Consumer complaint received 2023-11-03
Company: JPMORGAN CHASE & CO.
State: CA
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
This complaint is against Chase Bank for withholding {$50000.00} payment made legally to my business for services I rendered to one of my clients for over three months without any intention of paying me the funds or resolving this issue any time soon. 
On XX/XX/2023 I registered a business in XXXX XXXX under the Fictitious Business Name of XXXX XXXX XXXX XXXX XXXX 
On XX/XX/2023 I opened a bank account with Chase Bank XXXX XXXX for XXXX XXXX XXXX XXXX XXXX with {$100.00}. The banker name is XXXX XXXX. 
Also, at same time I contracted with XXXX XXXX ( based in XXXX XXXX ) to build and supply them with Men and Women Modular Restrooms for their Department XXXX XXXX XXXX XXXX project in XXXX. For this purpose, I leased a warehouse in XXXX temporarily and assigned the work to my project manager XXXX XXXX XXXX to buy materials and supervise the construction of the containers. 
On XX/XX/2023 I received the first payment from my client XXXX XXXX for {$50000.00}. On XX/XX/2023 I deposited the check into my company account with Chase Bank. Chase bank put a 10 day hold on the funds until it cleared. The check was cleared on XX/XX/2023. 
On XX/XX/2023 I tried to access the account online to verify that funds were deposited, but I couldn't access my account. I called Chase Bank, and they told me that they suspected fraudulent activity and decided to close my account. They claimed that they called the issuer of the check and were unable to get hold of him. 
Since then, I visited Chase Bank and called numerous times, and they still refuse to give me the funds. They were able in my presence to contact the issuer of the check and speak directly with XXXX who confirmed that the check is legal and is made to XXXX XXXX XXXX XXXX XXXX for the intended product. However, Chase refused to give me my money till now and have been giving me the run around from one bank officer to another. 
It is important to mention that the cost of the two modified containers sold to XXXX exceeded {$140000.00}. XXXX was required to make two payments to my company. The first was $ XXXX that is still withheld by Chase. The second payment was {$90000.00} and was paid to me by XXXX on XX/XX/2023 after the completion of the project. Therefore, I had to open a new account with XXXX XXXX XXXXXXXX under the XXXX XXXX XXXX XXXX XXXX business name in order to deposit the $ XXXXXXXX XXXX XXXX XXXX called the issuer of the check to verify it and within three days the funds were made available in my business account. 
It is also important to note that I provided invoices to Chase bank along with photos of the modified containers but they kept giving me one excuse after the other. To date, they have not issued any letters or documents to explain their actions. 
I am a small business owner and I am working on growing my business. I have spent over {$140000.00} on the containers supplied to XXXX and didn't make any profit from this order. I have incurred a lot of expenses for labor and materials that were charged to my credit cards and I am currently paying interest on the credit cards debt that accumulated because I am unable to pay it off. Also, I still owe wages to some of the workers that worked on this project. What Chase Bank did is totally illegal and they have been benefiting and using my funds illegally. More important is that they have not given me any resolution or showed any intentions to pay me my money. 
We need your help in this matter, and it is very important to penalize Chase Bank for their actions to ensure they do not repeat this with other small business owners. Thank you

Company response to consumer: Closed with explanation