Consumer complaint received 2017-09-01
Company: JPMORGAN CHASE & CO.
State: OH
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:
XXXX/XXXX/XXXX I discovered that a fraudulent charge had posted to my small business checking account from XXXX/XXXX/XXXX. I immediately contacted JP Morgan chase to dispute the posted charge along with another fraudulent charge that was pending out of my account since obviously it seemed my account had been compromised. I was transferred to the customer claims department to process the fraudulent transaction. The lady submitted the claim and sent me the appropriate documents for me to review, verify the transaction I was disputing and to confirm by signing and sending back that I did not authorize the transaction. On XXXX/XXXX/XXXX I went into a local branch to close compromised account and open a new business checking account. I was not able to send the signed fax documents till XXXXXXXX XXXX on XXXX/XXXX/XXXX. By that time XXXX on XXXX/XXXX/XXXX at XXXX send me a document stating they researched the transaction and confirmed the business to business electronic payment and they we will not remove the transaction. I called XXXX to understand why I was getting this document, I was told it was because I did not notify them within 24 hrs. Which did not make any sense, since within the same week I found that 2 other accounts of mine had been compromised and one of the transactions was from 5 days old from when I disputed  and funds were returned and chase acknowledged that those transactions were fraudulent. I went to the local branch where the gentleman XXXX XXXX at the XXXX, OH location assisted me in closed the compromised accounts and open new accounts, to see if he could provide me more information. He called in to find further information and a supervisor at XXXX stated that business accounts notification needs to happen within 24hrs and personal accounts have 60 days for notification per federal regulation E. They provided me with the phone number XXXX associated with the transaction and that along with the description i could see of XXXX XXXX, XXXX XXXX XXXX was another name attached to the transaction. XXXX basically wiped their hands of this situation saying they had done all they could do. And said my only recourse as this point to recover my stolen funds was to contact the number they provided me associated with the transaction. 

I went home and looked up federal regulation E on the government website and regulation E states that for unauthorized transactions the institute needs to be notified within 60 days. There is no stipulation that this is for person or business. Or that for a business account different regulations applied. 

I also called the number associated with XXXX XXXX XXXX which is basically a division of XXXX. I spoke with their fraud department and since I do not have account with them they are unable to track the transaction by the date, amount and description that was sent to chase for the fraudulent transaction. They informed me that they are not able to help me that i must talk with my financial institution. I told them I had already and the bank/financial institution said i need to talk to place where the transaction initiated from. 

So basically I am left without recourse to recover the funds from the fraudulent transaction and from my information being stolen. I am a small business and a {$1000.00} is a major deal to me. I am not a large company that can absorb a {$1000.00} loss. There has to be another way to recover the fraudulent charges.

Company response to consumer: Closed with explanation