Consumer complaint received 2015-07-07
Company: JPMORGAN CHASE & CO.
State: NY
Product: Bank account or service
Sub-product: Checking account
Issue: Account opening, closing, or management

Complaint:
In early XXXX, at the request of my cousin XXXX XXXX, I deposited a XXXX XXXX check # XXXX for {$50000.00}, payable to and endorsed by him, into my JPM Chase account number XXXX. Chase cashed the check but then held onto the funds, stating that it was to protect me from possible fraudulent activity. Chase then stated that XXXX XXXX needed to appear in person and verify that he had endorsed the check. I explained that XXXX XXXX resides overseas. Chase gave me XXXX days for XXXX XXXX to appear and verify that he had endorsed the check, or Chase would close my account and hold onto the funds until " whenever XXXX XXXX turned up in person '' to verify that he did endorse the check. It was not possible for XXXX XXXX to comply with Chase 's request because he and his family reside overseas in XXXX, and travel to the XXXX requires a XXXX ( which has a lengthy application period ), and there was no guaranty that a XXXX would even be granted after an application. Chase closed my account and seized the cash. 

XXXX XXXX sent a letter to XXXX XXXX XXXX, CEO of Chase verifying that he endorsed the check, and included copies of his passport and driver 's license as proof of identity. I also sent XXXX XXXX a letter asking for the release of the funds. The request was handed over to XXXX XXXX XXXX ( phone XXXX, extension XXXX ) who has refused to release the money. Chase asked that XXXX XXXX recall the funds, but XXXX XXXX XXXX, via XXXX XXXX ( phone XXXX ) said that the only way that would have been possible was if the transaction had been a wire transfer, and additionally, the lifetime of the check had expired and there had been no complaints of irregularities, so any disbursement of the funds was Chase 's responsibility. 
This money did not come from any illegal activity. It was from an award which XXXX XXXX 's brother XXXX XXXX received for their mother 's death at his birth XXXX years ago. In an act of brotherly love, XXXX shared his award with his brother XXXX and his XXXX sisters XXXX and XXXX XXXX who also live abroad. Upon instructions from XXXX, XXXX XXXX XXXX XXXX, on XXXX XXXX, 2014, issued checks with XXXX 's address in XXXX XXXX printed on them, but payable to his XXXX siblings. He then gave the checks to XXXX ( who vacations regularly in the XXXX ) for her to distribute. At XXXX 's request he received XXXX checks - XXXX for {$25000.00} and another for {$50000.00} ( check # XXXX ). He cashed the XXXX check in XXXX where he resides, but endorsed the {$50000.00} check, sent it to me via XXXX and asked me to deposit it and keep the money for him because he did not want to have easy access to it. On XXXX XXXX, 2014, XXXX XXXX opened an account at JPM Chase in XXXX, XXXX, with her check from XXXX XXXX for {$75000.00}. I only mentioned XXXX XXXX 's check to show that Chase found nothing wrong with a check similar to XXXX XXXX 's check. Chase refuses to release the money despite being provided with an endorsement confirmation letter, and identification from XXXX XXXX, while imposing an unreasonable " appear-in-person '' demand in order to release the {$50000.00}, but offers no help to get XXXX XXXX to the XXXX to comply with its self-serving demand which allows Chase to profit by investing the money. Chase 's actions are akin to bullying and theft! 
Due to Chase 's actions XXXX XXXX 's vehicle in XXXX has been repossessed because he was unable to make his payments. He has only a small grace period to make his payments current and reclaim his vehicle. I ask your help in securing the release of the {$50000.00} from Chase. If you are unable to help I will make the media aware of Chase 's actions, and file a suit against Chase for damages incurred due to the illegal seizure of the funds.

Company response to consumer: Closed with explanation