Chase closed a consultant's account: The wire transfer that triggered a review
A US-based consultant received a large wire from an overseas client. Three weeks later, Chase closed all their accounts with no explanation.
Background
- User Type
- Management Consultant
- Business Model
- B2B Consulting (strategy work)
- Structure
- California LLC, single member
What Happened
After receiving an $85,000 wire from a Middle Eastern client, Chase initiated a review. Despite providing contracts and invoices, the account was closed 3 weeks later.
Timeline: 3 weeks
META Analysis
Large international wire to a previously domestic-only account. The sudden change in transaction pattern triggered risk flags.
LLC was properly formed, but the bank had it categorized as a local small business, not international consulting.
All taxes properly filed, but bank didn't have visibility into business legitimacy.
Contract was valid but the client company was in a high-risk jurisdiction. Bank couldn't verify the source of funds to their satisfaction.
Resolution
Funds were returned after 60 days. Consultant opened accounts at Mercury and a traditional business bank, maintaining both.
Key Lessons
- ✓Inform your bank before receiving large international wires
- ✓Ensure your bank account type matches your business activities
- ✓Have relationships with multiple banks
- ✓Keep client due diligence documentation ready
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