Consumer complaint received 2020-06-27
Company: JPMORGAN CHASE & CO.
State: CO
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
I received a letter regarding my checking account stating Chase needed to collect personal identifying information and, your account will be restricted until it is closed, which means you wont be able to make any transactions or access your money. I called the number provided but was place on hold for 20 minutes, I gave up. I thought it was a scam to obtain my personal information. I tried to call the number numerous times the following week but was placed on hold for 20-30 minutes each time, I gave up. 

The following week I got through after 25 minutes hold and was told I needed to go to a branch with identification. I gave the branch office my Drivers License, Passport, Medicare card, and offered my tax returns, Social Security Benefit Statements and other documents that have the full SS #, I was told I needed a Social Security card which I could not find. I havent been asked for my Social Security card for years. 

Now I'm told the account is restricted and will be closed in 3 days. Coincidently ( or not ), this is just before the 90 day term required for which I qualify for a monetary incentive / bonus promised by Chase, the reason I deposited my lifes savings with Chase. 

I requested Chase to give me an extension of 7 days since I have applied for a replacement Social Security card. I was denied the extension. I strongly suspect that Chase is manipulating this situation so they dont have to pay the bonus as promised. Why did Chase accept my money and identification two and a half months ago to open the account but just now raises this issue? 

Today the account was closed. I didnt receive any notification ; I found out because I received a email notifying me of a overdraft of that account and when I accessed my Chase accounts, there was no account or record of the {$100000.00} balance. The local branch tells me that all they show is that the account is closed, no information as to where the funds are or the disposition. 

I called the Chase Compliance Department and after holding for 45 minutes, spoke to a agent that could only tell me the account was closed and they most likely will be mailing a check to me. I asked for any assurance or documentation regarding the disposition of my funds. I was advised to call back next week ( it was Friday ). 

This is very frustrating, ones expects better service and treatment from Chase or any financial institution, especially if you are a long term customer with substantial credit card use and a substantial deposit account. Its especially frustrating because there is no one to contact or to talk to. I did send an email and got a semi canned reply of no help. 

Chase probably didnt violate any banking regulations but it appears to me that Chase manipulated to avoid paying the sign up bonus. Besides, this is an outrageous and irresponsible treatment of their customers. This is especially egregious when they are handling my life savings with such indifference and arrogance. 

Im still waiting for a check to arrive in the mail.

Company response to consumer: Closed with explanation