Consumer complaint received 2023-05-02
Company: JPMORGAN CHASE & CO.
State: TN
Product: Checking or savings account
Sub-product: Savings account
Issue: Closing an account
Sub-issue: Funds not received from closed account

Complaint:
I received a promotion from JP Morgan Chase to open a checking/savings account with the prospect of earning a promotional incentive of {$900.00} if I funded the accounts in a timely manner with sufficient new deposits and set up automatic payroll. I have two complaints which arose from two distinct, but related issues : 1 ) After opening both accounts in XX/XX/2023, I tried to fund them using the Chase external account transfer tool utilizing ACH and to qualify for the promotion. My external account from my local credit union was successfully linked to both accounts for transfer. However, any transfer I enacted was " auto-rejected by the system '' ( so a Chase customer rep ). No coherent reason was ever given. I was told to add a short memo ( like " Transfer from ext. acct. '' ) to ensure that Chase would accept the transfer of funds into my accounts. To no avail. What is particularly baffling is that the same credit union account has been linked to my Chase credit card for a decade or so- with no problems for ACH transfers. After talking to Chase customer reps on three different occasions, I was advised to fund the accounts either by scanning and submitting personal checks ( which I did in the amount of {$7800.00} for both, just to find out that the monthly maximum for online deposit checks was set below what I was supposed to deposit to qualify for the promotion by Chase ), presenting myself to a Chase branch ( not an option - the next branch location is several hours away from me ), wiring the funds ( too costly from my credit union account, free services like XXXX had a monthly wiring limit which is too low for the promotion ). In other words, Chase made it impossible or too expensive to fund the accounts in a way that would have allowed me to qualify for the promotion of {$900.00}. Why funds from my credit union account were auto-rejected by Chase is a good question for further investigation. Could it be that Chase has seen a lot of fraud from the general area I live in and just auto-rejects fund transfers from such localities " by principle? '' 2 ) After I realized that Chase put up unreasonable obstacles to transfer funds into my savings/checking accounts, I called Chase to close both accounts. Chase confirmed my closure request on XX/XX/XXXX by mail. The letters I received from Chase instructed, however, that since there were positive balances on the accounts, the closing might take longer than 7 days ( one letter is attached below ). On XX/XX/XXXX I finally received a Cashier 's check over the amount I had on deposit in my checking account with Chase ( {$3300.00} ). However, the savings account is still reported as " closure pending '' ( so the Chase rep ) as of today. I inquired three times by now when this status would change and how long I would have to wait for my funds. The Chase rep was not able to give me the requested information and insisted that there would be nothing they could do on their side until the " pending '' status was lifted. They had no control over how and when this lift would happen and why the account closure was still listed as pending. The only thing I could do would be to visit a Chase branch ( not a possibility- the next one is hours away ). I requested the closure of my savings account at the same time as I requested the closure of my checking account. In two days more than four weeks will have passed that Chase has not returned my funds on this savings account in the amount of {$4500.00}. This is completely unreasonable, especially because no explicit reason for this delay was ever given.

Company response to consumer: Closed with explanation