Consumer complaint received 2023-11-28
Company: JPMORGAN CHASE & CO.
State: NY
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Closing an account
Sub-issue: Company closed your account

Complaint:
In late XX/XX/2023, I was enticed by advertising of a special offer ( hence forward : the offer ) posted at my local branch of JP Morgan Chase Bank ( hence forward : Chase ) XXXXXXXX XXXX XXXX XXXX XXXX XXXXXXXX, into applying for a Wepay credit card transaction processing machine ( hence forward : the machine ). I was vetted by various levels of Chase personnel, both at the branch and in other remote locations, received credentials to process transactions on line, and received the machine by mail. 

I started processing transactions consistent with my business and Chase terms of service in XX/XX/2023. My fourth transaction, which I processed on XX/XX/XXXX, remained pending ; on XX/XX/XXXX I received a Chase email telling me my account had been closed due to " high risk of chargebacks or dispute rate '', causing considerable damage to me and my business practices. This also put me in the position of not being able to fulfill my obligations stated in the terms of the offer, which were : I would receive a {$400.00} bonus after processing {$2000.00} in at least 5 separate transactions within 90 days of account opening. The bonus would have offset the amount Chase was charging me for the machine, {$330.00}, and processing fees for {$2000.00} worth ot transactions. In the following days and weeks, in response to my inquiries, I received further and contradicting notices as to how long funds would be withheld for. To this day, Chase has not completed the XX/XX/XXXX transaction for {$450.00} ; notifying me, at various stages, that that amount, or any other, could be deducted from my business account tied to the merchant account the credit card transaction processing machine relayed to. I have, and continue to have, an otherwise amicable 20 years relationship with Chase, entailing spotless conduct in my business and personal accounts. 

During the intervening 7 months, I have made countless telephone calls and in person visits to the bank; sent emails to various bank officials, and made myriad other efforts to resolve the dispute to reciprocal satisfaction ; to no avail. On XX/XX/2023, I received a written response declining my request for indemnification and started to patiently wait out the longest time lapse Chase had mentioned pertaining the missing payment. Once I saw no further recourse, I resolved to file this action. In my view, I am a victim of : false advertising by Chase and the entrapment it triggered ; fraudulent practices, as well as intentional damage to my business and reputation, and various violations of New York State and Federal Banking Laws. I wonder what effect this incident may be having on my ( till then scintillating ) credit rating. Chase 's staggering, arbitrary decision is causing me and my business additional damages, and I feel some of my basic civil rights have been violated. The resulting direct, immediate monetary damage, I quantify in USD XXXX plus interest.

Company response to consumer: Closed with explanation