Consumer complaint received 2018-10-11
Company: JPMORGAN CHASE & CO.
State: NY
Product: Checking or savings account
Sub-product: Savings account
Issue: Managing an account
Sub-issue: Banking errors

Complaint:
To Whom It May Concern : I am filing this complaint against JPMorgan Chase Bank because Chase lost an account transfer in the amount of {$5000.00} and they have not been able to locate the funds, nor have they provided me with adequate support in resolving this issue. Twelve separate representatives from Chase gave me assurances that the {$5000.00} would return to my account, but it has not yet been credited to my account. I have made 10 attempts to resolve this matter with Chase, and I have spoken to over 20 Chase representatives, but Chase has not been able to locate the missing {$5000.00} or even attempted to investigate where the funds went.

Below is a timeline of events that led to the missing funds and my subsequent attempts to resolve the matter with Chase ( see attached phone records verifying dates of phone calls ) : XX/XX/2018 : On this date, in the afternoon, I intended to transfer {$5000.00} from my Chase Savings account to my Chase Checking account to pay for an engagement ring. However, I did not realize that a Chase representative linked my former checking account at XXXX XXXX XXXX XXXX XXXX ( XXXX ) as an external account when I initially opened my checking and savings accounts at Chase. Chase did not seek my authorization to link this account, and I did not know it was linked to my Chase accounts because it only appears when transferring money between accounts ( which I very rarely do ). To make matters even more confusing, the external XXXX account is simply labeled Checking account on the Chase online banking website with no indication that it is an external account. The linking of this account was a serious error on the part of Chase because I closed this account before becoming a Chase member, and the failure to notify me of the linked account caused me to believe that this external account ( labeled as Checking account on the Chase online banking website ) was my Chase Checking account. 

XX/XX/2018 : At around XXXX, I realized that {$5000.00} had disappeared from my account. Upon closer inspection, I realized that the funds were going to a linked external account that I never authorized. At this point I promptly called Chase to inform them of the mistaken transfer. The representative told me that Chase had not delivered the funds yet, and she repeatedly assured me that Chase would reverse the transfer and deposit the funds back into my Chase Savings account. A little over an hour later I still did not see any notification of the reversal on my online banking account, so I called Chase again to verify that they would not deliver the funds. The representative I spoke to told me that he saw the reversal in the system and he guaranteed that the funds would return to my Savings account. 

XX/XX/2018 : I received a message on my Chase online banking account that stated We're trying to reverse your transfer to XXXX for {$5000.00} that we delivered XX/XX/2018 ( A copy of the letter is attached to the complaint ). There are two issues with this notice : ( 1 ) Chase delivered the funds after reassuring me that they would not, and ( 2 ) Chase only took action on the reversal a full day after I notified them of the mistaken transfer. However, I still believed the {$5000.00} would return to my account because I relied on the assurances offered by the representatives I spoke to on XX/XX/XXXX, who both said the funds would reappear after 4-5 business days. 

XX/XX/2018 : I began to get concerned because the {$5000.00} was not showing back up in my account. I contacted Chase for a third time. The first representative hung up on me after I explained my issue. I called back and spoke to another representative who told me that the reversal of funds failed, but she reassured me that the funds would reappear in my account after 3 business days from the date of the failed reversal ( which was XX/XX/XXXX ). 

XX/XX/2018 : The funds had still not returned to my account. I called XXXX to check if the funds had been deposited in my former checking account. The representative informed me that my former XXXX account is closed and that the {$5000.00} would be sent back to my Chase Savings account. 

XX/XX/2018 : Three business days after the failed reversal attempt by Chase, the {$5000.00} had still not returned to my account ( contrary to the assurances of the Chase representative on XX/XX/XXXX ). I called Chase for a fifth time to find out what happened to my {$5000.00}. I was referred to a XXXXpecialist who told me that the funds were sent to a nonexistent account at XXXX and that they should be back in my account within the next two business days. At this point I was out of the country for 10 days with limited phone service, but I felt certain the funds would return to my account after the repeated assurances I received from representatives at Chase and XXXX. 

XX/XX/2018 : Upon returning from my vacation, the funds had still not returned to my account. I called Chase again and spent several hours on the phone. 
o Call 1 : A Chase representative told me that XXXX had not accepted the funds. She contacted a Chase technical team to see if they could pull the funds back into my account. However, the technical team was unable to retrieve the funds. The Chase representative gave me a tracing number for the transfer and told me to contact XXXX to see if they were holding the funds. 
o Call 2 : An XXXX representative contacted their EFT team, who confirmed they sent the {$5000.00} back to Chase on XXXX XXXX because my former XXXX account is closed and no longer exists. She then gave me a different tracing number and told me to contact Chase to see if they could locate the returned funds. 
o Call 3 : A Chase representative hung up on me after I finished explaining the situation.

o Call 4 : Called Chase back and spoke to 7 different representatives in multiple departments. Several were unwilling to help and refused to even take the tracing number I just received. They bluntly told me to work it out with XXXX and offered no assistance at all. A member from the Claims Department refused to even hear my story. He simply saw that I initiated the transfer and stated that he was unable to help me without hearing about the details surrounding the transfer. After repeatedly insisting that I speak to someone else, I was transferred to a member of the technical team who then transferred me to the Online Claims Department. The member from the Online Claims Department informed me that they would investigate my claim and offer a temporary refund within 10 business days if their investigation had not concluded. On XX/XX/2018, I received a letter in the mail ( attached to this complaint ) notifying me that the Claims Department completed their review and determined the transaction was valid. However, the letter did not provide any answers to my issue as I wasnt disputing the validity of the transaction, but rather asking the bank to investigate where my {$5000.00} went. Nor did it reveal whether Chase investigated the tracing number that I received from XXXX. 

XX/XX/2018 : I began to get concerned that I had not heard anything from the Online Claims Department, so I reached out to Chase Support via XXXX  in the hopes of reaching someone with more authority to resolve the issue. However, they simply referred me to the Claims Department.

This brings us to the present day, where my 10 separate attempts to reach out to Chase via phone and social media have not led to a resolution. My only remaining options are to file this complaint and/or retain an attorney. 

Chase and could have quickly resolved this matter with a single phone call to XXXX. Instead, both banks have insisted that they dont have my money, and that I need to work it out with the other bank. However, since I do not work for either bank and do not have access to either banks resources to trace the transaction, my repeated phone calls and pleas for help go unanswered. 

Thank you for your time, and I look forward to a response that will hopefully lead to a quick resolution.

Company response to consumer: Closed with explanation