Consumer complaint received 2019-05-01
Company: JPMORGAN CHASE & CO.
State: IL
Product: Checking or savings account
Sub-product: Checking account
Issue: Problem with a lender or other company charging your account
Sub-issue: Transaction was not authorized

Complaint:
On Sunday, XX/XX/2019, I was the victim of fraud. My debit card and associated account information was compromised and fraudulently used to initiate several unauthorized money transfer transactions, including the {$980.00} processed and posted XX/XX/19 by Chase Bank via the debit card ending in XXXX associated with my deposit checking account ending in XXXX. The transactions were acknowledged by XXXX XXXX as being fraudulent ( Fraud Case # XXXX ). Upon notice of the unauthorized transactions appearing on my account, I immediately called Chase Bank the same day ( XX/XX/19 ), specifically within less than two hours of the transaction taking place to stop the pending transactions from continuing to process and post. Chase failed to take any meaningful action upon my prompt notification and as a consequence served as a conduit for the fraudulent transactions to materialize. Furthermore, the fraud claim was negligently investigated and has resulted me with direct financial harm. 

Regulation E Consumer Protections Violated : When speaking to a representative from the Fraud Claims Department on XX/XX/19 around XXXX CST with XXXX ( unwilling to provide any other employee identifier ), I was informed that the claim had been denied as being unauthorized/fraud based on the information provided by Visa, no investigation occurred at the Chase. The information that was used to reach a conclusion was limited to confirming that the name and card information on the XXXX XXXX transaction matched mine. I do not see how this could be construed as a valid investigation. My debit card and account details were comprised so how absurd to understand that a team member of the investigations team considered that to be an adequate investigation. It was apparent the fraud investigator I spoke with lacked the competency, training and skills to complete an adequate investigation. XXXX XXXX acknowledged this fraudulent transaction was a transfer to XXXX where I do not have any nexus to. My sole history with using XXXX XXXX is limited to small dollar periodic transfers to a relative in XXXX. 
Chase has failed to conduct a reasonable, proper, or adequate investigation, as is required by federal law. Furthermore, when asked what I needed to do to appear or refute the claim decision, I was told there was nothing I could do beside file a complaint with my state regulator. I was not afforded the opportunity to review the documents used to reach the conclusion nor to refute the claim. 

Deceptive and misleading account features account agreement/Chase website Chase falsely misrepresents its Zero Liability Protection. The Deposit Account Agreement notes You are not liable for any unauthorized transactions, including transactions made at merchants, over the telephone, at ATMs or on the Internet, if you notify us promptly. I took prudent steps upon detecting unauthorized transactions and promptly notified Chase however am being held liable for fraudulent transactions perpetrated against my account. This has caused direct financial harm.

24/7 fraud monitoring did not alert me to several almost individual {$1000.00} transactions occurring against my account. The {$980.00} transaction part of this complaint was one of three transactions that totaled almost {$3000.00} within one day/short time frame. If I had not been vigilant of my account activity, Chases specialized tools to monitor fraud obviously did not detect the unusualness of these transactions back to back transactions. 

Deplorable customer service The fraud investigator indicated that nothing else could be done because Chase /Visa could not recoup the loss therefore I was not entitled to the final credit. In a matter of minutes, I was diminished to a fraud/financial loss of a financial institution rather than a consumer who had been a victim of fraud and wrongfully told the unauthorized transactions were valid. 
Ive been a loyal customer of Chase for more than a decade was until this experience prideful of being a Chase customer. The lost time, energy, and emotional stress in having to deal with this frustrating situation is unfathomable. Chase is not a financial institution I would recommend to anyone. My money can not be trusted at Chase and customers are not valued.

Company response to consumer: Closed with monetary relief