Consumer complaint received 2022-01-12
Company: JPMORGAN CHASE & CO.
State: CA
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Problem accessing account

Complaint:
On XX/XX/2021 we opened a Business Checking account at Chase Bank in XXXX XXXX, CA. The bank agent who opened the account for us mistakenly switched the primary address ( physical address ) with the Mailing address ( a P.O, Box address ). We had specified to the banker which account is primary and which is our mailing address, but he made a mistake in putting them. Chase does not accept virtual addresses as the primary address. 
On XX/XX/XXXX Chase had mailed a letter for us to contact them within 10 days to the " virtual address '' which they do not accept as primary and not to the mailing address to which they had switched. They did not bother to contact us with other mediums such as email, telephone call, or on the app message system. We have had several personal accounts with Chase for the past 20 years such as checking, saving, investment, credit card, mortgage, and are also a private client of the bank. 
On XX/XX/XXXX, after the holidays, we checked our mailbox and saw the letter to contact the bank. I immediately contacted the phone number that was provided in the letter to see what the issue is, and the agent told me our account is restricted and will close that day at XXXX XXXX  To prevent it from closing I should go to the closest branch and change address. I told her they had the address, and she should just switch the two. She said she is not able to do that, and it has to be done at a branch. I rushed to the branch and explained to the banker what the situation was, and he told me he is not able to do that since the account is restricted and must call the center and there is an hour hold time for the phone call. frustrated with the banker I rushed to the branch where we had opened the account, the banker who had opened the account was not there another banker called the center and after a 30-minute hold on the phone managed to get someone on the phone and they informed him there is nothing that can be done, and the account will close. 
He said that he will have the branch manager contact me the next day to see if she is able to pull some strings and prevent the account from closing. 
The next day I called the branch manager XXXX XXXX and she said she will try to have the account reinstated. That evening the funds were taken out of our account and the account itself had disappeared from the online portal. The next day she had managed to put the funds back in the account and have the account reappear in the online portal but showed restricted. She informed me that she was able to reinstate the account, but we must wait for a day to be able to use it again. 
During this time Chase has rejected our checks and ACH payments and rejected our ACH deposits. Our business has had no way of functioning for the past week. This has caused serious harm to our credibility with our vendors and clients. We are still unable to do any business as Chase still has frozen our funds due to their own mistake and is not releasing it, all we are getting from them is the next day or tomorrow. 
We would like to file a formal complaint against Chase and the way they have conducted themself and managed our account. We will also take legal action to recover the harm done to our business.

Company response to consumer: Closed with explanation