Consumer complaint received 2023-10-20
Company: JPMORGAN CHASE & CO.
State: NJ
Product: Credit reporting or other personal consumer reports
Sub-product: Credit reporting
Issue: Problem with a company's investigation into an existing problem
Sub-issue: Their investigation did not fix an error on your report

Complaint:
In XXXX of XXXX, I received a letter from JP Morgan Chase Bank ; the bank which our XXXXXXXX XXXX  ( did ) all of our commercial banking, which stated that due to an internal risk-analysis review, they were terminating their banking relationship with our company to include our checking account and credit card accounts ( all of which were in good standing since inception ). Our commercial banking representative, on our behalf, tried to get an explanation and dispute this action as we are a great customer, but was unsuccessful and ultimately no explanation was furnished as to why this happened. They advised us that they were under no obligation whatsoever to explain their decision process or provide evidence as to what they were reacting to. 

We immediately established banking relationships with two other major banks, which we have active to this day. 

Chase DID extend the time before closure allowing us the opportunity to redirect incoming receivables to our new accounts, and in XXXX of XXXX, proceeded to close our Business Checking account and our Chase Visa Credit Card account on XX/XX/XXXX. 

AFTER the accounts were closed, on XX/XX/XXXX Chase allowed a health insurance premium ( {$2800.00} USD ) expense that was scheduled for AutoPay to clear on the CLOSED credit card account and provided me with NO NOTICE that this had happened. In other words, I had NO IDEA that the CLOSED account had been charged and now carried a balance. Since I had no idea that there was a balance on the closed account, and that payment was due, I did not make any further payments to the account because I believed that it was fully closed down and XXXX  out. 

In XXXX of XXXX, I received an email notification from a credit bureau monitor ( XXXX XXXX ) that my credit score had dropped significantly. I logged in and checked the report to find that Chase Bank was reporting my account as delinquent, with finance charges, and that had dropped my personal credit score by over XXXX points! 

I immediately logged into Chase Bank online using my old credentials and discovered the past due balance. I immediately settled this balance IN FULL, including the finance charges, with our business checking account at another institution. I also called our former commercial banking representative from Chase and advised him of what happened. He apologized for the inconvenience, and alerted me that he was filing a dispute to the credit reporting, and to expect a call with a decision in the coming days. 

Today, on XXXX XX/XX/XXXX, I received a call from a low-level chase representative advising me that they would NOT be withdrawing the credit reporting of the ( now XXXX XXXX past due balance because they had sent a letter in XXXX to our office XXXX XXXX that Autopay was no longer available on our credit card account. This letter was received ; however it DID NOT INDICATE ANY BALANCE ON THE ACCOUNT! I have attached a copy of the letter received- which Chase claims was how they NOTIFIED me that the CLOSED account had a balance ( that was cleared AFTER the account had been forcefully closed by Chase ). I simply disregarded this notice thinking that the account was closed and any automatic notification about autopay was simply an automated email!

Company response to consumer: Closed with explanation