Consumer complaint received 2023-05-06
Company: JPMORGAN CHASE & CO.
State: NJ
Product: Credit card or prepaid card
Sub-product: General-purpose prepaid card
Issue: Trouble using the card
Sub-issue: Trouble using the card to pay a bill

Complaint:
I ( merchant ) used the Chase quick accept tool to accept 5 {$100.00} visa prepaid cards. J.P. Morgan uses we pay to facilitate the transactions. It says in the documentation that I should receive the funds the same business day however that didnt happen. I called the next day to ask for a status and they said that sometimes it can take up to 5 days if they investigate. On my chase app the charge showed as Completed. A few days later i was told that my merchant account is closed and they are holding the funds And will POSSIBLY release them in 120 days. They will not give any explanation. I went to my local chase branch and spoke to my banker and they wouldnt provide him with any information either. So now chase is holding the funds minus the service fee for 120 days or forever. I have never heard of such a thing. I registered the gift cards online when i received them and they cleared without issue. They offer me the ability to refund the payee and I request that and this was the email. 

Thank you for the response and feedback. 

We apologize for the inconvenience, but we're no longer able to process payments for your account. 

We're held to strict guidelines on what we can and can not process through our site. After a standard review of your account, our Trust and Safety team has determined that we will not be able to provide you with our services.

All information regarding our review process is proprietary, so no additional information is available in these instances.

We apologize for any inconvenience this may have caused.

You may appeal this decision at any time by sending an email to XXXX. 

More about Merchant Appeals can also be reviewed via our Knowledge Base article below : https : XXXX Please advise if you would like us to refund the payments back to the payers instead of waiting 120 days. 

We wish you the best moving forward. 

Kindest regards, Yes please refund the payers. 

XXXX XXXX XXXX XXXX XXXX, Thank you for your response. 

I have submitted your refund request to our Trust and Safety for further review. That review can take up to 5 full days to be completed.

Should Trust and Safety need additional information from you, they will surely reach out directly via email. 

Once the review is completed, your refund requests will be processed. 

Please let us know if you have any further questions in the meantime. 

Thank you for your patience Kindest regards, Hello, Thank you for your patience in this matter. 

We apologize, however the funds in the account have been placed in reserve and will be reviewed for potential release in 120 days from closure date. 

We sincerely apologize for the inconvenience this has caused. 



I have no access to the merchant services applications at all now. As a brand new business I dont have the extra money and cant loose {$500.00}. Now with that being gone the product that i purchased using the credit card can not be paid for in turn effecting my credit.

Company response to consumer: Closed with explanation