Consumer complaint received 2022-06-24
Company: JPMORGAN CHASE & CO.
State: NY
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Banking errors

Complaint:
**MY QUESTIONS WERE NOT ANSWERED BY CHASE IN THEIR COPY AND PASTE RESPONSE. FURTHERMORE, CHASE ARE IMPLYING THAT I RECEIVED A PRINTOUT OF THE TERMS OF THIS {$3000.00} OFFER AT THE TIME OF ACCOUNT OPENING WHICH IS INCORRECT. THE PRINTOUT FOR THE OFFER ( WHICH I HAVE NEVER BEEN PROVIDED WITH UNTIL CHASE 'S RESPONSE SAYS I AM SUPPOSED TO RECEIVE IT AT THE TIME OF ACCOUNT OPENING. 
FURTHERMORE AFTER COMMUNICATING WITH CHASE VIA THEIR MESSAGE CENTER I WAS TOLD I WOULD RECEIVE THE BONUS AFTER 180 DAYS MAINTAINING A {$500000.00} BALANCE. AGAIN, HOW DOES ONE MAINTAIN SOLELY A {$500000.00} BALANCE AND AT ANY TIME FROM ACCOUNT OPENING ONE HAS 180 DAYS TO MAINTAIN THIS BALANCE ( SEE SCREENSHOT ) THIS IS ALL VERY AMBIGUOUS. 


I have had issues since opening my business account. I, XXXX XXXX, am managing the account for my relative, XXXX XXXX and listed as a co account holder. XXXX -- Chase Account number Issue 1 : I opened an account where if I maintained an average of {$500000.00} for 6 months I would receive a cash back bonus of {$3000.00}. At the time I opened the account the offer was not clearly explained and I did not know I needed to fund the account immediately. It is clear I could have waited up to 30 days after reading the fine print. So Chase was able to hold my funds and pay me zero interest for 30 days. These terms should have been communicated at the time the account was opened but I was not presented with any paperwork regarding this. Now I am concerned I will even receive an account bonus after the 6 months. Due to the history of non transparency from Chase/problems with ACH DEBITS, I have sent follow up emails and made calls regarding this, to mitigate further problems, but the terms of how Chase perceives this bonus are not clear to me. For example, if you review all the correspondence, I have continuously asked how someone can maintain a balance of {$500000.00} for six months ; It is impossible unless there is no account activity. I have asked about the timeline and it has been communicated differently to me : some people have written/said 6 months from account opening or some have said it can be 180 days after the account has opened. 180 days from when? THIS IS NOT CLEAR. This is why all the terms and conditions for these types of offers in the industry state average balance. As a result, after leaving my funds in Chase for close to 2.5 months and earning no interest, I have removed the funds to an interest bearing account pending the outcome of this potential dispute I have. Issue 2 : I was encouraged to participate in Chases ACH approve/reject debit process. I have sent tons of emails about this regarding how the process works and what the system does. I was told I would receive a notification to accept or deny ACH blocks each day. I did not receive this notification for XXXX XXXX and they were blocked from debiting my account. I was charged a return fee with interest totaling {$200.00} I am requesting interest from account opening XX/XX/22 at the promotional rate ( approx 2.5 months ) {$1200.00} and the ACH return fees totaling {$200.00}. Total : XXXX. I also would like to continue participating in the promotion, ( as I was originally intending to do in good faith by depositing funds in full at account opening when I did not even need to ) and receive the balance of the {$3000.00} promotion once the reminder of the period has elapsed, 3.5 months. So far I have received XXXX. Spoke with relationship manager XX/XX/XXXX via phone was told she would get back to me about these concerns did not hear back.

Company response to consumer: Closed with explanation