Consumer complaint received 2020-01-07
Company: JPMORGAN CHASE & CO.
State: TX
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
Chase placed a lengthy hold on certified funds, stating it's their policy to treat money orders and cashier checks the same as personal checks. On XX/XX/XXXX I deposited 2 US Postal Service money orders each for {$1000.00} ( {$2000.00} total ) into my checking account. Although the funds were certified, Chase placed a generic hold for the maximum amount of time ( 7 biz days ). On XX/XX/XXXX the funds were still on hold and my rent payment was returned NSF. I called Chase Fraud Prevention team and spoke with Virginia (? ). She said I had to continue to wait until XX/XX/XXXX for the money orders to clear and refused to discuss waiving my NSF fee as it's not her area. I asked for a manager, and  was transferred to XXXX. XXXX was more helpful, yet couldn't quite explain the reason that Chase doesn't accept money orders as certified funds. She placed me on hold and had to manually have the funds freed up. Then, I asked her if Chase could re-present the payment to pay my apartment complex in hope of reflecting the original last payment received date. She advised that I would have to visit a branch ( in person ) to sign a NSF OD form with wet signature before XXXX EST. I confirmed the time again as XXXX EST, seeing as how that's the exact time I get off work. XXXX confirmed it, and I made arrangements with my boss to take another lunch break for the day. I get to the Chase branch and speak with XXXX XXXX. He advises me that the true deadline for the NSF OD form is XXXX EST and that there's nothing that he could do. As of XXXX on XX/XX/XXXX I am still trying to resolve this and be made whole. Chase placed a hold on CERTIFIED FUNDS for a generic reason, for the longest possible hold. I'm out of {$34.00} NSF fee for this item, and {$130.00} so far from my apartment complex ( late fees, NSF fee ). Chase should be made to refund my fee, as well as make me whole for the apartment complex fees. I have a transaction history here that reflects that I had plenty of funds to pay my rent with the XX/XX/XXXX deposit, that was held for 7 biz days for a generic reason. I raised a complaint with Chase ( case # XXXX ) but was advised it could take 7 days to even hear from them from an XXXX #, but they couldn't divulge the entire phone number because it's internal. 

My mother paid {$25.00} to overnight these money orders from XXXX XXXX to XXXX so I could pay my rent on/before XX/XX/XXXX, and is disgusted to find out that Chase was refusing to clear the payment until pushed to do so today XX/XX/XXXX. They would have held the money orders for two more days, had I not escalated this today. It should not be legal to hold certified funds and deem them the same as a personal check, and still charge NSF fees when they are the ones causing the funds to not be available. I've attached a snippet from my checking account ( ending in XXXX ) showing the funds available to honor my {$1300.00} rent payment.

Company response to consumer: Closed with monetary relief