neondriver5 said:How much of this nonsense have you actually swallowed? It’s honestly hard to believe, and I’ll be blunt:
The Federal Reserve pulls all that data directly from the banks. Trust me, Peter Peric over at Citigroup couldn't care less about whether you're married or if your monthly income is $5,000 or $15,000—don't flatter yourselves. They have the same assets as any other major player, including Bank of America and JPMorgan Chase. They aren't suddenly sweating because they think Peter Peric might move his $10,000 to a competitor.
Citigroup isn't acting in a vacuum here, nor did they just wake up one day and decide to start checking. Every bank is required to do this by order of the Federal Reserve Bank. Between tax IDs and payment records, the Federal Reserve and the banks have it all. And let’s be real: they’d much rather cut you off entirely than risk being in violation of federal regulations.
It isn't the Federal Reserve finding this stuff; it's the Anti-Money Laundering Act. These laws force banks to maintain up-to-date data. Cool. We've heard it all before. But we aren't talking about "cutting off cooperation" anymore. We are talking about the total inability to execute any transactions on your accounts, including withdrawing cash. Do you see the difference? It doesn't matter how many assets Z%A has, but from what I can see, they still care when they start losing clients.
Nathan Morris3 said:I actually had a bit of a headache with JPMorgan Chase once. I called them up to ask why they were citing laws to demand data they aren't even legally allowed to ask for—the law is pretty clear on what they can and can't request. Their response was just a canned script, really. It wasn't an actual answer; they just kept looping back to some vague "requirement to update information." So, I filed a complaint with the FTC, and they basically confirmed that I don't have to provide info that isn't legally required (big surprise, right?). Unfortunately, it seems like neither the Federal Reserve nor the FTC has a real way—or maybe they just don't want to—to stop this kind of overreach. Honestly, I doubt this kind of thing would fly in another European Union country. In the end, I just refused to give them the data and moved my money to a different bank.
Anyway, I’d suggest reaching out to the FTC and being a bit more firm with them, though I worry you might just get caught in a jurisdictional game of ping-pong between the Federal Reserve and the FTC. I think the FTC took a stance on this before, if I remember correctly, but the catch is that the FTC doesn't actually oversee banks—that's the Federal Reserve's territory.
Regardless, maybe it's not a coincidence that Citigroup had to write off over $11 billion. Maybe their retail side is struggling and they're looking to scale back, though I don't see much point in doing it this way. Or maybe it's all just a coincidence, I guess.
I believe a formal report needs to be filed. JP Morgan Chase is essentially threatening to block access to funds, even at physical branches. Are we talking about the confiscation of my private property here?
wiredlynx28 said:I can't give you a definitive answer on that, but I'll tell you this: based on what I'm hearing from colleagues over at JPMorgan Chase—since they're the ones being talked about right now—there are certain individuals who acted too bold. I don't know exactly what happened, but apparently, the bank shut down every single product those people used because they failed to follow the general terms of service. Like someone else pointed out, it's a two-way street; you aren't obligated to do business with them, and they aren't obligated to do business with you. I don't know precisely what information these people refused to provide, but I'm certain it wasn't just stuff like marital status or how many kids they have.
As for those claiming this isn't happening, if you don't update or submit the required info, just wait a while and then come back to share your experience.👍
By law, the bank is required to respond to a written complaint within 15 days.
Yes, certain individuals were acting quite arrogant. 🤦🏻♀️
From what I've heard, personal bankers at JPMorgan Chase are calling clients because they're worried about the wave of people announcing they're closing their accounts. Quite a few people have actually made that announcement.
Laura Chavez93 said:So, I just got off the phone with JPMorgan Chase regarding my interest statements, but they’ve implemented this automated receptionist—which immediately informs you that if you're calling about inquiries, you might as well handle it via their online portal or by visiting a local branch... 🤣
Yes, the data can be updated that way. But from what I hear, they received quite a few complaints regarding the letter. I haven't received a response to my inquiry yet. It would be ridiculous if they were caught off guard and don't have an answer ready.
Laura Chavez93 said:I am seriously considering heading down to JPMorgan Chase to withdraw my funds and close every single one of my accounts... and if there happens to be a moderator lurking in this thread, perhaps you could step in and rein in this forum lead—she’s been trolling from the jump and providing nothing but incorrect answers to basic questions
It would be wise to send them formal inquiries. We need to make it clear that as current clients, we demand an explanation for this level of communication. That said, I am still waiting on a response from their "relevant department," as well as a reply from my personal banker regarding the account closure.
Alexander Thompson said:I wouldn't call it a threat, really—more like they're just letting you know what's coming 😉... It's kind of like how you aren't obligated to do business with them, and they aren't obligated to deal with you either...
It is a threat. And the part about them refusing to work with me... I couldn't care less.
wiredlynx28 said:Look, it’s a complicated situation. If you have credit lines tied to an account that isn't operating according to its terms, closing that account triggers the closure of those linked credit lines, making the entire balance due immediately. 👍
There are always people who try to fight everything—even their own best interests—only to end up screwing themselves over in the end.
When opening an account at JPMorgan Chase, they will ask for FATCA information. Usually, it's just a simple "yes or no" regarding US citizenship, and that's the end of it.
I don't see an answer to my question—has your bank actually been closing accounts because of this questionnaire, and has anyone had their loans called in full because of it?
wiredlynx28 said:Since I’m not a Chase customer, I can't say for sure what their exact process is for closing an account when a client doesn't respond, but most other banks would have pulled the trigger long before this.
Give me a break. Did your bank actually do that? There hasn't been any mention of such a thing. Provide some
Who cares, anyway? I’ll just move my money elsewhere and be done with it.
You wouldn't even be able to open an account at another bank without handing over all those same details. If you feel like your rights are being violated, you can always file a formal grievance, and the legal department at any bank will have to provide a response. Honestly, if you truly believe they don't have the right to ask for certain information, you could just sue them. Regarding data updates: if a client repeatedly ignores these requests, the bank will simply close the account for failure to comply with terms of service. If there are funds available, they’ll tell the client to come pick up the balance—minus any applicable fees. Or, if there are outstanding loans or debts, they’ll just send everything to collections at once. If that isn't paid, they move straight to wage garnishment or legal seizure. What Chase is doing by freezing withdrawals is just the final step before they shut the whole thing down.
I'll say it again: they already have the data. It isn't an issue for me to provide it to another bank, but my issue is that JPMorgan Chase is threatening me. I filed a grievance, but I haven't received a response yet. Once I hear back, I will forward the correspondence to the appropriate authorities. The rest of what you wrote is incorrect.
electricorca3 said:Oh, but the real question is whether you actually *can* leave. I was scrolling through Reddit earlier and found this one user describing how she walked into her branch at Chase to close her account, only for the teller to tell her she needed to "fill in some gaps" in their records first. It makes you wonder what kind of nonsense they’ll pull out of their hats once you show up in person—how much they can try to blackmail you or pressure you into staying. The whole system feels totally predatory...
I’d gladly hand over my info—they already have it anyway. Then I'd close my accounts and brag about it on the "Why Wells Fargo is losing customers" thread.
electricorca3 said:But wait, how are they even supposed to know you haven't updated anything if you don't tell them? It's kind of a catch-22, right? I bet thousands of people just ignore this stuff entirely. There must be a huge crowd of folks out there who don't even realize their driver's license has expired until they're standing at the DMV trying to get everything sorted.
Since I had some intense dealings with my bank relatively recently, they already have a photocopy of my ID, which is fairly new.
Personally, it bothers me that my bank—one I've used for quite a while—is being this aggressive with their threats. Though, honestly, I only signed up with Zabiti out of habit, and I could switch banks this instant if I wanted to.
electricorca3 said:Look, I don't know the specific statute off the top of my head, but I can bet my life that somewhere in the fine print of some massive law or one of those internal policy manuals we all blindly signed when we opened our accounts at Chase or Bank of America, there's a clause covering this. It basically boils down to us being legally obligated to respond to their requests and provide whatever info they ask for—whether it's updating our ID info or confirming if we moved our tax residency to another state or something. You might know for a fact that your records are current and you haven't changed anything, but from their perspective, they've got thousands of people who move or change status without telling them, so they get paranoid. Personally, I don't care about the paperwork side of things, but what really gets under my skin is the sheer nerve of them asking such invasive, personal questions under the guise of "compliance." It feels incredibly shady and just plain low-down.
I checked my contract once before. It states I am obligated to notify them of any changes to my data. However, if nothing has actually changed, I see zero justification for receiving these letters.
electricorca3 said:Actually, if you ask me, they might actually have some ground to stand on here, unfortunately. They’re claiming they need to request info under the Anti-Money Laundering Act, alongside various administrative cooperation laws and the Internal Revenue Code, plus all their specific regulations. That basically means they can demand stuff like updated ID, employment status, why you’re even using the bank in the first place, tax residency details, and so on. So, yeah, it’s pretty easy for them to legally justify making our banking relationship contingent on providing that kind of data.
But, you know, it’s worth pointing out that they aren't mentioning that whole mess from last year where they were digging for stuff like marital status, how many kids you have, political affiliations, how many people live in your house, etc. It feels like the public outcry back then really forced them to draw a line between what’s actually required by law and that initial shady attempt to harvest data they weren't even entitled to—you know, information that was more about satisfying the bank's own curiosity for questionable reasons than anything legal.
My bank has all of that data fully updated. Furthermore, my checking account transactions are completely transparent; they're the exact same details that will now be sent to the IRS. I have no problem closing my accounts immediately if they insist on making these terms a condition of service. But threatening to block me from accessing my own money? How is that even legal? Which of those aforementioned laws grants them that power?
Terry Ruiz23 said:I honestly don't even have the energy or the will to write back to them. They’ve seriously pushed my buttons today, so I figured I'd check if everyone else actually got those letters too? Just trying to weigh all my options before I decide what my next move should be.
Sent from my iPhone 6 using Reddit
I emailed my personal banker at Chase immediately. She just replied saying she forwarded my inquiry along, without any actual commentary or answers to my questions. Still no official response. In my opinion, these threats should be reported. There is absolutely no basis for them to restrict access to accounts or funds.
Nicholas Wilson2 said:Alright, finally managed to shuffle my funds from that tiny little Venmo account over to a decent Chase checking account. Now I just gotta figure out my next move, but obviously, I'll be doing it under my own name 😁
I went into a Chase branch in San Diego with the same plan the other day. They told me transferring from savings to checking is fine, but we still need Social Security verification if we want to withdraw more than $387 since the kid is only 13. Did you manage to do it without any issues? 😕
I don't know what to tell you. It’s just a balalaika. No deep meaning here. Just an instrument. kaže: I know for a fact I’m never stepping foot inside a Chase branch again. Not ever. And the idea of opening some stupid kids' savings account? Forget it. I can't wrap my head around living in a country where I apparently need permission from every suit in a cubicle just to manage my own money. I have full control over my assets.Honestly, if you ask me, that’s just how it is. I feel like my fundamental constitutional rights are being systematically stripped away.First off, nobody lifts a finger when my ex goes two full years without paying a cent in child support. Then, the second he finally coughs up the money, suddenly I can't even access it without... what, exactly? Whose permission am I supposed to get? It makes zero sense to me that anyone has the authority to limit how I handle my own funds. out of pocketHonestly, it’s pointless to even debate this. The whole damn country is just someone else's private playground.🙄
Look, I hate to be the one to break it to you, but that isn't actually your asset—it belongs to your child. You and your spouse have fundamental obligations toward that kid, whereas the child owes absolutely nothing to either of you. This law is a complete mess. Honestly, they really should just let it happen. $333 It should be an annual payout, not some random collection of scraps. We’re talking about real capital here—money that actually gives kids a leg up to start their lives on once they hit eighteen. Look, regardless of how much cash you deposited into that account—or let's call it what it was, a gift to your kid—once he accepts it, that money is his. It’s done. You don't have any claim to it anymore. It works the same way if a grandfather, a grandma, or anyone else decided to cut him a check. Once it hits the account, it's his. A bank doesn't care about the sentimentality behind the transfer; they just see the transaction. If a grandma wanted to withdraw money she had previously gifted, she couldn't just walk in and demand it back because it wasn't hers anymore. I’ve had some incredibly bitter experiences myself, and it’s costing me a fortune. We’re talking a multi-million dollar hit in stocks that the local Social Security Administration refused to let me liquidate. By the time they finally cleared it, the shares had plummeted by 80% in value. Now? I’m left holding nothing but empty hands.
That isn't my child's property, it's mine. Like I said, that's where the child support was being deposited so we could actually save something. I can say with total certainty those funds would go toward the kid, since most of my income goes straight to them anyway. My grandma obviously can't touch that account—no one can except me. But the whole situation is absurd. How am I supposed to prove to an agency like CPS that I spent the money on my child? Am I expected to carry around receipts just because I bought them sneakers or jeans? And how does this actually protect my child's rights?
So, I had a lovely little surprise today at Geico. It turns out that since September 1st, you can't withdraw more than $367 from a little bee account (for a child over 13) without getting approval from the Social Security Administration. For younger kids, the limit is even tighter. 👎 My ex pays child support into that specific account. When we originally opened it, there were no limits, and it never crossed my mind that this would become an issue. I used to withdraw funds whenever necessary, usually for larger purchases. Today, I needed some cash for school books—and well, I'm stuck. I won't be putting any more support money into the little bee account. From now on, he'll pay it into my checking account instead. Of course, that just means there's a higher chance the money gets spent elsewhere.😳 Has anyone dealt with requesting permission to withdraw funds or close an account? This is absolute nonsense. 👎 👎
Here is the direct copy-paste from the Zabin website:
Funds in a child's savings account may be accessed by the legal guardian upon presentation of identification and the little bee card, in accordance with current Family Law provisions and defined amounts based on the child's age:
* for a child up to 6 years old: $301 per month * for a child aged 7 to 12: $354 per month * for a child aged 13 to 18: $389 per month