Consumer complaint received 2023-06-10
Company: JPMORGAN CHASE & CO.
State: NJ
Product: Checking or savings account
Sub-product: Checking account
Issue: Opening an account
Sub-issue: Account opened as a result of fraud

Complaint:
Long story so please allow us to list events by dates to complain about Chase fraud prevention weakness, flawed account opening process, disorganized fraud investigation process, and missing customer remediation procedure. 

XX/XX/XXXX - got connected by NJ XXXX that our record home address was changed due to fraud, needs to stop by to make new license and change registration and title. Our friend in XXXX experienced the same issue where the fraudster used the fake driver license and took out {$8000.00} cash from the counter. As a result of this alert, we called Chase and went into the branch asking what could we add to the account to flag potential fraud crimes on my accounts. Teller in XXXX NJ branch said nothing could be done. We call Chase and added a voice security code. Subsequently we started to lower the amount from the checking account ourselves to prevent fraud withdrawal. 

XX/XX/XXXX - I received t-bill matured deposit of {$110000.00}. Before that my checking account balance was less than {$1000.00}. 

XX/XX/XXXX - We didn't get any alert but when I logged onto the website to do billpay and noticed a pending online transfer in the amount of {$86000.00}. transaction # XXXX Same day, we went into the branch asking about what's going on and filed claim. 

XX/XX/XXXX - The account triggered over draft because I have scheduled a re-investment of T-Bill with face value {$110000.00} ( with purchase amount {$100000.00}, interest discount $ {$490.00} ) XXXX first got the fund and posted the transaction. 

Later XX/XX/XXXX - we got the letter that the transaction despite triggered Over Draft, got rejected. We never got any explanation why. 

XX/XX/XXXX - A letter in the mail arrived with investigation conclusion date of XX/XX/2023 saying that the online transfer of {$86000.00} was deemed as authorized, thus no adjustment is applied to my account. 

During this entire period, me or my husband, or both almost in the branch every day explaining or providing different types of materials, information, but the fund was gone from our account and never got any explanation around : 1. how fraudster is allowed to open a new business checking account with only the fraudulent driver license ID ( we never had any access to that new account listed under my husband 's name ) 2. why we were not provided with provisional credit to maintain operational needs of this account for paying my already scheduled transactions and either triggered late fee payments, or forfeited t-bill interests 3. disconnected information around when our issue will be resolved.

20 days now, as a consumer with Chase for over 20 years, I have no clue where the {$86000.00} is at, at the fake new business checking account, taken out by fraudster already, in Chase 's suspense account, or whatever. 

Teller at the XXXXXXXX Branch was not showing any sympathy although she witnessed we in and out of the branch everyday for 3 weeks, and gave me a nasty look when i was expressing my frustration about the backoffice procedure today XX/XX/2023.

Company response to consumer: Closed with monetary relief