Consumer complaint received 2020-08-02
Company: JPMORGAN CHASE & CO.
State: AZ
Product: Checking or savings account
Sub-product: Checking account
Issue: Closing an account
Sub-issue: Company closed your account

Complaint:
I have had two back to back business account closures by JP Morgan Chase. Both are due to the bank changing its internal policies, without proper notification, regarding the use of mailing addresses vice physical addresses by Arizona business customers. 

Closing a bank account at any time should be a serious action, for cause, such as continued overdraft or suspicious behavior such as money-laundering. In this case it was due to a demand for a physical address, a very fixable and simple remedy. I have used the mailing address in question for more than twelve years. I work overseas for another iconic American company. As an XXXX, it is not practical nor feasible to receive mail at my primary residential address, which is occupied by tenants. As my AZ driver 's license, the means of identification to open the business account, lists my " primary '' address, there is no question that I am a bonafide person. Additionally, the bank staff know me on a personal level, including the branch manager, XXXX XXXX, and the business relationship representative, XXXX XXXX. No effort was made to communicate a problem with the mailing address directly to the bank 's own staff. The " XXXX '' Branch is a XXXX XXXX branch, servicing high net worth individuals and businesses including Major League ball players and high profile individuals such as XXXX XXXX of " XXXX XXXX/XXXX XXXX  '' fame. Reaching out to a customer at this kind of branch would be a best business practice, at the very least. Best business practices do not exist at J P Morgan Chase. They are mindless zombie bank that was directly culpable of using stated income mortgage loans during the 2008 banking crisis, as well as the infamous London Whale scandal. They are predatory institution. They recently ended VA originated and backed mortgages without any pre-notification. This shouldn't be legal for any American bank backed by the Federal Reserve. VA mortgage originations should be a cornerstone requirement of any American banking institution regulated by the Office of Thrift Supervision or offering FDIC backed accounts. That is a separate matter, however, it indicates the character of the bank when VA lending is no longer offered. 

The first bank account closure was stopped in time by the previous branch business relationship representative, XXXX XXXX, now located at a different branch. 
The bank allegedly sent " snail mail ' notifications, via USPS, to the mailing address in question, which is less than three city blocks from the primary Chase branch used for all my accounts, XXXX XXXX XXXX XXXX, XXXX. The bank declined to make use of its internal online secure message center, nor even a courtesy email that would give a customer some indication of the problem. I regularly receive nuisance messages and advertising via the banner messages at the top of the website. The first and second closure occurred without any notification of any kind on the website. The second account was closed on XXXX XXXX, a Friday. .I contacted XXXX XXXX XXXX the business relationship manager, at XXXX branch, within one business day, requesting assistance. He promised to " escalate '' the situation. I cc 'd the branch manager, XXXX, and also contacted her by phone. She answered one time and promised to call back, but never did. Repeated calls to her phone were ignored. I emailed XXXX for a follow up on the escalation but he never replied, nor did XXXX XXXX. The branch itself at this point ceased to assist at any level. XXXX XXXX, who had been on vacation, returned but was unable to reopen the account due to some " internal '' policy. The most ridiculous part of this situation is the checking account uses the name of the property address, a physical address, as the LLC name. Its sole function is to receive rental property income and service the mortgage, for the same property address, owned by JP Morgan Chase. There is no doubt, due to bank deposits from a local property management company, and payments to reputable local businesses, exactly what the nature and purpose of this account is, as well as its physical address. A motivated employee, who cares about the customer, would have found a way to contact the customer and update the address. Instead, the bank was motivated to close the account without utilizing any of its internal resources. No customer service of any kind was evident EXCEPT for the actions of XXXX XXXX XXXX XXXX, who deserves a promotion to the XXXX branch manager, taking the job of XXXX XXXX, manager in name only, for going above and beyond, what the XXXX calls a XXXX XXXX, for his exemplary service and customer loyalty. I would not recommend this bank to my worst enemy, for fear my bank account could be closed at any time. The activities of this bank are reminiscent of XXXX XXXX prior to being sanctioned and penalized by the Federal Reserve. They are headed down the same road and should not be allowed to grow nor issue dividends to shareholders until they have a review of their banking operations.

Company response to consumer: Closed with explanation