Consumer complaint received 2021-12-19
Company: JPMORGAN CHASE & CO.
State: CA
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
Summary : I guess Chase is just pretending that they didnt freeze my business funds for approximately two weeks without prior notice while I was on a business trip to find rental properties in Texas . Chase provided no solutions other than for me to wait for an unknown future date to get access to the money due to an XXXX  software issue. I had to pass on opportunities due to not having any money as well as use my personal funds to pay for expenses. It is unacceptable for them to freeze approximately {$200000.00} with no notice, provide no assistance, and prevent me from operating my business. 
Details : I opened the account on XX/XX/2021, and provided Chase all the required information listed from their online list. I was told the account was opened successfully and needed to fund the account in ten days. Therefore, I transferred the {$200000.00} to fund the account. I then received a mailed letter dated XX/XX/2021 to provide additional information. On XX/XX/2021, I provided the additional information. I emphasized I was heading to Texas to purchase the rental property and did not want any issues with the money. I was assured I would be alright and the banker even had a new credit card issued so it would arrive before my departure. Great! On XX/XX/2021, the personal banker telephoned that my business account had been frozen, because I needed to provide social security card. He had not been given prior notice either. I would not be able to access any money until I brought in my social security card. I had to pay for the second hotel and other expenses with my personal funds. Many apologies from the personal banker, but no answers of why Chase froze funds with no prior notice and to do it after I provide them with all requested documents. 
XX/XX/2021, I provide my social security card, but the funds were not made available. On XX/XX/2021, I was then told I needed to provide a copy of a bill with address, which I provided. The funds were still not made available and I was told the XXXX department was no longer taking phone calls and correspondence had to be done via email. Know your customer ( XXXX ) was the department that seized my money with no notice. The personal banker said these other requirements were being told to them after the freeze of funds by XXXX. The additional documents were not written or known to even them. I was informed I was among many new small business owners nationally affected by an XXXX  software issue. My money was not seized due to a government warrant or due to illegal activity. The fastest way to getting my funds were to provide the documents, which is what I did. I asked for a letter that stated when Chase froze my account, why no prior notice, why even freeze when I had been to the bank to take care of their requests, why they declined any assistance to keep me operational, and an official apology. I was told by the banker that my account was sent to escalations. XX/XX/2021, I spoke with escalation specialist, XXXX. I asked if Chase would provide temporary funds while they worked out the issues. She said no. I asked what solutions they had for us business owners. She said I just had to wait. I asked to speak to a manager as no solution ( s ) was not acceptable. To add insult to injury, XXXX then told me she had to hang up because she had other things to do. So disrespectful and the companies noncaring attitude. I was not even on the phone call for 6 minutes. To date I have received nothing ( no letter ) and it is safe to say there is no intent for them to do so. 
I wired Chase {$200000.00} and then to be shut off from it at no fault of my own caused incredible hardship. I spent 11 years saving and waiting for the moment to start my company. I never thought my barrier to entry would be my own bank that I trusted to look out for me. Chase should never be able to freeze legal accounts and then provide no answers to those affected. They literally just threw their hands in the air and said wait it out.

Company response to consumer: Closed with explanation