Consumer complaint received 2022-09-16
Company: JPMORGAN CHASE & CO.
State: NY
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
On XX/XX/XXXX I deposited 2 checks for a total of {$40000.00} Checks had cleared on XX/XX/XXXX as funds were available on my account- however, my account was restricted and I could not perform transactions. I attempted to lift my restriction by calling Chase at XXXX - which was provided to me by CHASE 's customer support. After multiple calls and unclear guidance, I was finally notified that my account was restricted because checks were pending to verify the issuer. Additionally, they notified me that funds would be available by XXXX XXXX, after verification, and restrictions would consequently be lifted. However, on XX/XX/XXXX I received a letter of notification that my account would be " closed soon ''. I waited for XX/XX/XXXX to call back as that was the date the hold/restriction would be lifted according to reps. On XX/XX/XXXX transactions could would still not go through or be processed, consequently, I called Chase to get an update and clarification and I was informed that unless they are able to verify the issuer then my account would continue to be held restricted. They stated that they could NOT either RETURN CHECKS TO ISSUER or NEITHER RELEASE THE RESTRICTION on my account and that any funds on my account would remain restricted INDEFINITELY until they could verify the issuer. I provided them with multiple numbers by which they could contact the issuer, however, they notified me that the numbers I provided them with did NOT pass the safety check on their system- and thus could not use those numbers. Through my representative/lawyer we have been able to contact the issuer to notify them that CHASE needs verification, and they [ issuer ] have been doing everything possible to do so, however, CHASE continues to hold my account restricted. On XX/XX/XXXX CHASE placed two " DEBIT DDA - CHECK CHARGE '' s on my account, one for the total amount of these two checks at {$40000.00}, and another for my personal funds at {$470.00}. I had never given personal authorization for these Debit DDAs transactions. On XX/XX/XXXX I called CHASE to clarify what these transactions were they told me " these were funds on my account left after my account was closed '', I asked if my account was closed and the CHASE rep said my account is " still on hold/suspended, and could be re-opened after verification of issuer '' - thus it was pending to close. However, despite this hold/suspension [ pending close ] - CHASE has accepted a {$250.00} direct deposit from my employer. I have also notified my employer about this and requested to cancel this transaction, unfortunately, the cancelation for {$250.00} from the employer will take time. I'm not sure how now CHASE is now accepting my direct deposit if my account is pending to be closed and is on " hold/suspended '', plus they have placed the rest of my money as Debit DDAS without my consent. 

I have attempted multiple calls and have also visited a branch and can not get clear answers or guidance. I can not access my money nor can they fully close the account. Not sure what will happen to my money, but they do not seem to want to help. So much misleading, unclear information, as every time I call them they can not seem to give me clear responses. I understand they must verify the issuer, however, I and the issuer have done everything possible to help them get that information and they continue to hold my money in an " INDEFINITE '' limbo.

Company response to consumer: Closed with explanation