Consumer complaint received 2021-01-14
Company: JPMORGAN CHASE & CO.
State: NJ
Product: Checking or savings account
Sub-product: Savings account
Issue: Managing an account
Sub-issue: Problem making or receiving payments

Complaint:
We had a 6 months CD with Chase Bank that matured on XX/XX/2020, and on that date, my wife and I visited Chases XXXX, NJ branch to claim the money from the CD. Our intentions were to reinvest the money on what could produce the most for us. Our options included : Depositing the money in our existing XXXX XXXX  account, which was paying higher interest than the Chase Savings Accounts, Selecting the frequently advertised Chases Savings Account which offered a {$200.00} bonus if the money remained in the account for 3 months, Or considering anything else suggested by the Chases Representative. 
We met with Chases Representative, XXXX XXXX, and clearly explained all of our needs and intentions, including the source of our funds. On XXXX XXXX recommendations we opted for the Chases Savings Account with the {$200.00} Bonus as being the best choice for us. Just before signing the final papers for the new account, XXXX XXXX cautioned us with this advice : Remember that you must keep the money in the account for at least 3 months to receive the {$200.00} Bonus We had no other contact with Chase on this issue until 3 months later in XXXX, when we visited The Chase Branch to make sure that the {$200.00} had been added to the account. This is when we found out that Chase would refuse to honor our agreement. Their reason for not honoring the agreement is : - That this was not New Money because it came from a Chases CD., even when the CD had already matured. 

Clearly, at the point that we could claim the money from the matured CD, it was our own money to do with the money whatever we wanted. And furthermore, on XX/XX/2020 Chase was fully aware of our intentions as well as of the source of the money for the new savings account. And of course, they also know that we entered into the agreement on the recommendation of their Representative. 

Chase first told us that The Branch Manager, XXXX XXXX, would be the only person who could make the decision on the {$200.00} Bonus. After many days later, I was able to speak with XXXX XXXX, who was very understanding but advised me that he would have to escalate my issue to higher authorities at Chase.. 
After more days later, I received a call from XXXX with the Chases Escalation Line, at XXXX XXXX. 
After many discussions and calls from XXXX, she advised me that Chase was standing by their decision to not honor the agreement for the {$200.00} XXXX XXXX was pleasant and made it clear that it was not her decision, but refused to give me the name or position of the decision maker or for that matter, refused to give me her own last name, title or her identifying Chases representative/agent number. She informed me that the only person who could provide this information for me was the Branch Manager, who obviously is the same person who escalated the complaint to her. 
It is clear to me that Chase has a special way of giving customers the run-around. 
I have since canceled the Savings Account in question and am in the process of cancelling other accounts that I still have with Chase.

Company response to consumer: Closed with explanation