Consumer complaint received 2018-03-09
Company: JPMORGAN CHASE & CO.
State: FL
Product: Checking or savings account
Sub-product: Savings account
Issue: Problem with a lender or other company charging your account
Sub-issue: Transaction was not authorized

Complaint:
Over the course of a few months, we had a total of {$12000.00} fraudulently taken from an estate account set up with JP Morgan Chase to hold my late mother-in-law 's proceeds from her estate while we cleared the probate process. The transaction amounts and the dates associated are as follows : {$13.00} was withdrawn on XX/XX/XXXX. {$450.00} was withdrawn on XX/XX/XXXX. {$4100.00} was withdrawn on XX/XX/XXXX. {$4200.00} was withdrawn on XX/XX/XXXX. And finally, {$3900.00} was withdrawn on XX/XX/XXXX. Chase is claiming the transactions would not be refunded due to a policy that states that the charges on the account exceed " 60 days after we sent the statement containing the first unauthorized transaction ''. Chase should have identified the first unauthorized transaction because the account was set up as an estate account and the only means to which a transaction should have been permitted would have been by check alone. A check/debit card was not issued with the account because the account was not set up as a spending account ; instead it was set up as a savings account for only the time required while the estate was in probate. Also, the name on the fraudulent transactions were XXXX XXXX ; my wife 's name is XXXX XXXX -- so the transactions should have been flagged for the name in addition to the account supposedly not set up for electronic transfers. Additionally, since the account was set up as an estate savings account, we were never set up to receive paper statements and therefore were not afforded the opportunity to review the transactions on the account when they occured. We first identified the fraudulent transactions on XX/XX/XXXX, when we closed the estate account and moved the proceeds to a personal business account within Chase. It took us a couple days to do a full review of the transaction history, and on XX/XX/XXXX we made our first official claim with Chase regarding the fraudulent charges. We were told over the phone that the account would be reviewed and they would mail a check due to the estate account being closed. Within a few business days, we received some letters in the mail from Chase stating the transactions were reviewed and that the charges would remain on the account. On XX/XX/XXXX, we went into a local Chase branch to discuss the issue with a bank representative. At that time, we were advised to make an executive complaint with Chase headquarters. We attempted to make the executive level complain onXX/XX/XXXX, however, we were not able to complete the claim due to the president 's day holiday. The executive complaint was officially made on XX/XX/XXXX. Chase was not able to make a reasonable resolution to the complaints stating they would not be held responsible for the transactions. Chase is claiming their reasoning is due to their '60 day ' policy. While we may have been beyond the 60 days from the first transaction ; there were two transactions within the month of XXXX that totaled {$8100.00}. At the very least, we are within the 60 day window to dispute those charges. Though I would still make the argument for the complete total of the fraudulent charges.

Company response to consumer: Closed with explanation