Consumer complaint received 2021-09-16
Company: JPMORGAN CHASE & CO.
State: CA
Product: Checking or savings account
Sub-product: Checking account
Issue: Closing an account
Sub-issue: Funds not received from closed account

Complaint:
On XX/XX/XXXX, I deposited an escrow check with the proceeds from the sale of my mother 's property in the amount of {$290000.00} to my mother 's checking account with Chase ( account ending in XXXX ). The checking account has me ( XXXX XXXX ) listed as the representative payee so that my mother ( XXXX XXXX ) can receive checks from Social Security. I have been acting as my mother 's agent in various roles, first as her conservator ( no longer ), her power of attorney ( current ), and as the successor trustee of the XXXX XXXX XXXX, due to XXXX XXXX XXXX that she has that prevent her from capably handling her own finances. 

When the Trust was updated in late XXXX, I forgot to open a bank account specifically for the Trust. We had never needed a Trust bank account until recently when I needed to deposit the escrow check. The house was included in the Trust, and the escrow check was written out to me as the successor trustee. However, we had not completed the resignation of trustee/appointment of successor trustee paperwork to legally list me as the successor trustee. When I deposited the check, neither the teller nor another banker standing behind her noticed that a check written to a successor trustee was being deposited into a representative payee account, not a trust account. 

On XX/XX/XXXX, I went to Chase to withdraw funds from my own personal checking account ( account ending in XXXX ) and was unable to. I found out from a teller that both my personal and my mother 's checking accounts had been frozen. After making a call to Chase with the assistance of a banker, I learned of my mistake in depositing the check to the wrong type of account. I was unable to speak with anyone who was in the position to make a decision about this case ; it is Chase 's policy that neither customers nor bankers can speak with these individuals. So all the information we were getting was being told to us by a representative who was apparently speaking with the decision maker. They asked if I had successor trustee paperwork, and I said that I didn't. 

They said that they would not release the funds unless I opened a trust bank account with Chase. Getting all this information took two trips to the branch and long calls with the bankers, and I had not received any letters in the mail regarding the situation. I received one letter accessible through the Chase website that stated my accounts were frozen, but it didn't offer any specific information on how to remedy the situation, just to make a call to the same department that I had already called twice with the bankers. I was very disappointed with and offended by how poorly Chase had communicated with me, so I told them that I would not be opening up another account with Chase. 

I contacted the lawyer that had helped us update the Trust and she sent me the paperwork necessary to be established as successor trustee. I went with my mother to get the documents signed and notarized, so as of XX/XX/XXXX, I am the successor trustee for the XXXX XXXX XXXX. I had a banker send all this information to the decision makers at Chase. Despite the situation being a mistake due to ignorance and not malice, Chase closed both my mother 's and my checking accounts on XX/XX/XXXX. I still have not received a letter stating in writing why these accounts were closed. I do not know if these account closures will reflect negatively on me in the future because there has been no communication to explain their decision. 

I was told with no details that a check for the remaining amount in both accounts ( {$290000.00} for my mother 's account and {$21.00} for my account ) would be mailed to me. It is nearly a month later and I have not received the checks, nor has any communication been attempted by Chase to notify me that the checks have been mailed. I have spent nearly every day of the last month fixing situations with our creditors and have had to use thousands of dollars of my savings to cover payments because my mother 's retirement direct deposits have been stopped and the delays are taking weeks to send a paper check. I have since opened three checking accounts with XXXX : personal checking for myself, personal checking for my mom with me listed as the power of attorney, and a trust account with me listed as the successor trustee. I have plenty of documentation to provide to CFPB if necessary, but I will not upload anything at the moment because Chase has everything that they need to resolve this situation.

Company response to consumer: Closed with explanation