Consumer complaint received 2019-11-22
Company: JPMORGAN CHASE & CO.
State: NY
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Problem using a debit or ATM card

Complaint:
On XX/XX/XXXX I was notified by my office manager that there appeared to be 3 unauthorized bank transfers against the XXXX XXXX XXXX XXXX XXXX. First occurred on XX/XX/XXXX in the amount of {$15000.00}, second occurred on XX/XX/XXXX for {$25000.00} and the third occurred on XX/XX/XXXX in the amount of {$20000.00}. It is important to note that normally we always receive emails from the Chase when any transfer occurs and in these 3 cases, no such emails were generated for any of these transfers ( Chase mistake # 1 ). Because no emails were generated, these unauthorized transfers were not discovered by my office manager until XX/XX/XXXX. When I found out about these unauthorized transfers I contacted the Chase Fraud department by phone, on the afternoon of XXXX at approximately XXXX XXXX. I requested the checking account be restricted immediately so no more funds could be transferred out of the account. The account was not secured until approximately XXXX XXXX  the next morning, because I still had access the account online on Friday morning, which meant the account was still exposed an additional 16 hours ( Chase mistake # 2 ). The following morning XXXX, I went to my local branch, as advised by the Chase Fraud Department, and met with the branch manager, XXXX XXXX, while they contacted the Chase Fraud department to make sure this matter was being handled expeditiously. I spent about an hour with the Chase personnel and was assured that everything was being taken care of. I did not hear from Chase the rest of the day and still had heard anything by Tuesday XXXX  XX/XX/XXXX when I called the bank to get a status. I was told the investigation had still not been initiated because the Chase Affidavit has not been returned. I told them that no one at the Bank told me about the Affidavit requirement even when I was sitting with the Bank Manager at the branch on XX/XX/XXXX. I returned to the Bank on Tuesday morning, XX/XX/XXXX and signed the Affidavit and was told it would be immediately sent over to them. The Affidavit was not received by the Fraud Department until Wednesday mid-morning which meant the investigation had been delayed 2 additional days. ( Chase # 3 ). On a subsequent call I was informed that XXXX of the " Executive Office '' would be handling my case. I called again at XXXX XXXX  on XX/XX/XXXX to check on the case and was not able to reach XXXX who supposedly was assigned to my account. On XX/XX/XXXX I again called for a status and was told that Chase required a Police Report before they will continue with their investigation. This is 8 days after the first incident and again first time I am hearing about this request ( Chase mistake # 4 ). I had already filed a police report on XXXX and a FOIL request for a copy of the report, but according to the local jurisdiction that report will not be available until XX/XX/XXXX. That means that a month will have passed prior to Chase continuing their investigation. I was not notified in a timely manner by Chase for any of these requirements, I only found about these outstanding requirements because I have been calling in on a daily basis to get an update on the case. It is only when I call in that I am made aware of additional requirements.

In addition on the items listed above I also I also found a deposit made to the restricted account. Initially I was told by Chase that once the account is restricted that neither debit or credit transactions would be permitted, yet a deposit was made to the account on XX/XX/XXXX, something that is extremely undesirable because the account has been hacked. I had to revisit the Chase Branch office to address this in person and was told this occurred because the form authorizing deposits of funds to the new checking had not been submitted ( Chase mistake # 5 ).

The mistakes and the refusal of Chase to restore these funds is causing my business a severe financial hardship!

Company response to consumer: Closed with explanation