Consumer complaint received 2023-05-24
Company: JPMORGAN CHASE & CO.
State: GA
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Funds not handled or disbursed as instructed

Complaint:
On XX/XX/XXXX, I wrote a check to a contractor out of my Chase Bank business checking account in the amount of {$6600.00} and mailed it to my vendor. The check was intercepted in transit and never reached the intended payee. It was then improperly endorsed by the interceptor and deposited by XXXX  XXXX XXXX. 

This was brought to our attention XX/XX/XXXX at which point, I called Chase and made a fraud claim on the phone. The fraud agent recommended I go into a local branch to complete a Declaration of Improper Endorsement form to complete my claim asap, which I did immediately that day. The branch offered to send copies of my paperwork directly to the fraud department on my behalf which I allowed. 

I followed up with the fraud department on the status of my claim for several weeks after that and kept being told they were still awaiting my Declaration of Improper Endorsement. I went back to the same local branch again on XX/XX/XXXX and the same advisor helped me contact the fraud department, who asked us to complete the paperwork a second time and resend. I did so, and once again the branch advisor sent copies to the fraud department via regular mail and digitally directly to the fraud department. 

I proceeded to contact the fraud department every few weeks to check on the status of my claim and was always met with the same response which was that they were still awaiting a response from the depositing bank which was XXXX  XXXX XXXX. 

I went back to the branch again on XX/XX/XXXX to see if the same helpful advisor could help get me some more information on the status of my claim. We reached out to the fraud department together, and were told that there was no new update, and we were still waiting on XXXX  XXXX XXXX to respond. At this point it had been well over the 90 day period I was told they had to respond within. 

I called the Chase Bank fraud department every few weeks after that for the last 6 months and have been given no new updates on my case. 

On XX/XX/XXXX I contacted the CEO and General Counsel of Chase Bank directly and made them aware of details of my claim. I explained that while the amount of the check is small in comparison to most business transactions, the loss of funds has been directly impacting my small business operations. And that I had now spent several hours at the bank and on the phone with the fraud department and was growing increasingly frustrated by the lack of urgency in the matter. I recognized that I know it is up to the endorsing bank to reconcile this issue, however as a valued client of Chase Bank, I felt some effort should be made by them to refund my money as quickly as possible. I got a call and email response from a representative of the executive branch of Chase within a week of contacting them. The rep offered me assurances that my case would not go unresolved and that they would check in with XXXX  XXXX XXXX again on my behalf and monitor the claim. 

On XXXX XXXX I received a letter in the mail from Chase Bank alerting me that XXXX  XXXX XXXX had declined my request for reimbursement and that my case had been closed. 

Enraged, I reached back out to the executive office and fraud department. I have not received a response from the executive office and I was told by the fraud advisor that I would likely have file another claim in order to try to recoup my funds again. As it stands right now, I have no recourse options available to me. 

It is overwhelmingly frustrating that neither XXXX  XXXX XXXX, who allowed the incorrect endorsement, and Chase Bank, who released my funds, will take ownership or offer any assistance.

Company response to consumer: Closed with explanation