Consumer complaint received 2023-03-15
Company: JPMORGAN CHASE & CO.
State: NY
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
For the past five years I have received a paycheck from the same employer, XXXX XXXX, at the same time, on or about the XXXX of the month. The checks have been deposited either physically at the bank, or more recently in the past years, electronically via the Chase bank app. The check in question was received by me on XX/XX/2023 and electronically deposited with the Chase Bank app on the same day, XX/XX/2023. As usual, Chase released {$500.00} immediately and stated that the remaining balance, {$5500.00}, would be available XX/XX/2023. We are all aware of the issues that arose regarding XXXX XXXX XXXX  and XXXX XXXX  on Friday, XX/XX/2023. The check in question was from an XXXX XXXX account at XXXX XXXX. 

On Monday, XX/XX/2023, President Joseph Biden made a televised appearance at XXXX to assure the American Public that the banking system was stable, and that all business associated with both XXXX XXXX XXXX  and XXXX XXXX  would proceed as normal. The New York State Department of Financial Services, which appointed the Federal Deposit Insurance Company as receiver. 

On Tuesday, XX/XX/2023, I received notification from Chase bank that there would be a hold put on the funds availability of my check deposit. Chase removed the previous cleared funds of {$500.00} from my account. Upon calling Chase Bank regarding this reversal of fund availability, and extended hold on the check until XX/XX/2023, I was provided the phone number XXXX, which is for Chase Banks Loss and Fraud department. Together we were successful in contacting the bank to determine that the check was in good order and in fact had cleared XXXX Bank on XXXX XXXX. The hold was removed and the totality of funds were made available.the same day of XX/XX/2023, Chase bank reversed their decision in the early evening and again put an extended hold on the check, and the full amount of the check was removed from my account. This is even though at this point in time Chase had received the funds from XXXX XXXX. In following up with Chase today, XX/XX/2023 Chase has refused to release the funds from my deposit and will not discuss removing the extended hold, currently for another week, to clear the funds. 

The banking system, and consumer confidence in the banking system, in the United States is crucial to the economy of the United States. President Biden made that point in his early morning address on Monday, XX/XX/2023. Chase Bank has violated this confidence and their actions can cause rational minded individuals, and companies, to make rash decisions that will de detrimental to our economy and banking system. This type of behavior exhibited by Chase Bank is not the kind of behavior that instills confidence in Chase bank, the XXXX XXXX XXXX, nor the XXXX XXXX. This behavior on behalf of Chase Bank is reckless and should be acknowledged as such. Chase is putting our economy in peril and I request assistance with this matter.

Company response to consumer: Closed with explanation