Consumer complaint received 2023-08-31
Company: JPMORGAN CHASE & CO.
State: AZ
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
I am a joint owner on my deceased fathers checking account where he had his Social Security XXXX deposited. He passed away on XX/XX/XXXX. His final deposit ( for XX/XX/XXXX ) was deposited on XX/XX/XXXX. 

Once I received death certificates, I went into a branch on or around XX/XX/XXXX, and informed the bank of his passing. Four days later on XX/XX/XXXX, the funds for his last Social Security deposit had a hold placed on them. 

I returned to a branch to attempt to sort it out or find out what I needed to do to clear the funds, so they could be handed over to the executor of his estate. An associate banker informed me the hold was placed on the account by the US Treasury, and to contact the SSA for information on how to release funds. 

After speaking to the SSA, they referred me to a form XXXX, I completed the form, waited weeks for an answer, finally attempting in all my free time to get information on the status of my request for the funds. I finally got through on XX/XX/XXXX The national hotline provided me the information to the local office it was filed by, and the local office informed me the hold was not placed by the SSA because my father ( or his estate ) were entitled to the funds. 

I then called Chases XXXX number, and was passed around until I spoke with estate services. The first representative informed me it was federal law that they have to hold the funds for 180 days, and that the funds would be available 180 days after deposit. 

I escalated the call, a supervisor informed me that the funds were now going to be held for 180 days from the date I informed them of his passing, again reiterating that it was a federal law. After being unable to point me to the federal law that required them to hold the funds, I was disconnected. 

I called back and spoke to another supervisor who tripled down that placing a hold on the funds was federal law, although she was not able to direct me to where in the XXXX XXXX it said it was federal law that the bank was required to hold the funds for 180 days, only that it said the US Treasury can charge back the amount for 180 days. 

I repeatedly told these Chase representatives that the funds could be held until the cows came home, but that they needed to address the repeated use of deception, by their branch employee, by their representatives, etc. That a complaint needed to be filed, because it was beyond unacceptable to repeatedly lie to a customer and further to try to quote a federal law that doesnt exist, when it is merely their company policy. 

The following morning, I received a banking notification that the account balance had been zeroed out. In what I feel was a retaliatory motion. Chase lifted the hold on the funds and immediately withdrew them, to allegedly return the funds to the treasury. 

Upon speaking with a supervisor XX/XX/XXXX, I was informed that the held funds would have never been made available to the account again, as it was their company policy to immediately return any funds to the US Treasury if deposited after the beneficiarys death. The supervisor stated this policy was put in place on XX/XX/XXXX. 

As nothing will come of my repeated attempts for an honest answer from Chase, I am in the process of ending my business with them, however their blatant UDAAP violation needs to be addressed. I can not be the only person deceived and abused by their employees.

Company response to consumer: Closed with explanation