York, United States
Phone:
800-392-5749
Web:
N/A
Categories:
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Chase Bank Individual Retirement Account New York New York
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".
