Consumer complaint received 2022-01-18
Company: JPMORGAN CHASE & CO.
State: OH
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Fee problem

Complaint:
In re : XXXX dispute with Chase Bank, N.A. d/b/a Chase/JPMorgan Chase Bank, N.A . 

Dear Madam/Sir : Background For more than 22 years prior to receipt of Chase Banks letter dated XX/XX/XXXX ( copy included as Exhibit A to enclosed summary ), Ive maintained what was initially advertised and offered as a lifetime free, no fee, no minimum balance, checking account. Indeed, for more than two decades, there was no minimum balance requirement and no fees were ever charged. 

Chase promoted, as I recall, the promise of free lifetime checking as an inducement upon which I relied to retain existing and/or attract new customers. 

According to the aforementioned letter from Chase, it now seeks to breach its agreement and convert the account to a fee and/or penalty based account if funds fall below a threshold of {$1500.00}, in addition to imposing other burdensome new terms and conditions. It ultimately effectuated its breach, violating the initial agreement, by imposing fees ( a poverty tax, in my view ) when I objected to the change and/or was unable to meet its new terms. In protest, I was coerced into surrendering the long-standing account to avoid incurring further penalties. 

While I recognize I may not be uniquely targeted by such a reversal of policy, I suspect, however, I may likely have been one of a few remaining class of depositor in possession of the subject account type in dispute. 

XXXX XXXX / Timeline of Events Attached herewith is my brief timeline summary of events. It provides further details of my interaction with Chase Customer Service representatives and my filing of an internal complaint with the bank, to no avail. ( See attached XXXX XXXX XXXX  ) My request is simple. I would like Chase bank to, firstly, honor its contractual obligations and commitments to free checking for life according to the original and ongoing terms of the initial agreement ; and second, restore the account under the original terms and return the fee ( s ) imposed and deducted from the account. Furthermore, I would request it review and reconsider such predatory and misleading banking and promotional practices that only serve to inconvenience and harm unsuspecting depositors. 

Moreover, in my humble opinion, since repeal of the Glass-Steagall Act in XXXX in favor of the more XXXX  Dodd-Frank Act of XXXX, and later its partial repeal in XXXX to lesser effect, there has been a continuous whittling away of any remaining protections and safeguards for average consumers. Chases conduct is eerily similar to the displays of hubris that lead to the economic collapse and resulting government bailouts of XXXX. It would seem very little reform has occurred in the interim. The entire banking system may yet again be on a path to collapsing under the weight of its own unbridled greed if it can, with impunity, cavalierly abandon depositors of modest means and its ethics. 

Respectfully, enc. XXXX XXXX XXXX XXXX  ) DATE COMM TYPE SUMMARY NOTE ( S ) : On or about XX/XX/XXXXComplainant opened account with Chase featuring lifetime no fee, no minimum requirement free checking. 

XXXX Received letter dated XXXX XXXX from Chase indicating, in breach of the original agreement, it was unilaterally converting my formerly lifetime free no fee, no minimum balance account ( grandfathered/opened on or around XXXX ) to a fee based, non-interest bearing, {$1500.00} minimum balance Chase Total Checking account beginning XX/XX/XXXX. ( See, Chase letter dated XXXX, attached hereto as Exhibit A ) XXXX at about XXXX p.m. 
Visited Chase XXXX, OH branch to inquire about speaking with XXXX and/or closing account. 

The Teller indicated the Banker was on vacation for a week or so, and no one was available to speak with me. The Teller further indicated that I would need to visit another branch that would have access to my signature card electronically. 

XXXX at about XXXXXXXX XXXX 
Arrived at Chase XXXX, OH branch and spoke with Banker representative. 

I conveyed my concerns regarding the change to my account status, indicating that in light of the new changes, I would like to close the account, under protest. Banker representative researched the account history which appeared to confirm my claims. I requested a printout of the screen page for my record. ( See, Chase computer page printout, attached hereto as Exhibit B ) Banker representative suggested that I not close the account right away and that he would make inquiries for clarity on, if and how I might be affected by the changes. The two departments ( Consumer Relations & [? ] ) he contacted by phone, in my presence, indicated while they were uncertain they assumed the change attaches to the account name and not the account number, therefore the original account terms would remain in effect so long as the account number does not change, despite the letter. However, no one could say definitively. After some discussion, the representative suggested waiting until the changes to the account status was due to take effect ( XX/XX/XXXX ) in order to determine if the actual changes have occurred. I agreed and did as advised delaying closing the account ; but indicated, were penalty fees charged at that time, I would expect a reversal and/or waiver. I also proceeded with the filing of an internal complaint with Chase. Before departing, I made a credit card payment from the account. 

XXXX at about XXXX p.m. 
Received update letter from Chase, Branch Complaint Escalation Group. 

Letter referenced case number XXXX. Indicated Chase has been unable to reach me since submitting a complaint and that it would stop contacting me about it. ( See, Chase letter dated XXXX, attached hereto as Exhibit C ) NOTE : I had not received any phone calls, nor does my caller ID indicate any incoming calls from Chase as of the date of this letter ; nor had/have I received any other written communications regarding this matter from Chase prior to receipt of this letter. 

On or about XX/XX/XXXX Received Monthly Statement from Chase for period covering XX/XX/XXXX through XX/XX/XXXX. 

XXXX reflected no visible change to account status nor was there a {$12.00} fee reflected in the statement covering said period. 

XX/XX/XXXX at about XXXXXXXX XXXX  Received combined correspondence and Monthly Statement from Chase for period covering XX/XX/XXXX through XX/XX/XXXX. 

Correspondence/Statement appears to reiterate and/or confirm Conversion of account, stating terms and conditions and waiving the monthly service charge if certain conditions are met, outlined in the correspondence. There is ambiguity regarding future imposition of a service fee. ( See, partially redacted account summary cover page attached hereto as Exhibit D ) XX/XX/XXXX Received Monthly Statement from Chase for period covering XX/XX/XXXX through XX/XX/XXXX. 

Chase willfully effectuated its breach of the agreement by imposing on the account a $ 12 monthly service fee ( a poverty tax, in my opinion ). ( See, partially redacted account summary cover page attached hereto as Exhibit XXXX ) XX/XX/XXXX At about XXXX pm Returned to XXXX Chase Branch Complainant returned to Chase requesting to speak again with customer service Banker representative to make XXXX more appeal to Chase to cure its breach and honor its agreement and/or refund fee. I was told the representative was unavailable, away at training for a couple of months. I requested to speak with a branch XXXX who was also unavailable, but XXXX offered a return call for the following day. Before departing, I transferred all but XXXX cents from my checking balance toward payment on my credit account. No return phone call from Chase was forthcoming.

Company response to consumer: Closed with monetary relief