Consumer complaint received 2021-09-07
Company: JPMORGAN CHASE & CO.
State: NV
Product: Checking or savings account
Sub-product: Savings account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
Dear Federal Reserve Staff : I received correspondence from Chase Executive Office on XX/XX/XXXX regarding my complaint. The COMPLAINT ID XXXX. As a side note, a person called a couple of weeks prior and left a message but did not leave her extension number for me to call back as I could not answer my phone at work immediately. I called the number she left and it took about fifteen minutes from start to finish to be told that XXXX was in a meeting and that that XXXX had contacted me to acknowledge receipt of my complaint and would call me back once she had done her research. I never received a call back. 

I was notified that as a courtesy, I was refunded {$15.00}. The refund was performed as a 1099 Tax Reportable Branch Deposit. It is a reversal of charges. How is this 1099d? I am also told there was no bank error. I do not agree with the statement. 

The letter from Executive Offices refers to : federal regulations limit the number of withdrawals and transfers out of your savings account. What is being referred to without stating it is Regulation D, which I referred to in my original communication. Why the name of Regulation D was avoided in the correspondence to me is not clear to me. Again, I am providing a link to the press release from the Federal Reserve and will copy and paste from its website what is stated : Link : https : XXXX Press Release XX/XX/XXXX Federal Reserve Board announces interim final rule to delete the six-per-month limit on convenient transfers from the " savings deposit '' definition in Regulation D For release at XXXX XXXX. EDT The Federal Reserve Board on Friday announced an interim final rule to amend Regulation D ( Reserve Requirements of Depository Institutions ) to delete the six-per-month limit on convenient transfers from the " savings deposit '' definition. The interim final rule allows depository institutions immediately to suspend enforcement of the six transfer limit and to allow their customers to make an unlimited number of convenient transfers and withdrawals from their savings deposits at a time when financial events associated with the coronavirus pandemic have made such access more urgent. 
The regulatory limit in Regulation D was the basis for distinguishing between reservable " transaction accounts '' and non-reservable " savings deposits. '' The Board 's recent action reducing all reserve requirement ratios to zero has rendered this regulatory distinction unnecessary. 
Concurrently, the Federal Reserve is making temporary revisions to the FR 2900 series, FR Y-9, and FR 2886b reports to reflect the amendments to Regulation D. 
The Board 's Federal Register notices are attached. 
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ This deletion of the six-per-month limit took was announced on XX/XX/XXXX. This is over one year ago. 

Why is this not being honored? Furthermore, when I saw Mr. XXXX on XX/XX/XXXX, he told me to be careful as there were already four withdrawals. I did not withdraw any more money from my savings account. I received my monthly statement and low and behold, the way the cut off works I was again charged {$20.00} ( four additional withdrawals that according to the Federal Reserve should not have been charged ). I have stopped using my savings account. 

I would appreciate a correction from Chase with the incorrect posting of the 1099 Tax Reportable Branch Deposit and I would appreciate a reversal of the {$20.00} [ not in1099 Tax Reportable Branch Deposit as neither is money earned but charges that are reversed ] in the account ending in XXXX. As stated in the Press Release on XX/XX/XXXX, the six-per-month limit was deleted on that day. 

Thank you for your time. 

Sincerely, XXXX XXXX

Company response to consumer: Closed with explanation