Product: Money transfer, virtual currency, or money service

On XX/XX/XXXX I established a new bank account aXXXX XXXX XXXX a Division of XXXX XXXX XXXX XXXX XXXX 

The purpose of the account is to transfer money from JPMorgan Chase ; currently paying XXXX on my checking deposit. XXXX is paying oveXXXX XXXX XXXX APY. 

On XX/XX/XXXX using the CIT Mobile App I was able to link my JPMC account via the app, I sent a $ XXXX opening deposit ( pull from XXXXXXXX XXXX  XXXX ). After successfully linking the XXXX account at Chase I was able to transfer money - {$100.00} to the XXXX account. On XX/XX/XXXX XXXX sent XXXX " miro deposits '' to Verify the linkage of the XXXX account. Subsequently I verified the deposits and the accounts were successfully linked. 

Cut to ... XX/XX/XXXX I attempted to transfer funds {$100000.00} directly from XXXX to XXXX. ( I attempted to transfer $ XXXX but received an error message that it was over the transfer limit of $ XXXX so I changed it ). 

XXXX ( admittedly ) called to verify, but I was in the shower so couldn't authenticate my credentials. XXXX declined the ACH/transfer now transaction. I called back and spoke with a representative ( eventually I spoke to at least 2 people ) - one from Private Banking at the number on the back of JPMorgan card, and then one from fraud. After 20 minutes, they told me they couldn't verify me " on the other account '' .... this is already after the account is linked in my profile and I've successfully verified the micro deposits. 

I call XXXX, they explained that IF XXXX called, they wouldn't XXXX wouldn't talk to them without me on the line. ( Makes sense, I have some experience in banking ). 

I reentered the transaction on the Chase app, as instructed in previous call with Chase. I waited eagerly for the verification call back. The first agent that called, informed me it was a courtesy call to tell me they declined the transaction and that I needed to send a wire or write a check. Both of which, put more onus on me, the client, to do the heavy lifting. I asked for a Supervisor. He reinforced the " policy '' but he shared an additional tibit. 

When pressed on the topic of verifying me at the other bank ( notwithstanding my verification of the micro deposits ) .... apparently they don't call other institutions RATHER Chase uses XXXX XXXX XXXX XXXX XXXX XXXX  to determine the relationship at the other bank.

This XXXX  reliance is problematic for 2 reasons 1. not all banks use XXXX  and for those that do 2. not all banks report to XXXX  at the same frequency. This creates a huge gap for clients at institutions that don't use XXXX 

Chases ' solution, is then to push that burden back on the client to solve the problem. 

Or offer unsuitable alternatives : write a check- my money is either in limbo/transit for the amount it takes me to mail that check and wait for the deposit to hit, then its on hold for an eternity, or mobile .... same hold problem. 

Or to send a wire, at my time and expense. So then I have to gather all this additional information e.g. the address of the bank... and I have to PAY for the wire. This is egregious and unavoidable, resulting in a charge/fee that I would not have otherwise had to pay, had they better risk system in place. 

By the way I'm " in the private bank '' so paying an unnecessary fee is a double whammie. 

This is a slick " Risk Avoidance '' strategy. Push the onus back on the client ; redirect the client to the " other institution '' to deal with the problem.