Product: Checking or savings account

To : Consumer Financial Protection Bureau ( CFPB ) XXXX XXXX XXXX XXXX, IA XXXX Subject : Formal Complaint Against JPMorgan Chase Bank for Account Restrictions , Fraud Concerns, and Severe Financial Harm Dear CFPB Complaint Resolution Team, I am filing this formal complaint against JPMorgan Chase Bank regarding its improper restriction and subsequent termination of my banking relationship, which has caused significant financial harm. This situation began on XX/XX/2024, with a seemingly fraudulent text message regarding XXXX re-enrollment. Chases lack of transparency, combined with its mishandling of my account, has left me unable to meet critical financial obligations, including payments to the Internal Revenue Service ( IRS ), XXXX XXXX and other recurring bills. 

Details of the Complaint 1. Origin of the Issue Potential Fraud or Internal Mismanagement : On XX/XX/2024, I received a text message from a five-digit number instructing me to re-enroll in XXXX by following a link. I clicked on the link to proceed, believing it was a legitimate request from Chase. 
Shortly thereafter, I was informed that my checking account had been placed on restriction due to unusual activity. However, this was the only notification I received, and no further details were provided by Chase.

Upon contacting Chase for clarification, I learned the bank was severing its relationship with me. Despite multiple inquiries, I was never given a clear explanation for this decision, leaving me uncertain whether the incident was due to fraudulent activity or a unilateral decision by the bank. 
XXXX. Financial Harm Caused by Account Restrictions : Missed IRS Payment : I was unable to make the first installment payment under my IRS agreement, risking penalties and financial consequences. 
Disrupted Recurring Bills : My XXXX  bill and other recurring obligations went unpaid, leading to late fees, service disruptions, and harm to my creditworthiness. 
Essential Living Expenses : I was unable to access funds to pay for food, clothing, water, and other necessities. Additionally, I had to incur notary fees to address this issue. 
Despite Chase lifting restrictions on my investment account, allowing me to transfer funds, they refused to lift the restriction on my checking account, compounding the financial harm.

3. Lack of Adequate Notice and Transparency : Chase failed to provide a clear, advance explanation for restricting my account or severing the banking relationship, as required under Federal Deposit Insurance Corporation ( FDIC ) guidelines. 
The banks vague and inconsistent communication violated my rights to fair treatment, transparency, and due process under consumer protection laws. 

Relevant Regulatory Violations 1. Unfair, Deceptive, or Abusive Acts or Practices ( UDAAP ) : Chases failure to provide clear reasoning and timely access to my funds constitutes a violation of the XXXX XXXX XXXX Reform and Consumer Protection Act, as it caused substantial injury that I could not reasonably avoid. 
2. Electronic Fund Transfer Act ( EFTA ) Regulation E : Restricting my account without a valid reason or timely notice may violate my rights under Regulation E, which protects consumers access to authorized funds for essential transactions.

3. Federal Deposit Insurance Corporation ( FDIC ) Guidelines : The FDIC mandates that banks must provide adequate notice and reasoning for account restrictions or closures. Chases actions failed to meet these standards. 
XXXX. Consumer Financial Protection Bureau ( CFPB ) Principles : The CFPB emphasizes fairness, transparency, and accessibility. Chases opaque handling of this matter violated these principles, leaving me financially vulnerable.

5. Bank Secrecy Act ( BSA ) : While the BSA allows banks to take measures against potential fraudulent activity, it requires a balanced approach to avoid unreasonable harm to consumers. Chases unilateral actions without investigation appear disproportionate.

Relief Requested I respectfully request the CFPBs assistance in securing the following actions : 1. Immediate Restoration of Account Access : to all accounts, including my investment account ending in XXXX. And the one ending in XXXX. 
Require Chase Bank to fully explain its actions, lift any remaining restrictions, and allow me access to my funds. 
2. Financial Compensation : Mandate that Chase Bank reimburse me for financial losses incurred, including penalties, late fees, notary expenses, and other damages. 
XXXX. Full Investigation into Chases Practices : Investigate whether Chases account restrictions, communications, and termination practices are compliant with applicable regulations and consumer protection laws.

4. Policy Reform : Require Chase to implement more transparent and fair policies regarding account restrictions and closures to prevent harm to other consumers. 

Conclusion This situation has caused severe financial and personal harm, disrupting my ability to manage basic financial obligations and access essential resources. Chase Banks lack of transparency, inconsistent communication, and refusal to resolve the matter professionally highlight systemic issues that warrant regulatory scrutiny.

I have attached supporting documentation, including correspondence with Chase and records of missed payments and financial harm. I urge the CFPB to take prompt action to hold Chase accountable and prevent further harm to consumers in similar situations. 

Thank you for your time and attention. I look forward to your assistance in resolving this matter. 

Sincerely, XXXX XXXX XXXX