Consumer complaint received 2023-01-11
Company: JPMORGAN CHASE & CO.
State: CT
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Cashing a check

Complaint:
On XX/XX/2022 we, XXXX XXXX XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX of 10 years with major corporate clients such as XXXX XXXX, had a meeting with a representative from Chase Bank, XXXX XXXX, a personal business specialist. We stated we wanted to move our business checking over to Chase Bank from a small mom and pop institution due to our financial growth that the mom n pop couldnt handle nor offer adequate business services. 

We wanted to make sure first when we brought corporate checks worth over XXXX from our client that it would not be held or would be able to be available within a reasonable amount of days two to three days. This was to better prepare us to switch so much over to Chase, the accounting software, our subcontractors, our bills, etc. Whatever it takes replied XXXX as he responded we should have no problem with all that. We stated to XXXX that the check would be in the amount of {$100000.00} are you sure there wouldn't be a problem with us depositing this check with no outstanding holds on the money. XXXX reassured us that there would be no problems, he was the guy that could get the job done. He would just have to click the button and he can take the hold off the check. This is exactly what we were told. on XXXX third. 

We brought the check to Chase Bank in XXXX Connecticut branch XXXX XX/XX/XXXX in which the check was given to branch manager, XXXX, who walked to the counter to begin processing the deposit. XXXX then told us that the computer showed it would be cleared 4 days later, XX/XX/XXXX, we were very pleased with this. Saturday morning Chase now extended the hold to XX/XX/XXXX. We were first told by XXXX and XXXX this was due to a problem with a XXXX XXXX check bouncing or something. 

Then by Monday XX/XX/XXXX after involving XXXX XXXX to alert them of the issue with check it was then said per XXXX XXXX XXXX, XXXX, XXXX XXXX, XXXX of XXXX that Chase has a policy that all checks from XXXX  are held two weeks due to what they suspect was some past fraudulent activity ( somebody trying to deposit a XXXX check that wasnt theirs ). They gave XXXX their Key contact person to call to verify the check is viable and no stop payments were to be made. This should allow the funds to be released sooner than XX/XX/XXXX, according to them. We then discussed with XXXX, we asked him to do the homework back in XXXX to check if we would have a problem with depositing a XXXX XXXX check, did he know of this policy? He replied he didnt know, we dont believe XXXX or XXXX truly looked into this. 

We told them who the client was, we discussed the amount, and we feel they should've looked further at which he could not give us a straight answer. He said I don't know what's going on. I've never seen this in my life let me call somebody and escalate this. 

On Tuesday afternoon around XXXX XXXX  the highest escalation dept calls us trying to resolve the situation.They wanted to keep the hold in place. The individual XXXX a representative of complaints ' escalation then tells me that due to the fact of a high deposit, the account was flagged he could see the credit of {$25.00} opening the account he could see the credit of {$6800.00} check from a XXXX XXXX and then he could see the {$100000.00} XXXX XXXX check. 
In no terms did he bring up any policies other than that it was a question in the deposits being made into the account and they are required to hold the check longer. He then refused to give me his last name or badge number when I asked for it. I became very upset at this because XXXX XXXX are relying on this money to keep their businesses open and they have threatened to post negative info about this on social media platforms and discuss contacting XXXX XXXX, breaking our 3 year contract. I am relying on this money to keep my business open, currently all operations for all our 6 businesses are now shut down.Our credit score is dropping by the minute due to late payments or no payments being made to any of our bills. XXXX are being returned for mortgage payment, lease payment, truck lease payments, ruining the credibility of our company, everything took 10 years to build. 

I have never not paid a bill while in business. This was something between these two organizations which was never brought to our attention. No policies were brought up in person or on phone, nothing that ever reflected that there was a policy in place against XXXX XXXX from Chase Bank. 

Also XX/XX/XXXX we filled out a business credit card and still have not heard ....

Company response to consumer: Closed with explanation