Consumer complaint received 2020-06-10
Company: JPMORGAN CHASE & CO.
State: CA
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Banking errors

Complaint:
On XX/XX/2020, I upgraded my Chase Total Checking account to a Chase Sapphire Checking account in-branch, using a coupon ( Code : XXXX XXXX XXXX XXXX ) which offered a promo bonus of {$1000.00} after depositing {$75000.00} into the account and maintaining it for 90 days. Per the coupon, another way to maintain the {$75000.00} aside from directly in the checking account is to open a Chase You Invest Brokerage account, link it to the Sapphire Checking account and transfer the funds there. A linked You Invest Brokerage account fulfills any balance requirements of the Sapphire Checking account, meaning the Sapphire account can be XXXX with no fees as long as the linked You Invest account has the {$75000.00} balance ( I have attached a secure message from Chase confirming this ). On or around XX/XX/2020 I noticed that my Chase Sapphire account was no longer showing when I logged into my account. I messaged in and was told that it was closed ( no explanation given ) and I was no longer eligible for the {$1000.00} bonus ( which I should have already received, since it had been over 90 days since I deposited the {$75000.00} ). No one at Chase has been able to explain why my Sapphire Checking account was closed, but their assumption is that it was automatically closed since there had been no activity and a XXXX balance since I transferred the {$75000.00} from that account to my linked You Invest Brokerage account. I tried to explain that having a linked You Invest account negated the need for any balance in the XXXX XXXX account ( which their own secure message team, as well as the fine print on the offer coupon, confirm ), to no avail. 

Now the bankers I've been speaking with are also alleging that the fine print says that while a linked You Invest account does fulfill the promo, it must be a You Invest account opened and managed by a Chase banker. This is NOT what the fine print on the coupon ( also attached here ) says. The fine print says " Eligible Accounts : personal checking, savings and/or J.P. Morgan investment accounts ( You Invest Brokerage and accounts opened in a Chase branch and serviced by a J.P. Morgan Private Client Advisor or Financial Advisor ). '' This section in the parenthesis referring to accounts opened in branch and serviced by a Chase banker is referring to " all other investment account ASIDE from You Invest accounts, not including them. If it was including You Invest accounts, the fine print would have included " You Invest accounts opened by the individual '' in their list of ineligible accounts, which it does NOT : " Ineligible Accounts : any J.P. Morgan retirement accounts ( such as Traditional and Roth IRAs, Keoghs, SEP and SIMPLE IRAs, and 401 ( k ) plans ) ; CDs ; insurance products ; fixed and variable annuities ; J.P. Morgan Fund Accounts ; 529 College Savings Plans. '' I have friends who have completed this bonus exactly as I have, and they have successfully received their {$1000.00} bonus with no issues. I'm not sure why Chase closed my Sapphire account and is refusing to honor the bonus in my case.

Company response to consumer: Closed with explanation