Consumer complaint received 2023-08-17
Company: JPMORGAN CHASE & CO.
State: CA
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
I recently opened a business account with Chase to support my corporation. My account was wrongfully terminated by Chase, by Chase 's own admission. And yet I still have not been able to recover my money. 

I deposited 2 checks ( the first time I had ever deposited checks into this account ) via mobile check scan deposit into my new Chase business account, one for {$38000.00} and another for {$15000.00} both from a reputable company I represent While making the deposit Chase placed a 2-week hold on both checks which was fine as its normal process since these were large amounts and my first deposit. 

After 2 weeks passed I tried to log in online and my account was frozen, so of course I immediately called the bank. They told me that this was because the checks I deposited were flagged as potentially fraudulent, and that I needed to provide phone numbers for the issuer of the checks in order to verify them. Okay, no problem. I provided the information, and Chase claimed that the phone number for the issue was not listed under public domain, so they were unable to verify it. After several days of going back and forth they were finally able to locate a phone number for the check issuer to contact. 

AtI this point I contacted the check issuer and on their end they showed the checks as cleared and as far as they are concerned they can't do anything as the money is already taken from their account. I informed them that Chase would be calling to verify the checks were indeed made out to me and that they have cleared and they said no issues and have Chase call their accounts payable department. 

Chase finally called the company and the company clearly and very explicitly verified that the checks were issued to me and that they had cleared. At this point, the Chase representative started asking a lot of intrusive questions to the issuer of the check such as routing number, account number, tax id info which raised flags to the issuer as the call might be fraudulent so they did not provide that info except to verify the checks had properly cleared their account and that the checks were made out to me. 

After this event, I called Chase once again and they said since they could not verify all they needed they can't do anything, and the account is closed. I asked what is going to happen to my money and they said go back to the check issuer. The check issuer on their end can't do anything as the amount has already been withdrawn from their account over a month ago so I am stuck in limbo. 

Now my account has been closed and I have no recourse of action. Chase has been unresponsive to all my calls and I keep getting switched around from division to division with no end in sight. I have over {$53000.00} which I am unable to access and have no way of getting back as the issuer of the check has already had the funds withdrawn from their account over 4 weeks ago. This seems like a money-making scam on Chases part as they are now collecting interest on my {$530000.00} and have no clue what is going to happen to my hard-earned money.

Company response to consumer: Closed with non-monetary relief