Consumer complaint received 2021-10-21
Company: JPMORGAN CHASE & CO.
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Problem making or receiving payments

Complaint:
After 19 years living in the USA my wife and decided to retire and return to the XXXX XXXX, we needed to be close to our daughters given the pandemic. We have always banked with Chase while living in the USA. I was advised by a banker at my branch to change the type of account we hold due to reduced funds coming into the account, we were keen to be able to wire money to the XXXX as we still have monthly income from various sources. As advised by the banker, if we did not hold {$250000.00} in our account we would need to change the type of account and this would mean a daily wire limit of {$25000.00} with a transaction fee of {$50.00}, this turned out to be factually inaccurate as I can now see on the Chase app that I can still wire {$100000.00} per day at a fee of {$40.00}. After returning to the XXXX in XXXX I cashed in my 401K 's and held the money with Chase, the total account balance was over {$350000.00}. I called my banker to ask if I could write a check to my future son-in-law as it would require 12 separate wire transactions at a total cost of {$600.00}. She said I could write a check, but it would take 28 days for the funds to transfer. My future son-in-law hold a dollar account with XXXX XXXX in XXXX , he could debit the funds into his dollar account transfer to sterling at spot rate and then transfer the funds to me. 
On XX/XX/2021 I wrote the check in the sum of {$300000.00} to Mr. XXXX XXXX, he presented the check to XXXX XXXX  XXXX that same week. On XX/XX/XXXX the funds were removed from my account. Although the funds had left my account, Mr. XXXX indicated that the funds were not in his account, I contacted Chase customer Service to ask why the funds had not been transferred and was advised it would take two weeks. 
By early XXXX I started to make inquiries with Chase as to the whereabouts of the money and was advised that the money had left my account and it was with XXXX XXXX  XXXX. Mr. XXXX also made inquiries with XXXX based on information provided by Chase that the money was with XXXX, he filed a complaint with XXXX. I contacted my bank in NJ to ask where the money was and was advised by a banker and the bank manager to call the international number on the back of my card. I did this and the international customer service rep told me to contact the fraud team and ask to speak to a supervisor. I contacted the fraud team, spoke to a supervisor and they said I needed to contact the claims team and ask for a supervisor. I contacted the claims team and the representative said I could file a claim to find out where my {$300000.00} was. After speaking to a supervisor he said there was no claim to file and the money was with XXXX, he insisted several times there was no claim to file. On every occasion in speaking with representatives of Chase Bank they have said if the money is not in your account then its with XXXX and we have no way of tracking where the finds are, I find it incredible that in this day and age you can track a parcel, but have no way of tracking where {$300000.00} is. I do want to make a point that every time I am on the phone waiting for either customer service or a supervisor the calls drop at around 55 minutes, I have been advised by my cell courier this is a Chase setting. After the last dropped call, I called back and spoke to another supervisor from Chase claims, who again reiterated that Chase had no way of knowing where the funds were as they had left my account and were with XXXX. On every occasion I have spoke to Chase representative I have explained that XXXX were saying they did not have the funds. I have asked all the representatives the same question, where are my funds. On XX/XX/2021 I spoke with a supervisor and asked to escalate the issue to most senior levels at Chase, they said they would put me through to the escalation team but again the call dropped after 55 minutes. I got a call back that same day which is the first response, verbal or written, from Chase concerning this matter. The individual I spoke with again said the funds were with XXXX and they had no way of knowing where the funds were, she offered to send me the check with XXXX stamp, as of this date nothing has been received from Chase. 
XXXX provided Mr. XXXX with an update based on their due diligence, essentially XXXX nor the correspondent bank ( intermediary bank ), XXXX  XXXX XXXX have received the funds and that they are still with Chase. I have forwarded the update email from XXXX to my bank manager ( XX/XX/2021 ) and asked him to be the point of contact as no one at Chase has taken any responsibility or ownership of this issue, he has not responded to any of my emails. This is my life savings and Chase can not tell me, or won't tell me where the money is. Despite repeated pleading in desperation, Chase have not provided one piece of correspondence or update, they fail to recognize a problem or the magnitude of the sum at hand. Please help me get some answers and find out where my money is.

Company response to consumer: Closed with explanation