Consumer complaint received 2020-07-24
Company: JPMORGAN CHASE & CO.
State: FL
Product: Checking or savings account
Sub-product: Checking account
Issue: Closing an account
Sub-issue: Company closed your account

Complaint:
On XX/XX/2020, I opened a checking and savings account with Chase Bank under a promotional offer. The offer was in 3 parts : 1 ) Earn {$300.00} for the checking account for setting up direct deposit within 90 days ; 2 ) Earn {$200.00} for the savings account for maintaining at least {$15000.00} for 90 days ; and 3 ) Earn {$100.00} when both requirements are met. 

I set-up direct deposit from my job into my checking account on XX/XX/XXXX, and earned my {$300.00} checking bonus on XX/XX/XXXX. After my XX/XX/XXXX paycheck, I was furloughed from my job due to COVID-19, and as a result, no further paychecks were direct deposited into my account. There was about {$1500.00} remaining in my checking account that I used for rent on XX/XX/XXXX, so my checking account had a {$0.00} balance as of XX/XX/XXXX. I checked all of my account statements and terms & conditions, as well as the fine print of the promotional bonus offer, and saw that I would be not be charged a maintenance fee on my checking account as long as I maintained at least {$5000.00} in my savings account. 

I maintained the {$15000.00} in my savings account for 90 days as required by the promotional bonus, and on XX/XX/XXXX, the {$200.00} savings bonus was credited to my savings account. However, I noticed that my checking account was no longer listed in my online list of accounts. When I called Chase customer support on XX/XX/XXXX, I was informed that my checking account had been closed on XX/XX/XXXX due to a {$0.00} balance and no activity for 60 days. Furthermore, I was told that I was not eligible for the {$100.00} bonus because my checking account had been closed. 

Additionally, the terms of the promotional offer say that the bonus must be paid back if the account is closed within six months of being opened. I had asked the customer service agent about this, and after checking with her supervisor, I was told I would not be liable for paying back the bonus, since Chase had closed my account, not me. However, after later speaking with a member of the escalation team a week later on XX/XX/XXXX, I was told that I would be required to pay back to Chase Bank the {$300.00} checking account bonus. 

According to the Chase Deposit Account Agreement ( I've attached a copy to this complaint for reference ), on Page 20 under Section 8 " Closing Your Account '', the only reference to an account being closed for having a {$0.00} balance is quoted as " We may automatically close your account if the balance is {$0.00} or negative. '' Under the same section, paragraph two : " We may send you written notice that we have closed or will close your account ; '' I understand the necessity for Chase to close inactive accounts, but due to the short time period ( 60 days ), the fact that I was not contacted or notified that the account would be/has been closed, and the extenuating circumstance that I had been furloughed from my job and had not received any direct deposits as a result, I believe that I have been unfairly punished for circumstances that were outside of my control. 

My complaint is this : I completed all of the requirements for the {$600.00} promotional bonus as listed in the terms & conditions of the bonus, but Chase has only paid me {$500.00}, and has told me that I will need to pay {$300.00} of it back to Chase. The terms & conditions of the promotion, as well as the deposit agreement of the account, do not state a requirement that the checking account will be closed if it had no activity and a {$0.00} balance for 60 days. I had not been contacted by Chase about the account closure, which prevented my taking action to prevent the closure from happening. And finally, I feel that I have been unfairly been taken advantage of because I had been furloughed due to COVID-19 and had no paychecks being deposited into the account.

Company response to consumer: Closed with monetary relief