Consumer complaint received 2018-02-22
Company: JPMORGAN CHASE & CO.
State: MA
Product: Checking or savings account
Sub-product: Checking account
Issue: Closing an account
Sub-issue: Funds not received from closed account

Complaint:
*Chase failed to address promptly reported evidence of fraudulent activity, resulting in fraudulent withdrawals : * on XX/XX/XXXX, I reported to Chase Manhattan Bank four suspicious e-mails apparently from XXXX asking me to verify a request to transfer funds from my Chase account to unauthorized bitcoin accounts. As I had no business with XXXX, I called the Chase fraud department to communicate that I could not tell whether the links in the e-mails were legitimate responses to fraudulent activity, or were part of aphishing scheme to which I should not respond. Chase requested that I forward the 4 similar e-mails to their fraud department ( example text below ). I was not apprised of any action or investigation that tookplace thereafter. I also called XXXX to ascertain whether accounts had been set up, but was unable to obtain any information. On XX/XX/XXXX, I reported to Chase that they had allowed 4 fraudulent transfers of {$700.00} each from my checking account to coinbase accounts, and made claim to Chase for these unauthorized transfers. I also reported to Chase that on XX/XX/XXXX two small deposits had posted to my checking account. " XX/XX/XXXX FUNDS VERIFICATN NEW ACCT PPD ID : XXXX ACH credit {$0.00} FUNDS VERIFICATN NEW ACCT PPD ID : XXXX ACH credit {$0.00} '' I learned that such small deposits are often made in advance of a transfer as a means of verifying the account. To my knowledge, the origins of the deposits have not been investigated. I also changed passwords to my online banking for Chase as well as my e-mail, and took steps to request a transfer of {$130000.00} ( most of my funds ) to  my XXXX investment account, as Chase was unwilling to set up a new account without requiring me to travel to another state. Transfer to my XXXX account took a couple of days to set up, but had posted by XX/XX/XXXX. At XXXX on XX/XX/XXXX, another fraudulent withdrawal of {$25000.00}, this time to a different online bank, XXXX XXXX, a division of XXXX XXXX XXXX, was placed on my Chase checking account. This triggered a negative balance alert on my checking account at XXXX XXXX   on XX/XX/XXXX. I immediately phoned Chase fraud department and Chase checking customer service to file a claim for the new fraudulent withdrawal. 
On XX/XX/XXXX, my transfer of {$130000.00} from the compromised Chase account to my XXXX investment account had been credited, and I agreed to freeze all further financial activity on the account. 
*Chase spuriously cites XXXX to recall ACH transfer to my account at another bank* : On XX/XX/XXXX, Chase fraudulently recalled a transfer to my XXXX investment account, resulting in loss of my funds and an additional {$40.00} fee imposed by XXXX for the " bounced '' transfer. Just in case my name had been added to the list in error, I checked with XXXX, who confirmed that I was not on any XXXX list. The loss of access to my entire checking account required me to withdraw funds from my investment account to pay my bills, resulting in further expenses. 
*Chase fails to provide information regarding the method or timing of a release of my funds* : On several occasions that I called Chase fraud department and Chase checking customer service regarding the disposition of my funds or any plan to return my money, I received conflicting information. On some occasions, I was told that to close the account and receive funds I would have to travel out of state to a Chase bank, but when I called back to confirm that this was the case, Chase said that the account had been closed on XX/XX/XXXX, and that I would have the checking account balance sent as a check to my home address. It is now XX/XX/XXXX and I have received neither my money nor an explanation as to how or when my funds will be returned to me. The only communication received from Chase was to acknowledge that Chase had received one of the complaints regarding their actions.

Company response to consumer: Closed with explanation