Consumer complaint received 2019-04-15
Company: JPMORGAN CHASE & CO.
State: FL
Product: Checking or savings account
Sub-product: CD (Certificate of Deposit)
Issue: Managing an account
Sub-issue: Deposits or withdrawals

Complaint:
On XX/XX/XXXX I deposited {$9600.00} into a XXXX XXXX XXXX XXXX XXXX XXXX, XXXX XXXX XXXX XXXX, with an annual percentage yield of XXXX percent, a term of 15 months and an automatic renewal at the end of each term. 

On XX/XX/XXXX I was mailed the original certificate of deposit to my home in XXXX, Florida. I placed the mailed envelop that contained the original certificate of deposit, the receipt from the bank for the XXXX and the Terms and Conditions pamphlet in my personal bank safety deposit box. The certificate remained in the safety deposit box until I moved from XXXX to XXXX XXXX, Florida in XXXX when I moved it to a new bank safety deposit box in XXXX XXXX. 

Although the XXXX has my correct full name and correct Florida address where I lived for 22 years ( XXXX XXXX ) I was never contacted by XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX or any other financial institution concerning my XXXX at any time between XXXX and XXXX. 

It is my understanding that XXXX XXXX XXXX XXXX XXXX XXXX, XXXX was acquired by XXXX XXXX  in XXXX along with all its financial accounts and assets and in XXXX all assets and holdings of the original XXXX XXXX XXXX XXXX XXXX XXXX, XXXX and XXXX XXXX were purchased by JP Morgan/Chase. 

During none of these transitions was I ever contacted by any of the financial institutions. The New York State Comptroller Office said legally the banks had to honor the interest rate for five years then if they could not find me they had to transfer the funds and interest to the State of New Yorks Comptroller Office of Unclaimed Funds where the funds would continue to receive interest for a period of another five years. 

The NY Office of the Comptroller has completed a full search and can not find any evidence that any of the banks in possession of my XXXX funds ever transferred the XXXX funds and interest as required to the State of NY Unclaimed Funds. 

I contacted JP Morgan/Chase as they purchased all the assets of XXXX XXXX XXXX XXXX XXXX XXXX, XXXX and XXXX XXXX. When I contacted JP Morgan/Chase I was told that even though I have the original XXXX  and XXXX bank receipt that proves the funds have never been withdrawn, that since JP Morgan/chase legally does not have to retain files for more than seven years they had no record of the XXXX and they refused to honor the XXXX. 

As I have the Original XXXX, the XXXX bank receipt, the original XXXX Terms and Conditions bank pamphlet as wells as the original envelop postmarked XX/XX/XXXX that contained the original XXXX  and it has been in a bank safety deposit box since XXXX that should prove that I am owed the original amount plus interest. It is not fair to me and very convenient for JP Morgan/Chase to claim they do not have to honor the XXXX and can keep my money and the interest since they are only required to maintain records for the past XXXX years. 

Why was I not contacted during any of these institution changes since my XXXX was part of the assets they acquired? They should have contacted me when they purchased the assets originally belonging to XXXX XXXX XXXX XXXX XXXX, XXXX and XXXX XXXX 

I am a XXXX XXXX living on a fixed social security income. Losing not only the original amount of {$9600.00}, due to the banks refusing to contact me, but the many years I thought it was receiving interest, should be a crime. The XXXX would be worth about {$30000.00} now! 

It is the responsibility of JP Morgan/Chase to honor my XXXX  which they acquired and have had full access to profit using my funds. Their reasoning that they have no records past the last seven years is not acceptable as I have the original XXXX  and receipt that they should accepted as recorded proof. The FDIC stated to me that this XXXX  would have passed from each bank to the next as they were acquired and would now be with JP Morgan/Chase. 

JP Morgan/Chase should honor the XXXX and allow me to withdraw all of the original funds plus any interest.

Company response to consumer: Closed with explanation