Consumer complaint received 2021-01-12
Company: JPMORGAN CHASE & CO.
State: NJ
Product: Money transfer, virtual currency, or money service
Sub-product: Domestic (US) money transfer
Issue: Confusing or missing disclosures

Complaint:
I am a Chase checking account holder and have been for over 20 years. 
I also have a savings account with XXXX XXXX. 
I recently requested Chase to transfer some of my funds to XXXX. 
The transfer request was made about XX/XX/2021 and Chase indicated it would need to be scheduled for transfer on XX/XX/XXXX. 
Chase on-line indicated the funds were " sent '' on the XXXX. 
I checked my XXXX on the XXXX and the funds had not arrived. In fact the funds did not arrive at XXXX until the XXXX. 
When I queried the Chase online information it stated that " sent '' and " delivered '' are two different things. They indicated that " delivery '' is two days after " sent ''.

This raised my curiosity about why such a " two day delay '' was being imposed? 
I wondered if it was a " real '' ( ACH ) transfer delay or perhaps an arbitrary delay imposed by Chase. 

The reason I was curious was because XXXX also uses ( ACH ) to transfer my funds from XXXX to Chase, but XXXX does NOT impose a two day delay. 

[ at XXXX they indicate that fund transfers requested before XXXX will be available at the receiving bank the next morning ] So this comparison of ACH transfers seemed to indicate that Chase was imposing a two-day delay arbitrarily. 

My point is that : if XXXX can transfer via ACH to Chase overnight, why can not Chase, similarly, transfer ACH to XXXX overnight as well? 
Why is Chase imposing a 2 day delay when my funds are not available to me? 

So I wrote several letters to Chase asking about WHY the 2-day delay? 
In their response they attempted to convince me that it was necessary delay as part of the ACH transfer process. 
So I asked them to explain why? I told Chase that XXXX can transfer via ACH overnight and XXXX does not impose a 2-day delay. 
In each answer from Chase they avoided giving me any real reason about WHY the 2-day delay was " required ''. 
I asked the in my last letter to specifically address my question about why XXXX can deliver via ACH overnight but Chase imposes a " 2-day '' delay? 
Each specific question I posed was met with no specific or written explanations as to why the 2-day delay was needed. 
Now, in my last respose from Chase they told me they would no longer respond to my queries about this matter. 
I responded by asking again to simply put in writing why they impose a 2-day delay and to explain in writing why or if this is a truly legal banking practice?

So in conclusion : I am asking CFPB to look into this matter, because I am suspicious that Chase is choosing to impose a " 2-day delay '' for purposes that may be to their advantage only and I am not able to access my funds during this " 2-day delay '' period. 


Here I will attach the string of correspondence about this matter between Chase and myself over the last few days : -- -- -- -- -- -- -- -- -- -- Sent XX/XX/2021 XXXX XXXX  To Online Banking Support Subject Re : Transfer Inquiry - Generic Print this page CATEGORY TYPE : Re : Transfer Inquiry - Generic ATTACHMENTSIZE:0 All I am asking you to do is to provide a written EXPLAINATION of why XXXX does not claim to " need a 2 day ACH delay '' using ACH but Chase does take a two day delay?? 
ALL I ask you is WHY do you do this? 
WHY? 
When you know it is clearly NOT an ACH requirement since XXXX uses ACH and delivers overnight? 
WHY does Chase elect to do this? And is it a " legal banking practice '' to do it? 
Are you telling me that you refuse to answer my question and are therefore " driving '' me to take my question to the Federal Consumer Protection Banking dept? 
All I'm asking you to do is EXPLAIN ( in writing ) why you " claim it is an ACH '' requirement .... when, I'm quite sure, you know it is not. 

-- -- -ORIGINAL MESSAGE -- -- - Hello XXXX , Thank you for contacting us. We appreciate your feedback and share this to the appropriate team. 

XXXX, I understand and respect your position. I'm sorry that there's nothing more we can do to help you with this issue. 

We won't respond again, but we'll keep the information you sent us about this on file. 

Please contact us with questions or concerns. We're here to help and are committed to providing you excellent service. 

Thank you, XXXX Chase Email Servicing Original Message Follows : -- -- -- -- -- -- -- -- -- -- -- -- CATEGORY TYPE : Re : Transfer Inquiry - Generic ATTACHMENTSIZE:0 Obviously you did not READ my message. 
I was NOT asking you for why money did not transfer INTO my account on time. NO ... ( and btw, 3 to 5 days is unconscionable ) So I was asking you to explain WHY my outbound transfer from Chase to XXXX takes so long. Where is my money after you say it was " sent '' but hasn't been " delivered ''?? 
There is no imaginary location between sent and delivered. 

You claim it was sent on the XXXX but delivered on the XXXX. 
Where is my funds during those 2 days? ... In an electronic transfer from Chase to XXXX ... the electronic signal goes directly from Chase 's computer to XXXX 's computer ... there is no imaginary " in transit '' location. 
You know this and I know this ... because when I transfer funds out of my XXXX account to go to my Chase account, XXXX 
( If I request the transfer at XXXX prior to XXXX ), the funds always show up in my Chase account first thing the next morning. 
So if XXXX can send money to Chase without any delay ... 
WHY does Chase have a phony delay from Chase to XXXX? 



-- -- -ORIGINAL MESSAGE -- -- - Hello XXXX , Thank you for contacting Chase , and it is my pleasure to review your request. 

XXXX, please note that for most external transfers ; it may takes three to five business days to receive funds and for them to appear in your account. 


Thank you, XXXX Chase Email Servicing Original Message Follows : -- -- -- -- -- -- -- -- -- -- -- -- CATEGORY TYPE : Re : Transfer Inquiry - Generic ATTACHMENTSIZE:0 XXXX  did NOT put a " hold '' on the funds ... No. XXXX did not receive them when I wrote to you. 
Why does Chase say " sent XX/XX/XXXX '' .. but " Delivery on XX/XX/XXXX ''????? 
Why not deliver on the same day. 
Chase is taking advantage of my funds by deducting them from my account as soon as I make the transfer request XX/XX/XXXX, ... and then Chase keeps those funds for their own use until they scheduler the transfer on XX/XX/XXXX. How ever Chase STILL keeps my funds ANOTHER 2 days, by not delivering until the XXXX. 
That is unfair to me, you customer. 
It is not necessary to do this. 
Chase is taking advantage of holding my funds from XX/XX/XXXX till XX/XX/XXXX and I do not have use of my funds while Chase has my funds. 
Why do you falsely claim that it is " in transit ''. WHERE is the money, if XXXX has not received it and Chase says it was " sent ''? 
Why does only CHASE do this? 
XXXX does not play games with my money like that. 
No. 
If I request a transfer from XXXX prior to XXXX to deliver to Chase, the money is in my Chase account 1st thing the next morning. 
So if XXXX can transfer my funds from them to you overnight .... why can't Chase transfer from Chase to XXXX the same way? 
Your excuse of " in transit '' is just a poor business practice and you are taking advantage of keeping my funds longer than needed. 



-- -- -ORIGINAL MESSAGE -- -- - Hello XXXX , Welcome to Chase Secure Message Center. We'll be sure to provide some assistance regarding your online funds transfers concern. 

XXXX, we confirmed that your transfer was sent as you requested. Here are the details of your transfer : - Transferred from a Chase account ending in XXXX - Transferred to a non-Chase account ending in XXXX - Transfer amount of {$600.00} Transfers to an external non-Chase account should be available in the external account within two business days from the Send On date.

Other financial institutions may place a hold on the deposit ; Chase can't remove or modify the hold placed by other financial institutions. 

We value your relationship with us, and we hope that the information we provided is helpful. 




Thank you, XXXX Chase Email Servicing Original Message Follows : -- -- -- -- -- -- -- -- -- -- -- -- XXXXXXXX  NAME : XXXX XXXX DBA XXXX  XXXX Transaction number : XXXX Reason XFER_NOT_RECEIVED -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -

Company response to consumer: Closed with explanation