Consumer complaint received 2019-10-30
Company: JPMORGAN CHASE & CO.
State: IL
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Closing an account
Sub-issue: Can't close your account

Complaint:
Before XX/XX/XXXX, I opened what I understood to be a rolling CD account with Chase ( then XXXX  XXXX ). I had forgotten about the account for years after XXXX XXXX became chase. prior to XX/XX/XXXX, the account popped up on my Chase dashboard, with very limited information. I had not received statements on the account for years despite my address being updated on my accounts at that point, so I wasn't sure what it was or why Chase was saying I had a traditional IRA account with them. 

In XX/XX/XXXXI was asked to add a beneficiary to the account, I have to note I wasn't paying much attention to this account and hadn't received statements to remind me. I made a mental note of the account total. In XX/XX/XXXX I changed my name and updated my contact information with Chase via all the appropriate routes, by going into a branch. 

I noticed this year, XX/XX/XXXX, my account total didn't seem to be changing, which was disappointing. Thinking it was a mistake I went to look for statements on the account, none were accessible online. I went into a branch and asked them what was going on with the account and asked to explain if it was possible to set up a 529 account with this money. They said someone made a note in XX/XX/XXXX that the CD was switched to a traditional IRA by a phone call request. I had no recollection of this and would not ask for an account making money to be put into an account to not make money. It did make sense, the branch rep agreed and tried to look into it. She said there was a problem with the account, there wasn't very much information on it and I would need to send a fax to a number they provided to get all the forms from the past on the account. 

What was sent to me ( addressed to me with the correct and married name listed on all my other accounts ) is in the attachments, was the form to update the beneficiary info ( XX/XX/XXXX ) and a statement from XX/XX/XXXX( attachment ). That was it. Nothing about a call, no other  statements, no forms. At this point, the documents could prove what I suspected, that the retirement account had made approximately {$1.00} in the 10 years it was with Chase. Chase has not sent me a statement for 10 years, and other than the beneficiary form didn't try to contact me about the account. I decided to close the account because I feel I was taken advantage of and mislead with a neglected account. 

I filled out the necessary paperwork from XXXX XXXX ( XXXX ) and sent it in. Chase then sends me a letter in my old name ( attachment ), to my updated address, stating my name is not correct and that I needed to change it. However, when I called and identified myself in XX/XX/XXXX by my married name, they gave me all the information on the account without hesitation. My statements as of XX/XX/XXXX and all of my other accounts with Chase have my married name on the account ( attached example ). They will not release my money to XXXX until I go into a branch, but said they would also overnight me a form I could use. They never overnighted me the form. 

At this point, as of today, someone from the Chase Executive office has been in contact with me. They said all my information is updated and correct with my married name and current address. They also are having trouble understanding why my money has not been moved out as I had requested. 

I feel cheated, mistreated, and have wasted a lot of time on this retirement account that has made about {$1.00} in 10 years. I want this money moved out of Chase, and think consumers should be aware that Chase ( in my experience ) can neglect your accounts and make it difficult to move your account to someone who can possibly better manage it or at least keep you notified of the account. Their website indicates an advisor would assist on retirement accounts. Since at least XX/XX/XXXX no one as offered to assist me with this retirement account and I have not been allowed to manage it myself. I feel this is false advertising. I would have expected to have earned at least the 2.9 % rate of inflation, and it has not.

Company response to consumer: Closed with explanation