Consumer complaint received 2016-09-22
Company: JPMORGAN CHASE & CO.
State: NJ
Product: Money transfers
Sub-product: International money transfer
Issue: Wrong amount charged or received

Complaint:
Owner opened business account with Chase Bank XXXX/XXXX/XXXX. On XXXX XXXX, XXXX Owner deposited a check drawn against XXXX, with Chase Bank in the amount of {$7900.00} XXXX Dollars, for deposit in Owner Account. 
Owner was told that the check, since in XXXX dollars would have to follow Chase Bank collection process, whereby the physical check would be presented to the drawer bank for collection of funds and the actual amount Owner would receive will be determined at the Exchange Rate in effect when Chase Bank is paid for check. That date Chase Bank was paid by XXXX XXXX XXXX was XXXX/XXXX/XXXX. 
On XXXX/XXXX/XXXX Owner was credited the Sum of {$5800.00}. Chase Bank using a XXXX to USD exchange of XXXX XXXX dollar per US dollar. The then XXXX/XXXX/XXXX date published Currency Exchange Rate for XXXX to US dollars ( various Currency Exchange sources available- Plaintiff used XXXX XXXX ) was XXXX. This resulted in Chase Bank crediting Owner Account a shortfall of - {$300.00} USD, or XXXX %. The amount per the Published Currency Conversion Rate that should have been credited was to be {$6100.00}. 
Complaint was made with Chase Bank on XXXX/XXXX/XXXX regarding the shortfall of - {$300.00} not credited to Owner Account. 
Owner explained to Chase Case Representative - XXXX XXXX/XXXX/XXXX ( Chase Executive Offices ), ( Chase Recorded Phone Conversation ) that the Chase Bank Conversion Rate was not in line with Published Currency Rates for that day - resulting is Account Owner receiving less monies in account of {$300.00} USD. 
Owner explained that he talked with a representative of Chase Credit Card Div on XXXX/XXXX/XXXX - XXXX, the next day after Chase Bank deposit to Owner Account. Chase Bank XXXX, told Plaintiff the Currency Transaction Rate for purchases made in XXXX and converted to USD - $ XXXXUDS= {$1.00} XXXX. or exchange rate of XXXX. 
This was in line with published Day Currency Exchange Rate of XXXX of XXXX XXXX Finance The Federal Reserve Bank Services- XXXX Check Collection Service , XXXX Exchange Rates. Shows the Federal Reserve Exchange Rate for the date of the exchange transaction to be XXXX In conveying this info to Chase Bank XXXX, she could not come up with any answer as to why Chase did not use daily-published currency exchange rate. 
When asked by XXXX, where Chase Bank has/keeps publishes currency exchange rates-she again had no answer. Then stating to me she would pass case on to higher authority in Chase organization. 

On XXXX/XXXX/XXXX Chase Bank Claims Case representative XXXX ( Chase Executive Offices ). ( Chase Bank recorded conversation ), contacted Account XXXX. XXXX immediately referred to Chase Bank " Deposit Account Agreement '' Issue Date XXXX XXXX. Owner told Chase representative that - ( 1 ) Account Owner did not have knowledge of this new agreement when the monies were deposited, and since ( 2 ) Owner opened account in XXXX, - given Account Rules & Regulations Dated XXXX XXXX, XXXX. 
Owner asked Chase 's XXXX if he could show Owner, if where & when Owner received/ acknowledged or signed off on said NEW Deposit Account Agreement- Chase 's XXXX could not. 
Chase Bank Account Rules & Regulations XXXX XXXX, XXXX states " The actual credit for items payable in a foreign currency will be at the exchange rate in effect at the time of final collection in US dollars ''. 
The Published Currency Conversion Rate was XXXX on the date in question not XXXX as Chase Bank used for conversion. Account Agreement does not state that Chase Bank can/will use a lower exchange rate than published. 
Chase Bank XXXX told owner that ( 1 ) Chase sets its own conversion rates and ( 2 ) Chase was refusing to credit owner account the shorted monies of {$300.00}. 

Owner views this as consumer fraud and deceptive banking practice.

Company response to consumer: Closed with explanation