Consumer complaint received 2017-07-29
Company: JPMORGAN CHASE & CO.
State: MI
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Managing an account
Sub-issue: Funds not handled or disbursed as instructed

Complaint:
On XX/XX/XXXX around XXXX XXXX, I sent two of my contractors payments using Chase 's Quick Pay  feature. I received two emails within 15 minutes stating that the funds were pending. I checked my account and the money was taken out for one of my contractors. I called the bank to find out that there was internal issues with their online banking systems. I asked if the funds would be available by the end of the day. At first the person told me that it would be fixed within an hour or two. Later she told me that it would be fixed by the end of the day, but most likely within the hour or two. Around XXXX XXXX I called back and was given the same information. At XXXX XXXX I received two emails. One stated that the contractor which the funds already had been taken out failed, but the other contractor was funded. I checked my account and the funds for the contractor that had been taken out previously were not back in my account. I called Chase to see how to get those funds added back in so that I could pay my contractor. The first person I talked to could n't help me and transferred me to someone else. The second person tried to explain that the funds would be available the next day. I explained that I needed to pay my contractor and that the funds were available that morning. They transferred me to another person. This next person explained the same thing, that they could n't help me and that I would have to speak to the claims department, but that they would be able to replace my money. The person from claims told me that they were the wrong department and transferred me back the the first department that I talked to. At this point I was on the phone for almost 3 and a half hours. The next lady that I spoke to told me that I was in the wrong department and told me that she would transfer me to claim, which is literally the department that I just spoke to. She told me that my wait time would be 45 minutes. I explained that this was outrageous and that I needed to speak to a supervisor. This person immediately transferred me to online support. And finally this lady explained that there was no possible way to get my money. If I do n't have funds available they charge me overdraft fees, but when they mismanage my money there is nothing that I can do about it!!!!! I feel as if they stole my money and told me that I had to wait until they were done with it. I explained that if this contractor decides to no longer do business with my company, due to not being paid on time, I would lose thousands of dollars. Luckily, I think that I have saved the situation with him, but my issue is this, how is it possible for a bank to lose my money and have no consequences. I had the funds that morning and they mismanaged my account. Additionally, the other contractor did n't receive his money until today. Typically the funds are approved and transferred the same day.

Company response to consumer: Closed with monetary relief