Consumer complaint received 2023-07-05
Company: JPMORGAN CHASE & CO.
State: NY
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
XXXX XXXX XXXX XXXX XXXX XXXX, NY, XXXX XXXX XX/XX/2023 Consumer Financial Protection Bureau Subject : Complaint against Chase Bank regarding account closure and withholding funds Dear Sir/Madam, I am writing to file a formal complaint against Chase Bank regarding the imminent closure of my account and the unjustified withholding of funds. I believe that Chase Bank 's actions are in violation of consumer protection regulations and warrant investigation by the Consumer Financial Protection Bureau. 

On XX/XX/2023, Chase Bank informed me that they will be closing my account due to their inability to verify the issuer of the three checks I deposited. These checks were dated XX/XX/XXXX and XX/XX/2023. Despite the fact that these checks have been cleared, Chase Bank has restricted my access to the funds, citing the need to verify the issuer. 

In an attempt to resolve this issue, I contacted Chase Bank on XX/XX/2023, and provided them with the phone number of the issuer. However, to my dismay, the representative informed me they would not contact the issuer as the provided phone numbers were not approved. This arbitrary restriction further exacerbates the problem and prevents me from accessing my own funds. 

Furthermore, the representative stated that any funds other than those from the checks would be returned to me. However, the funds from the checks would be withheld for up to two years and then sent to the state. I would then be required to work with the State of New York to recover the withheld funds. This unreasonable course of action places an unnecessary burden on me as a consumer, as I would be subjected to additional time and effort to retrieve funds that are rightfully mine. 

I strongly believe that Chase Bank 's actions are not only unjust but also contrary to the principles of fair banking practices. I request that the Consumer Financial Protection Bureau launch an investigation into this matter and ensure that Chase Bank rectifies the situation promptly. I kindly ask for the following actions to be taken : 1. Investigate Chase Bank 's account closure policy and the withholding of funds without proper justification.

2. Determine whether Chase Bank 's refusal to contact the issuer of the checks is reasonable and compliant with consumer protection regulations. 
3. Ensure that Chase Bank provides immediate access to the funds from the cleared checks and any other funds in my account. 
4. Impose appropriate penalties and corrective measures if it is found that Chase Bank has violated consumer protection regulations. 

I have attached copies of relevant documents, including the deposit slips, cleared checks, and any communication with Chase Bank, for your reference. 

I appreciate your attention to this matter and trust that the Consumer Financial Protection Bureau will take the necessary steps to address this issue promptly. I look forward to a resolution that ensures my access to the funds and upholds the rights of consumers. 

Thank you for your time and consideration. 

Sincerely, XXXX XXXX

Company response to consumer: Closed with non-monetary relief