Product: Checking or savings account

First Republic wired {$4000.00} out of our account that was closed and identified/ blocked as a result of Fraud, and then failed to investigate in a timely manner or reimburse us for their mistake. 

We have been clients in good standing of First Republic Bank since XXXX. On XX/XX/XXXX we became victims of identity theft. An individual attempted to wire money out of our joint account. On XX/XX/XXXX, we received a call from First Republic Bank questioning transactions in the account. An individual, posing as my husband, acquired all of his information, and was attempting to transfer via XXXX and wire funds out of our account. 



This individual incessantly called First Republic the morning of XX/XX/XXXX attempting to push through the {$4000.00} wire and a number of XXXX transactions. He had all security questions answered for my husband, but the First Republic customer service agent picked up the inconsistent activity. First Republic blocked the XXXX transactions, but a wire of {$4000.00} to a XXXX XXXX, slipped through. We called First Republic to confirm that this was fraud and the account was immediately shut down and blocked. That day, XX/XX/XXXX, the {$4000.00} wire, previously sent to a XXXX XXXX, was reversed. 


The following day, XX/XX/XXXX, after the account was closed and flagged for fraud, First Republic allowed another {$4000.00} wire to a XXXX XXXX, to go through. The closed account was debited {$4000.00}. This was fraudulent. Simultaneously, on XX/XX/XXXX, all of our funds were transferred to a new account. Unfortunately, the {$4000.00} wire transfer to XXXX XXXX was sent and has not been reimbursed. We immediately notified the bank of this error. Numerous emails were sent to the Compromised Accounts Specialist team, dated XX/XX/XXXX, XX/XX/XXXX, and again on XX/XX/XXXX. On XX/XX/XXXX, a representative responded that XXXX Bank, the recipient, will take 90 days to investigate, a time frame that violates the required 10 day investigation and reimbursement timeline. When we did not hear a response, we inquired again on XX/XX/XXXX, and received a response, that there are no funds in the receiving account to reimburse the {$4000.00}. I responded that is not an acceptable response, but did not hear back. I then spoke with the Managing Director, Relationship Manager on the account, Friday XX/XX/XXXX, who promised to return my call on Monday. She never returned my call, nor did she reply to the emails sent to her XX/XX/XXXX, or XX/XX/XXXX. We spoke to the Senior Preferred Banker XX/XX/XXXX. He promised to escalate the issue, and make certain that the MD returned our call. Neither have since responded to us. We have also not been reimbursed the {$4000.00}, 4 months after the fraud was discovered. 

My understanding is that a bank has 10 days to investigate and reimburse the client after the fraud is discovered. In this case, we identified the fraud immediately, notified the bank, and continuously tried to address the issue, without response. 

This has been an incredibly frustrating experience and we can not believe that First Republic and now, JP Morgan Chase, would treat their good, long term clients in this despicable manner.