Consumer complaint received 2023-07-18
Company: JPMORGAN CHASE & CO.
State: FL
Product: Checking or savings account
Sub-product: Checking account
Issue: Problem with a lender or other company charging your account
Sub-issue: Transaction was not authorized

Complaint:
Subject : Formal Complaint Regarding Fraudulent Charges and Non-Compliance with Regulations Dear [ Recipient 's Name ], I am writing to express my utmost concern and file a formal complaint regarding a series of fraudulent charges that occurred on my J.P. Morgan Chase account, followed by subsequent credit reversals for which I have been unjustly held responsible. This letter serves as a notification of my intent to escalate this matter to the Consumer Financial Protection Bureau, the Federal Trade Commission, and the Office of Comptroller, due to the non-compliance of J.P. Morgan Chase with its regulatory obligations. 

The fraudulent charges, along with the corresponding reversals, are outlined below : XXXX. Reversal : ATM WITHDRAWAL XXXX XXXX XXXX  Claim ID : XXXX Reversed Amount : - {$20.00} XXXX. Reversal : ATM WITHDRAWAL XXXX XXXX XXXX  Claim ID : XXXX Reversed Amount : - {$20.00} XXXX. Reversal : XXXX XXXXXXXX XXXX XXXX XXXXXX/XX/XXXX Claim ID : XXXX Reversed Amount : - {$26.00} XXXX. Reversal : XXXX XXXX XXXX XXXX XXXXXX/XX/XXXX Claim ID : XXXX Reversed Amount : - {$86.00} XXXX. Reversal : XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXXXX/XX/XXXX Claimld : XXXX - {$86.00} XXXX. Reversal : XXXX payment to XXXX XXXX - {$10.00} XXXX. Reversal : XXXX payment to XXXX XXXX - {$10.00} XXXX. Reversal : XXXX payment to XXXX XXXX - {$10.00} XXXX. Reversal : XXXX payment to XXXX XXXX - {$10.00} XXXX. Reversal : XXXX payment to XXXX XXXX - {$10.00} XXXX. Reversal : XXXX payment to XXXX XXXX - {$10.00} XXXX. Reversal : XXXX payment to XXXX XXXX - {$10.00} XXXX. Reversal : XXXX payment to XXXX XXXX - {$10.00} XXXX. Reversal : XXXX payment to XXXX XXXX - {$10.00} XXXX. Claim reversal : XXXX XXXX XXXXXXXX XXXX XXXX Claimld : XXXX - {$120.00} XXXX. Reversal : XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX  XX/XX/XXXX Claimld : XXXX - {$3.00} XXXX. Reversal : XXXX XXXX XXXXXXXX XXXX XXXXXXXX XXXXXXXX XXXX XXXXXX/XX/XXXX Claimld : XXXX - {$5.00} XXXX. Reversal : XXXX XXXX XXXX XXXX XXXX XXXX FL XX/XX/XXXX Claimld : XXXX - {$10.00} XXXX. Reversal : XXXX XXXX XXXXXXXX XXXX XXXXXXXX XXXXXXXX XXXX XXXXXX/XX/XXXX Claimld : XXXX - {$19.00} XXXX. Reversal : XXXX XXXX  XXXX XXXX XXXX XXXX XXXXXX/XX/XXXX Claimld : XXXX - {$57.00} XXXX. Reversal : XXXXXXXX XXXX XXXX XXXX XXXX XXXXXX/XX/XXXX Claimld : XXXX - {$140.00} XXXX. CLAIM REVERSAL : XXXX PAYMENT TO XXXX XXXX XXXXXXXX ] XXXX CLAIMID : XXXX - {$150.00} XXXX. REVERSAL : XXXX PAYMENT TO XXXX XXXX XXXX : XXXX - {$150.00} XXXX. REVERSAL : XXXX PAYMENT TO XXXX ] XXXX CLAIMID : XXXX - {$150.00} I want to emphasize that these charges have been indisputably proven to be fraudulent, yet I have been subjected to financial liabilities resulting from the bank 's erroneous reversal process. This blatant disregard for regulatory requirements is deeply concerning and raises serious questions regarding J.P. Morgan Chase 's commitment to consumer protection. 

Based on my understanding of banking regulations, it appears that the following violations have taken place : XXXX. Violation of the Bank Secrecy Act ( BSA ) and Anti-Money Laundering ( AML ) regulations, which mandate thorough customer identification, vigilant transaction monitoring, and prompt reporting of suspicious activities. 

XXXX. Non-compliance with the Electronic Fund Transfer Act ( EFTA ) and Regulation E, which aim to safeguard consumers against unauthorized transactions and stipulate the prompt investigation and resolution of fraudulent charges. 

XXXX. Possible breaches of guidelines set forth by the Consumer Financial Protection Bureau ( CFPB ), particularly in relation to the reversal of fraudulent charges and the subsequent financial burden imposed on innocent customers. 

I request the following actions to be taken in order to rectify this situation : XXXX. Conduct an immediate and thorough investigation into the fraudulent charges and subsequent reversal process, with a focus on identifying the lapses in internal controls and security measures. 

XXXX. Permanently remove all reversed charges and associated fees from my account, ensuring the reimbursement of any deducted funds. 

XXXX. Provide a comprehensive, written explanation detailing the circumstances surrounding the fraudulent charges, the flawed reversal process, and the bank 's rationale for holding me accountable for these financial losses. 

XXXX. Implement corrective measures to prevent the recurrence of fraudulent activities, ensuring strict adherence to banking regulations and the protection of customers ' financial well-being. 

I expect a prompt and satisfactory resolution to this matter within [ specify a reasonable timeframe, e.g., 30 days ] in order to avoid further escalation. Failure to address this complaint adequately will leave me no choice but to proceed with formal complaints to the Consumer Financial Protection Bureau, the Federal Trade Commission, and the Office of Comptroller. These complaints will seek redress for the financial losses incurred and will highlight J.P. Morgan Chase 's non-compliance with its regulatory obligations. 

Please acknowledge the receipt of this complaint within [ specify a reasonable timeframe, e.g., 5 business days ] and provide a detailed plan of action for its resolution. I can be reached at the contact information provided above. 

I trust that J.P. Morgan Chase will handle this matter with utmost urgency and take the necessary steps to rectify the unjust financial burden imposed on me. It is my hope that through a satisfactory resolution, my faith in your institution will be restored. 

Yours sincerely, XXXX XXXX

Company response to consumer: Closed with explanation