Consumer complaint received 2021-09-17
Company: JPMORGAN CHASE & CO.
State: CT
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
On XX/XX/2021 I initiated a transfer from my checking account at Chase Bank. I pulled {$990.00} from my checking account at XXXX XXXX. XXXX XXXX  only allows transfers INTO their accounts, so I could not initiate a transfer from XXXX XXXX  to Chase Bank. 

Today, ( XX/XX/2021 ) I went online to view my checking account ending in XXXX at Chase Bank. I noticed that the {$990.00}. had been deposited to my Chase account, however, farther up on the page, there was a note that said that my " transfer '' was being held, because Chase Bank states : " We need more time to collect the money from the paying bank so your deposited funds aren't available yet ''. 

I checked with XXXX XXXX. I was told that there is nothing they can do, since the transaction was initiated from Chase Bank. According to XXXX, the money has been transferred to Chase and is no longer available at XXXX. 

I called customer service at Chase Bank. I explained my problem, and was told I would need to be transferred to the " fraud department ''. After holding on the line for nearly one hour, the clerk told me that when I initiated the transaction, the fine print stated that Chase had permission to hold the money for as long as they desired. She told me that a department that could help me doesn't exist, and that i would just have to wait until XX/XX/2021. She was rude, condescending, and did not treat me with respect. She seemed to delight in the power that she had to tell me I had no access to my own money. 

Since I initiated the transaction at Chase Bank to take money out of my own account, solely in my name, at XXXX XXXX, it does not make sense to me that they would need 5 days to collect the money. I asked the clerk where my money was, if it was not at Chase and not at XXXX. She told me that it was in transit. I do not understand how it can take that long to transfer MY OWN MONEY from one of MY OWN bank accounts to another bank, with an account solely in my name. 

Since there is " no department '' that can help me, I am writing to the CFPB. I am a XXXX year old female, and I am on social security XXXX. My monthly income is {$2200.00} per month. Had I known that nearly half of my money would be held by Chase Bank for 5 days, I would have simply drove the half hour to XXXX to get my money and deposit it at Chase. I thought that internet ACH transfers were faster than the " old fashioned way '' of actually having to travel in my car to both banks. Obviously I was wrong. Now my rent is overdue, and I will not be able to pay the full amount until Chase Bank is done " investigating my transfer ''. 

All I want is my own money to be placed in my own bank account at Chase Bank, immediately. It is not fair to hold onto nearly half of my money so that Chase Bank can invest my money for 5 additional days. I realize that by the time Chase sees this complaint, it will probably be too late, but I want them to be aware of the ramifications of their actions, and I am going ahead with this complaint. I also want other consumers to know that their money may be held for as long as Chase deems necessary, in an arbitrary hold of their money.

Company response to consumer: Closed with explanation