Consumer complaint received 2021-03-21
Company: JPMORGAN CHASE & CO.
State: IA
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Managing the loan or lease
Sub-issue: Billing problem

Complaint:
I had a auto-loan with JP Morgan Chase Bank for a XXXX XXXX XXXX purchased in XXXX of XXXX with 3.49 % financing. In XXXX of XXXX I decided to change my personal banking to XXXX XXXX XXXX XXXX XXXX XXXX XXXX. XXXX offered me a lower interest rate on my auto-loan and decided to change. The events below are to the best of my memory. 

XX/XX/XXXX ( Thursday ) : I sat in a XXXX XXXXXXXX XXXX office and called Chase Bank to request a 10-day payoff loan and they provided an amount of {$8400.00}. They gave us the address of where to mail the 10-Day payoff as well. My loan officer and I wrapped things up and he stated he would send a cashier 's check priority mail with a tracking number. I left the XXXX office satisfied and confident things would go smoothly. 

XX/XX/XXXX ( Wednesday ) : It had been 13 days since I requested the 10-day payoff loan amount and I was concerned something went wrong. Also, my next auto-loan payment was due XX/XX/XXXX for both XXXX ( {$610.00} ) and JP Morgan Chase ( {$610.00} ). I had been checking my online Chase Bank account to see if the 10-day pay-off loan had been applied and it had not. I called Chase Bank to see if they had any information for me. The person I talked to at Chase told me they had no record of any such 10-day payoff loan for my account. They asked for a tracking number which I did not have at the time. I called my loan officer at XXXX and he provided me the UPS Tracking Number : XXXX via text message and assured me he sent the payment out on XX/XX/XXXX priority mail. I called Chase Bank again and provided the UPS Tracking Number. They confirmed they received the package on XX/XX/XXXX but it would take 5-10 business days for the payoff amount to reflect on my account. I found this unacceptable. I requested the pay-off date be XX/XX/XXXX, the date Chase Bank received the cashier 's check. The Chase Bank representative opened a ticket and I requested immediate action be taken and that the ticket be escalated to the highest level. He said to check back in on Friday, XX/XX/XXXX. 

XX/XX/XXXX ( Friday ) : I was able to verify on my online Chase Bank Account that the payment had been applied and it was back dated to XX/XX/XXXX. The account now said that it was closed. I called and asked the Chase representative for a reason why it took so long for the payment to be reflected to my account and he defaulted to his training stating transactions take 5 to 10 business days. He also stated that it was XXXX who was holding up the 10-Day payoff payment and wasn't releasing the money. A cashier 's check to my knowledge is as good as cash and can be cashed right away ( instant transaction ). XXXX was not holding up this transaction by any means. This is on JP Morgan Chase Bank. Frustrated I hung up on the Chase representative knowing the conversation was going no where. 

XX/XX/XXXX ( Monday ) : It was on this day I saw JP Morgan Chase had a pending charge of {$610.00} on my XXXX XXXX account for the auto-loan payment. I was hoping this charge would be canceled at this moment in time because the account was " closed ''. 

XX/XX/XXXX ( Tuesday ) : The auto-loan payment had been completed and the money withdrawn from my account. My fear had come to light and I had made a payment to XXXX and JP Morgan Chase just as I suspected would happen. Luckily in these trying times I have a safety net to financially make it through this. 

XX/XX/XXXX ( Wednesday ) : I called JP Morgan Chase to inquire about the last auto-loan payment taken for my account ( {$610.00} ) which has already been closed. They stated they had no record of any such payments being made. The Chase representative informed me that I needed to manually turn off my automatic payments in order to not be charged again. I immediately did that on my account. At no time in my conversations with Chase did they say my automatic payments would have to be deactivated manually on my behalf. It's important to note I was also concerned about deactivating automatic payments in fear that I would default and miss a loan payment around XX/XX/XXXX through XX/XX/XXXX because the 10-Day payoff payment hadn't been reflected on my auto-loan with JP Morgan Chase. Again, the individual defaulted to their training giving me the 2 to 5 days for transactions to be reflect. Frustrated with the time and effort I had to put into this 10-Day payoff loan to go through I called my DECU representative to call JP Morgan Chase together. 

XX/XX/XXXX ( Thursday ) : The XXXX Representative and I called JP Morgan Chase and confirmed much of the information above. This information included the date Chase received the payoff amount ( {$8400.00} ), the back dating of the payment to XX/XX/XXXX and also that I needed to manually deactivate my automatic payment on my account. The Chase Representative explained what would happen to the last automatic payment. The payment for a closed account would be rejected and a check issued back to me in the amount they received. He explained the check will mail on XX/XX/XXXX for the amount of {$610.00}. A check for {$4.00} was already mailed for the extra money left over from the 10-Day payoff loan amount XXXX {$8400.00} ). My XXXX Representative requested the Chase Representative 's name and company ID ( available upon request ) which took place on this date at roughly XXXX. 

XX/XX/XXXX - XXXX : Received JP Morgan Chase Bank check in the amount of {$4.00} XX/XX/XXXX ( Sunday ) : Still haven't received {$610.00} check from JP Morgan Chase Bank.

Company response to consumer: Closed with monetary relief