Consumer complaint received 2016-08-05
Company: JPMORGAN CHASE & CO.
State: FL
Product: Bank account or service
Sub-product: Checking account
Issue: Deposits and withdrawals

Complaint:
On XXXX XXXX, 2017 we deposited {$35000.00} into our Chase business checking account consisting of approximately XXXX checks from customers for their security system. This large deposit from a fixed group of customers is made every month on the XXXX. Minutes after the deposit was made, Chase closed our account, giving no reason. After all of the deposits had been processed and some of the items were returned NSF there was a balance of approximately {$40000.00} in our account. On XXXX XXXX, XXXX, manager of the XXXX XXXX Chase branch told me that we would receive the funds in our account in the form of a cashiers check on XXXX XXXX. 
On XXXX XXXX we were no longer able to access our account information online, shutting us off from bank statements and any information about our balances. On XXXX XXXX, we received a check for {$6300.00}. We called Chase and spoke ON A RECORDED LINE ( as all of the subsequent calls were ) with XXXX who verified that Chase was still holding over {$33000.00} of our funds. He told me that he would call me back within one hour and let me know the status of our money being returned. He never called back. 
Later that day, I spoke with another representative who stated that Chase would not return our money until they had called all of our customers and verified the issuance of the check with them. I then spoke with a supervisor named XXXX in Texas. I asked her how Chase would be able to reach all of our customers because they are almost all businesses and Chase had no phone number for them. XXXX informed me that Chase would research all of them through databases and call them. I asked her what would happen if they did not get someone on the phone. She stated that after 60 days Chase would probably keep all of the money even if they had reached SOME of the customers. When I questioned the legality and ethics of that she told me that if I complained to anyone that her department would retaliate by ceasing work on the project altogether and I would be referred to " corporate ''. I asked her if she could tell me who they were needing to call so I could provide phone numbers and contact info. She promised me she would investigate and call me back around noon XXXX XXXX. I never heard from her again. 
On XXXX XXXX I followed up and was told that Chase had no idea who had been called and if I had helpful info I could bring it to a branch and have it scanned into their XXXX system. On XXXX XXXX we took XXXX documents consisting of original signed check authorizations of all transactions with contact info to a Chase branch and they were scanned into XXXX. 
On XXXX XXXX, I called and spoke with XXXX who said he could not discuss returning our money for 90 days. I spoke with XXXX, his supervisor, who placed me on hold for nearly an hour then told me that he had reviewed everything and that because of the thoroughness of the documentation that he was authorizing us to be paid our {$33000.00} and that a check would be sent to us on XXXX XXXX. 
On XXXX XXXX I received a call from XXXX who told me that our funds would not be released but would be held for 90 days from the last deposit ( XXXX XXXX ). The funds would not be sent to us but we would have to call and verbally request them at which time a research process that could take several days would be launched. I told XXXX and her supervisor XXXX that I wanted some written assurance that we would receive our funds in XXXX, given the threats, contradictory stories and misrepresentations we had received on the Chase recorded lines. I was told that Chase had no way to generate anything in writing and that there was no one I could speak with if I ran into any difficulties. I asked if I could have copies of my bank statements since my online account had been deleted. I was told that the only way to get statements was to go to a branch and negotiate with them.

Company response to consumer: Closed with explanation