Consumer complaint received 2023-01-31
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: Money was taken from your account on the wrong day or for the wrong amount

Complaint:
I was contacted by an XXXX merchant by the name of XXXX on XX/XX/XXXX, in response to a link I clicked on to get more information on business funding. I was told that I qualified for a business line of credit in the amount of {$26000.00}. XXXX XXXX ( XXXX ) then put his XXXX on the phone by the name of XXXX XXXX XXXX ) who proceeded to further explain the details of line credit stating, It would require closing fees in the amount of {$16000.00} and I would pay that on what he called a performance loan. This was to insure my company would be reported to XXXX XXXX XXXX and it was standard procedure for these types of credit line contracts. He then proceeded to state that the performance contract could be paid off early and that it needed 3 days for the reporting to convey, however, I could pay it in full as of XX/XX/XXXX. So they proceeded to send me a contract via XXXX with XXXX XXXX XXXX XXXX XXXX agreement in its title. I was told to sign this agreement after transferring at least {$20000.00} into my business checking account, also while simultaneously signing the Line Credit agreement from XXXX XXXX XXXX in the amount of {$490000.00}. So I proceeded to transfer the Funds from my XXXX account to my chase personal to by Chase business. In completion of transferring {$19000.00} into my business checking account, XXXX contacted the representative from XXXX Funds to proceed with the final interview. XXXX called back stating he received my contracts for the Line of Credit and the " XXXX XXXX '' and to be on the lookout for a phone call from a XXXX number. See next paragraph Someone From underwriting XXXX XXXX called me from a ( XXXX ) number stating this was an official interview to finalize the contract. He continued to ask me a series of questions about my identity and ownership of the company. He finalized the review with an official audio recording and said congratulations. It is very apparent that the two were in sync because as soon as I hung up the phone XXXX called and said everything went well, he also stated I would receive the money in the Morning XX/XX/23 in the amount of {$1400.00} and pay the balance of the contract in full in the amount of {$29000.00} by Monday morning XX/XX/23. 
I received a wire of XXXX on XX/XX/23 from XXXX funding into my chase account, then waited until Monday morning to wire out the {$29000.00}. That morning ( XX/XX/23 ) I called XXXX who sent over wiring instructions via email to pay off the loan in full. He confirmed with me that they received the receipt of the wire and that he also was able to get me approved for a bigger credit line ( {$990000.00} ). He proceeded to tell me that I would need to do another performance loan in the amount of {$22000.00} which would total a net {$12000.00} to close on the additional funds. I was very uneasy at this point and did not want to proceed. However, XXXX was very persistent in stating his investors would be spooked if we went back on the original amount. He said the only way to close the credit line at this point was to do the performance contract. This time the Purchase Agreement came from XXXX XXXX XXXX. In the amount of {$22000.00}. He stated they would send me XXXX and I could pay that off by Wednesday and any all fees would be credited back on the line of credit. I signed the Contract for Purchase Agreement and the New Recvised contract for the Line of credit and received a call from XXXX to interview me for the new funding amount. I completed the questioning process and he stated I would be funded in the morning XX/XX/23. I called back after giving it some thought and told the guy from the XXXX to cancel the Purchase agreement. He then told me he would waive fees if I just sent the money back tomorrow as " he would be doing me a fovor. '' These Guys have my social, drivers lic, Bank statements, address, and all kinds of other personal information.

Company response to consumer: Closed with explanation