Consumer complaint received 2020-01-14
Company: JPMORGAN CHASE & CO.
State: OH
Product: Checking or savings account
Sub-product: Checking account
Issue: Closing an account
Sub-issue: Funds not received from closed account

Complaint:
A quick summary : Chase closed my account on XX/XX/XXXX. Despite repeated contact ( in-person, by phone, and by their online messaging system ), I have still not received my remaining balance as of XX/XX/XXXX. 


On Friday XX/XX/XXXX, I initiated 2 ACH transfers from external accounts to my Chase Checking account ( initiated from Chase Checking ). The first was a transfer of {$2000.00} and the second {$500.00}. I received emails shortly thereafter that the transfer shad been canceled. 

On XX/XX/XXXX, I received a " Secure Message ''  from Chase on their platform that " We blocked the account ( s ) ending in ****, and will close it soon. We're doing this because of recent activity on the account, or because you didn't provide information we requested. '' No information had been requested. 

To resolve this issue, I went in person to a Chase branch. The teller said that my account was blocked and could not provide me any more information. I was given a number that I could call. I called the number and, after being placed on hold for about 20 minutes, was informed that there was no further information that could be provided on the reason for the account closure. After the call, I went back to the teller and asked if I could simply accept the account closure and withdraw the remaining {$1500.00} from my account. She escalated to a supervisor. We went to an office away from the counter, and she called someone else at another office. They told me that the account would be closed within 7 business days, and a cashier 's check mailed to me thereafter. 

I requested that the account be closed immediately and that either I withdraw the funds in cash at the branch, or that the check be mailed immediately. They refused and provided no reasoning. 

I decided that I had no choice and would wait. On XX/XX/XXXX ( about 9 business days later ), my account remained open ( but blocked -- I had no access to my funds ). I wrote to Chase asking them to close my account immediately and proceed with returning my funds. They told me to contact their fraud department by phone, which I refused as this was the same number I had called previously and wasted about half an hour to receive no information. Additionally, I wanted all further communication with the institution to remain in writing. 

I politely wrote them back that I would not be calling their number and asked that they to proceed immediately to close my account and return my funds, as they had said they would do. I told them if this was not done within 3 business days, I would file a report with the Consumer Financial Protection Bureau.

My account was closed within 8 hours.

Their message said that they would mail a check for the remaining funds within 7 business days. 

Around XX/XX/XXXX, I received a letter summarizing my account activity in XXXX ( previously all communication was paperless ), including showing a " Debit DDA - Check Charge '' for the remaining balance of my account on XX/XX/XXXX. I had expected that this letter would include that check, but it did not. 

Finally with no indication that I would be receiving a check, I wrote to Chase on XX/XX/XXXX. I let them know that it had been 9 business days since they told me the check would be sent within 7 business days. I asked them to provide proof that the check had been mailed, and evidence of the postmark date. I stated that if they did not do this by Tuesday XX/XX/XXXX, I would write to the CFPB ( XX/XX/XXXX would be the 11th business day. This allows Chase the 7 days they stated to mail the check, and the USPS 4 business days to deliver it ). 

Once again, they wrote back telling me to call a number. I refused, and said that I looked forward to hearing back regarding the check containing the final {$1500.00} from my account. Their response was to again tell me to call a number. 

Thus after ample warning and notifying Chase that I would be contacting the CFPB, I am now following through.

Company response to consumer: Closed with explanation