Consumer complaint received 2023-10-07
Company: JPMORGAN CHASE & CO.
State: WA
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
In XXXX of XXXX, I deposited a check for {$1000.00} from Sound Investment Advisors into my newly opened Chase Bank checking account. The check paid to me for services rendered was written to the name of my sole proprietor business " XXXX XXXX ''. 

Because my checking account was not affiliated with my business name, Chase seized the funds and closed my account without any notice. I did not receive an email, phone call or anything else. 

I went into the branch where I opened my account and deposited the check to ask what to do. They told me to bring in " any Washington State document showing that my personal name is affiliated with the business, such as my business license or any document from the Dept of Revenue with both my personal and business name on it. '' Due to Covid, it became very difficult trying to schedule a meeting with a branch manager, and the original branch which was handling this was shut down. When I finally was able to get a meeting in XXXX, the manager told me the funds were sent back to the company, XXXX, who issued the check, so the meeting ended and I left to go confirm with the company. 

The accountant at the XXXX pulled up their bank records which showed that the funds were not refunded. I then had to try to get another meeting with a branch manager scheduled but was unable to for a few months and when I finally was able to get a meeting again, the manager tried telling me the same thing, that the funds were sent back to XXXX. I told them they already checked their records and the funds were not refunded. The manager insisted that they were refunded and ended the meeting. 

I was unable to find time to go to another branch for a long time due to running my business but finally was able to go in again in XX/XX/XXXX. I brought my business license this time, the teller was very helpful and was able to track down the funds and a scan of the check showing that they are indeed still being held by Chase Bank. He contacted the associated department on the phone and asked what documents I needed to bring in to get my funds back. Even though I had my business license showing my personal name, business name etc, they told me I needed to bring in one of the following : A letterhead from the Secretary of State, IRS documents, or a letterhead from an attorney. 

I came back a few weeks later with a letterhead from an attorney stating that I am the business owner, and he also attached a document from the Department of Revenue showing my personal name, business name, address, phone number and date the business was opened ( back in XXXX ). 

The letter was scanned to the department and they told me to call them in 3 business days for it to process. 

When I call them back, they tell me the provided documentation is " not adequate '' and they will be keeping my funds, even though I brought them every document they've requested from official sources, clearly showing that I am the business owner. Every time I provided the necessary documents, they would move the goal post to something else. After multiple phone calls and being talked in circles for hours, they finally stated that " they can't verify my phone number in their system '' so they will not give me my money back. This is the same " system '' where during one of the aforementioned recent phone calls, they told me again that the funds were sent back to XXXX. I told them to look again because the teller I met with was able to pull up the scan of the check being held and confirm that Chase Bank was still holding the funds. The person on the phone replied saying " Oh sorry XXXX changed systems to a new one and a lot of things didn't get transferred over properly ''. So they are refusing to give my funds back based on their " system '' which is clearly and admittedly incomplete and imperfect. 

I have consulted with the attorney who provided the letterhead to me earlier and at this point my only option appears to be to go to small claims court.

Company response to consumer: Closed with explanation