Consumer complaint received 2022-07-28
Company: JPMORGAN CHASE & CO.
State: TX
Product: Money transfer, virtual currency, or money service
Sub-product: Domestic (US) money transfer
Issue: Fraud or scam

Complaint:
On XX/XX/2022, I filed a CFPB complaint ( Complaint ID : XXXX ) about the action ( or lack of action ) JP Morgan Chase Bank took to recover XXXX wires totaling {$85000.00} that was sent to the XXXX, TN Scammers. Later that day I received a phone message from XXXX, a representative of JP Morgan Chase Bank from the Chase Bank Executive Office. The message states that they are researching the complaint and will respond in writing once the research is completed. On XX/XX/2022, I received a letter dated XX/XX/2022, from JP Morgan Chase Bank stating that they will not refund me the {$85000.00} because the wires were sent based on my instructions. 
Apart from my name, address, and the wired amount, nothing else in this letter applies to my situation. It does not appear any research/investigation was done - Seems they only took one of their standard rejection template letters and attach my name, address, and the wired amount. Below are a few sentences from the letter that I will quickly address : We received notifications from the recipients bank that our recall attempts were not successful. The funds were no longer available to be recovered or returned. I dont understand the above sentences because the wires were sent from a JP Morgan Chase Bank XXXX another JP Morgan Chase Bank XXXX JP Morgan Chase Bank was both the sender and recipient bank in this case. Please provide the date the funds were withdrawn from the scammers bank account If the funds were withdrawn before the date, I report the scam to the bank and ask them to freeze the account ( XX/XX/2022 ), then I agree with your decision. However, if the funds were withdrawn after XX/XX/2022, then I think JP Morgan Chase Bank should refund me the {$85000.00}. 
We recommend you work with the recipient directly to resolve this matter XXXX think I need to say much here, do they really think the Scammers are still around for me to contact them. 
After XXXX weeks and XXXX calls I was finally able to talk with XXXX about my case ( XXXX ) on XXXX XXXX. He explains to me that although JP Morgan Chase Bank was the recipient bank, they have internal guidelines that they followed. Below is my understanding of these guidelines : JP Morgan Chase Bank does not and will not freeze or partial freeze ( the amount of the wire in dispute- {$85000.00} ) until a full investigation is done. So for my case, although the FBI told me to call the bank and report the matter, JP Morgan Chase Bank would not hold the funds until they conduct a full investigation. JP Morgan Chase Bank however contact the Scammers and ask them to return the wired funds back to my account while they conduct their investigation. For the investigation they did not contact me, the FBI or any other law enforcement, so I guess they contact the Scammers and let them know While the Scammers still have full access to their bank account. After not getting any response from the Scammers, 42 days after I first reported the scam ( first reported scam on XXXX XXXX, told Scammers account closed XX/XX/2022 ), JP Morgan Chase Bank then decide to take the funds from the Scammers account. But not surprisingly, at that point the Scammers account was closed. 
XXXX sincerely apologizes and assure me that they did everything in their power to retrieve the funds from the Scammers, but the account was closed by the time they got to it. 
JP Morgan Chase Bank is a very experience and successful company, so I assume they have very smart people working for them, the internal process that XXXX describe does not make any sense. With that said, I think XXXX was just trying to feed me some XXXX. because they did not want to do the right/honorable thing and admit they drop the ball and thus refund the {$85000.00} that was wired back to my account. Even an elementary school student would know that if you let Scammers know you are on to them, they are going to take the funds and run if they still have access to their account.

Company response to consumer: Closed with explanation