Complaint Review: Chase Bank

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".