Consumer complaint received 2021-11-11
Company: JPMORGAN CHASE & CO.
State: OR
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Closing an account
Sub-issue: Funds not received from closed account

Complaint:
My name is XXXX XXXX, I had a bank account with JP Morgan Chase Bank. I needed a bank account after I was in a car accident and my car was totaled, the insurance company was going to deposit funds faster if I had a bank account so I opened an account with chase after my mom suggested Chase as being a good bank. My mom started a XXXX XXXX XXXX on XX/XX/2021 with me and my brother, I was responsible in setting payment process for our customers so I went to XXXX XXXX and they set us with XXXX product to start accepting customers payment. My mom who also banks with chase was not with me so I set my bank account which I had with Chase with XXXX and that afternoon my mom opened her XXXX XXXX and we started accepting payments from our customers through XXXX. My mom went to Chase 2x to open business an account but they send her away saying it will take about 2hours to open a business account and to come back and the 2nd time they told her to start the process online and then come to Chase. My mom got too busy and didnt get another chance to go to Chase to open a business account and we kept my account on XXXX and continued accepting payments from our customers. My moms vehicle broke down and she needed a new vehicle so she had set up an appointment on XX/XX/XXXX to meet with a person at XXXX to purchase their vehicle for her business so XXXX XX/XX/XXXX My mom, dad and I went to Chase to withdraw {$10.00} XXXX for my mom to purchase the vehicle. Thats when Chase informed us that my account was going to be froze due to fraudulent activity that occurred on XX/XX/XXXX. They informed us that my account was being investigated and no money was available at the moment and to come back next day. So next day we went to Chase in XXXX XXXX branch, the manager and another representative went over my account and informed me that there was going to be a transfer of money from a bank called XXXX into my account on XX/XX/XXXX for {$1500.00} but Chase stopped that deposit because it was fraudulent. The manager verified the money in my account as being all legitimate money through XXXX  deposits from my moms business. He told us he is working to get the funds released but he said Chase will close the account. Next day the manger called me and told me to talk to a person named XXXX who was investigating my account at XXXX bank and if she verified to them that it was a mistake than they will make my funds available to me. They also gave me a phone number to contact XXXX at XXXX XXXX, I called that number over XXXX times and still was not able to get in touch with a XXXX instead XXXX representatives were not sure why they would have control over someone elses bank account at a different bank. XXXX XXXX  till today is telling us they do not know who XXXX is and cant control another persons bank account with a different bank. I have been given several different dates where Chase confirmed that the check was made and send out. They said they will hold the money to make sure no other transactions came through. They closed my account no other deposits or withdrawals can be made to the account, I cant even check the funds. The amount they are holding is over {$16000.00}. I have called them almost everyday and everyday they give me a different story. They have lied to me that they have send the check out to my address and after waiting almost a week I called them and they are still holding my money and have not released anything to us. My mom had to get a rental to use for her business. My mom had to contact a attorney who is charging a lot of money just to get money that belongs to us back. I offered to file a police report to prove to Chase that I was a victim of a scam to help the process but Chase told me not to file a police report. My mom is struggling because of Chase holding all her money from her business, she was not able to pay people, pay for her spot she is renting to run her XXXX XXXX, she was not able to buy products to run her business. We are going through a difficult time because of Chase. At this point we do not know what else to do but to file a complaint against Chase. We have showed them all the deposits from XXXX  transaction are from customers who purchased food from my moms XXXX XXXX, we have showed them the business license and business registration. We have done everything to prove that all the money is legitimate and Chase confirmed with us that they verified all the money but still are holding money that does not belong to Chase Bank. This has caused us physical emotional and financial difficulties. It has affected us financially badly and caused my moms mental stress and breakdown.

Company response to consumer: Closed with explanation