Consumer complaint received 2022-08-10
Company: JPMORGAN CHASE & CO.
State: FL
Product: Money transfer, virtual currency, or money service
Sub-product: Mobile or digital wallet
Issue: Unauthorized transactions or other transaction problem

Complaint:
I attempted to send a money transfer via chase bank app which uses XXXX as a XXXX pass through. This was done on XX/XX/2022. I typed in all the information and the person I intended it to go to XXXX XXXX XXXX XXXX ''. I contacted the company I was sending the money to and they informed me they had not received the money. I called Chase to ask about the transaction and was informed that it was the weekend that the transaction may take a few days to go through. It still did not show up in the companies account. I then called chase bank again realizing that one digit for the phone number was off in my transaction although on my banking statement says it is going to " Florida XXXX XXXX ''. I opened a case with chase and they essentially told me that there was nothing they could do. My son then became involved. He called the individual who I sent the money to in error, they informed us that they have opened a case with their bank, as they knew they received the money in error. They are willing to return the money but it must happen through the banks as she has read online about scams through XXXX. She provided a case number for her bank XXXX XXXX XXXX XXXXXXXX ). My son then called XXXX, who told us that because it was initiated in the Chase app that XXXX had nothing to do with the transaction. Then Chase bank was called again and they said because of the XXXX waiver of being final and irrevocable they, Chase bank, had no liability. We were then moved to the Chase bank executive office where another case was opened. We spoke with them on the phone about Regulation E of the electronic funds transfer act. They told us that the transaction was authorized. However, we tried to explain to them that under the act it says that types of transactions covered include, " ( ii ) An incorrect electronic fund transfer to or from the consumer 's account ''. They continued to tell us that because this was an authorized transaction we had no rights under this act. We explained that according the CFPB FAQ sheet on regulation E there is an anti-waiver provision [ n ] o writing or other agreement between a consumer and any other person may contain any provision which constitutes a waiver of any right conferred or cause of action created by [ XXXX ].. They continued to tell us that this was an authorized transaction. We discussed that the transaction was made in error to the wrong person and therefore it was unauthorized to go to that person, and therefore it was an unauthorized transaction. The chase bank representative continued to tell us that this was not an unauthorized transaction. We asked for her to provide a definition either via Regulation E or via Chase Bank as to what they consider an unauthorized transaction in their policy/procedures. She informed us she would be unable to provide that information. They have now closed our case. The total amount transferred was {$5000.00}. We are hoping that you are able to investigate this situation and that if we are correct in our interpretation of Regulation E in which the transaction is unauthorized due to an error, and the bank is liable that I would be able to receive my funds back. If you have further questions please feel free to reach out to us. Thank you very much for your time, and we appreciate you looking out for consumers.

Company response to consumer: Closed with explanation