Consumer complaint received 2023-07-03
Company: JPMORGAN CHASE & CO.
State: GA
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Managing an account
Sub-issue: Funds not handled or disbursed as instructed

Complaint:
I am the business owner of XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  And in XX/XX/2023 I relocated, myself and my business to XXXX. I followed the necessary state laws in place to move my business to another state and completed a Foreign Filing moving my business from XXXX XXXX XXXX  Secretary of State to XXXX XXXX Secretary of State, and when the documents were stamped by the Secretary of State and received I proceeded to conduct business as usual. 

On XX/XX/2023 I opened up a business account with Chase JP Morgan for XXXX XXXX XXXX XXXX. I provided the business banker with all of the requested documents to verify my business upon opening my account. ( EIN paperwork, SOS paperwork, and 2 forms of Identification ). When the account was open I was instructed to make an opening deposit, at that time I informed the business banker that I had a check from the U.S Treasury that I would like to deposit and the business banker told me that would be just fine. 

On XX/XX/2023 the first restriction came to my account. I immediately went into the branch, provided a business banker with 2 forms of ID and had him contact Chase Back Office. I was told by a Chase representative that there was a restriction on my account because the date that was printed on the check was prior to the date of my business formation with XXXX Secretary of State. At that time proof of my business being established prior to the date on the check was requested. I immediately obliged and submitted the IRS documentation that they requested and the restriction was lifted. 

On XX/XX/2023 I stepped into a Chase branch, provided 2 forms of ID ( as my debit card had not been received in the mail yet ) and proceeded to make a withdrawal to take care of some business purchases. The withdrawal was successful, but seconds after the withdrawal was complete another restriction was placed on my account. I had a business banker call Chase Back Office while Im still sitting in the branch and Back Office stated that my account had been restricted again because they do not believe that the funds were intended for my business because the address on the check was a XXXX XXXX address and the address on my business documents was now a XXXX  address. I informed them that the check was made out to my previous office address in XXXX XXXX and that I had just moved to XXXX  which is why the addresses are different. I also informed them that all of this information is reflected on the XXXX  Secretary of State website within my Foreign Filing. Chase then told me that I needed to submit something from an attorney stating that this XXXX XXXX XXXX in XXXX is the same XXXX XXXX XXXX in XXXX XXXX. 

On XX/XX/2023 my attorney submitted IRS documentation showing the same EIN number for XXXX XXXX XXXX using BOTH XXXX XXXX XXXX XXXX addresses as well as a notarized statement that this is my business and the funds were in fact intended for my company. But the restriction was never removed. Every week I was told by Chase Back Office that no further documentation was needed, they told me every week that I have verified all information and the account should be unrestricted at this time. But the restriction was still never removed. 

On or around XX/XX/2023 after a month of waiting on Chase and going in circles, my attorney suggested that the matter be escalated to Chase JP Morgan Executive Office, being that XXXX XXXX XXXX XXXX XXXX of allocated money was being held by Chase with no reason as to why they wouldnt release it. So the complaint was filed. I was given a case worker by the name of XXXX and a case number XXXX. XXXX wouldnt speak directly with me because I have legal representation but every single week she would speak with my attorney. And in this process with XXXX and the Executive Office I have been asked to resubmit all of the documentation that had already been added to my file 3 months prior to getting the Executive Office involved. And every single week it has been the same set of documents requested, IRS information, SOS information, verification of addresses, followed by the same statement I will submit this to our business review team for approval so your funds can be released. Every single week I was told that a check would be sent overnight to my attorneys office, and every single week there was no payment. 

From XX/XX/2023 til this day XX/XX/2023 ( 6 months and counting ) I still have not received any updates on my case, I have escalated it up to case Management within the Executive Office and every time I call I am told XXXX is unavailable No case managers are available but Ill leave a note for them to contact you back. I have requested call back after call back and every time Im told A call back request has been submitted please allow 24-48 hours for management to reach back out to you And every 24-48 hours I find out a request for a call back was never submitted. 
Chase has gone through every verification process with the U.S. Treasury and my business, it's been 7 months since the initial check deposit and the funds have not been disputed one time by the IRS. Funds still show as paid and still remain in my account. This money has been proven to be mine but that still does not suffice. I have provided Chase JP Morgan with every thing theyve requested of me to verify my business short of my blood, an attorney of Law has provided Chase JP Morgan with everything they have requested of him to verify my business, we have been told that no further documentation is needed but yet there is still no update on the release of my funds. I trusted Chase with over XXXX XXXX  XXXX dollars and I have been handled so poorly from branch representatives all the way to the Executive office. I have been stereotyped in every branch I have gone into seeking help on this matter and have even been told You look too young to own a business or, I thought women in your religion werent allowed to work. XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX I am mortified with Chase JP Morgan! I have lost my home, I have lost my car, I have had to file bankruptcy in hopes to salvage my business, I had to let go of my employees whom went months without a salary because of this matter. So many lives have been effected by this issue and Chase has no sense of urgency to resolve it so that these lives can be restored! Chase has put a complete stop to the business I worked so hard to build from the ground up and they have no reason as to why, just because they want to or feel as if they can. I dont care if I have to file a complaint with the CFPB every single week, I will send each complaint into every news broadcasting station in XXXX and prepare to take legal action against Chase JP Morgan if this matter does not get resolved immediately.

Company response to consumer: Closed with explanation