Consumer complaint received 2021-02-01
Company: JPMORGAN CHASE & CO.
State: FL
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Funds not handled or disbursed as instructed

Complaint:
This issue has been going on since XXXX of XXXX. I opened a claim with JP Morgan Chase on XX/XX/XXXX after I noticed my financial aid refund of {$4200.00} had not been processed my checking account ending XXXX. The payment was sent from a 3rd party company named XXXX Disbursements. I reached out to XXXX and after investigation it was shown that the funds were sent to account ending XXXX ; there was a digit transposed. XXXX stated that they couldn't do anything and that it would be best to call Chase. 
I called Chase and spoke to a representative in Claims who advised to send a letter of good faith requesting the funds be returned to XXXX. He stated at the time the funds had went to an active checking account and Chase couldn't debit the account without the letter. I reached back out to XXXX and they sent a letter of good faith that same day via fax with my claim number ( XXXX ) on the cover letter. I followed up on the case and was given an ETA of 5-10 business days for the funds to be processed back to bank mobile. Here is where my complaint starts. 
That day XX/XX/XXXX the Chase representative I spoke with reached out to the account holder who received my financial aid check and advised her of the large amount that would be debited out of the checking account in the coming days. on XX/XX/XXXX I received correspondence from XXXX stating Chase declined returning the funds because the account was insufficient. When I reached out to Chase they gave me the run around over the phone. So I politely when into their local branch located in XXXX XXXX, Florida. I spoke to a member services agent who broke down the timeline. After the Claims agent spoke with the other account holder she transfered the exact amount {$4200.00} from the checking account on file to her savings account which Chase is not allowed to debit. She then 2 days later withdrew all the funds in her account and closed it. So when Chase tried to debit based on the good faith letter there was nothing to debit and they had no way of getting in contact with the account holder. I was told legal action had been taken and I would need to wait because it can take some time. I followed on the claim for a few weeks until it was literally getting me no where. I was advised to not close my chase account because that is how chase will credit me. Needless to say its been 2 years now and when I reached out to chase again they gave me the run around and told me there was nothing they could do. The money is gone and so is the account holder. They told me i never sent a letter of good faith which is not true and I was able to provide documentation to them. The issue is due to Chase calling the account holder ( who they did inform was a she ) that triggered her to move the money and essentially close the account. The ACH was listed to me from XXXX state college. I don't mind taking the blame for the transposed number but I feel as though Chase did not have my back as an active account holder. FDIC protects and insures them from financial loss but who or what protects me. I now am responsible for almost {$5000.00} that I never received. I have talked to my lender for financial aid and they are sending a fraud packet. I just felt this could have been resolved 2 years ago in a quicker time frame.

Company response to consumer: Closed with explanation