Consumer complaint received 2016-07-19
Company: JPMORGAN CHASE & CO.
State: OH
Product: Bank account or service
Sub-product: Other bank product/service
Issue: Account opening, closing, or management

Complaint:
I received an insurance claim check from my House Insurance Company, XXXX, for {$280000.00} made out to myself and Mortgage holder JP Morgan Chase Bank. 
XXXX XXXX XXXX, Chase released {$160000.00} to me to start rebuild. 
XXXX XXXX, I 've attempted to obtain an additional release of funds to complete my rebuild. 
Even though according to Chase that my rebuild is at XXXX % and eligible for an additional release of funds will not do so because I am the contractor on this rebuild. 
Their reasoning is that " Chase Requires '' a license contractor. It should be noted and I did inform Chase of this, approximately ( 8 ) years ago I finished a total rebuild of this house which was about {$250000.00} not including the purchase price of house which was {$210000.00}. 
Chase is refusing to release any additional funds until the project is XXXX % completed because I 'm not a license Contractor. I have exhausted the funds that Chase initially released as well as my personal funds in paying to continue the work to finish this rebuild. 
I need additional funds released from MY funds that Chase is holding! 
In the state of Ohio and City in which house is located, a home owner can build his own house and does not require a " license contractor '' to build/rebuild a house and therefore Chase is requiring unnecessary requirements to release my funds to me. This is the only reason Chase states in Holding my funds. 
Chase had an outside inspection done after which Chase then evaluates process. Even though I have completed or paid for in house expenditures with receipts, Chase does not include in their percent of completion since the items are not in place. 
Examples ; All Carpet paid for with receipts, but not installed till very end of project. 
Full size Refrigerator and a full size Freezer paid for with receipts and in garage. 
Custom XXXX Cabinets for master bath, inside bathroom but not in place. 
Custom XXXX Cabinets for dining room, complete and inside of house but not in place. 
Custom XXXX Cabinets for kitchen, work in process with receipts. 
Custom XXXX Cabinets for game room bath, complete and inside of house but not in place. 
Paint needs to be completed, has been purchased and is inside of house. Nothing has been painted since some drywall is not completed and the main reasons above items are not in place New fireplace insert, inside house but not installed. 
All of the above items are Paid for with receipts but Chase does n't count towards XXXX % completion which is according to them, must be IN PLACE to receive additional funds. It is DIFFICULT to have additional work to rebuild since I NEED Funds to pay the workers. 
I have submitted all required information to Include a Contractors report which I am responsible for and which includes work and items already purchased to receive additional funds from XXXX XXXX. XXXX does not accept my own home owner Construction Report towards their XXXX % completion, although to release All Funds at XXXX % Chase does n't have a problem with it. 
An item which I believe should be noted ; I informed my XXXX Insurance of what Chase is doing and XXXX sent me an additional check for {$10000.00} to help on rebuild applied against future appreciated purchases that I made which increases the amount of XXXX responsibility. 

Additional work which has already been completed on house and where much of initial funds went towards ; SEE ATTACHED Additional file # 's with Chase ; insurance Claim Check Folders : XXXX : XX/XX/XXXX : FIRE

Company response to consumer: Closed with explanation