Consumer complaint received 2020-07-06
Company: JPMORGAN CHASE & CO.
State: CA
Product: Checking or savings account
Sub-product: Checking account
Issue: Opening an account
Sub-issue: Unable to open an account

Complaint:
I am a XXXX XXXX XXXX  in XXXX XXXX, CA. When I was fortunate enough to receive a PPP Loan from the SBA to save my business, I opened a new business account to get myself back on track. I opened that account at Chase. My wife opened her account with chase when we first moved to XXXX in XXXX of 2019, and we were forming a relationship with the worker there named XXXX. We wanted to be sure we built a relationship with our bank representative as we have had issues in the past where not having a relationship with at least a teller, doesn't work well when running XXXX Owned Businesses as we know there will be nobody there to vouch for us as good business people which banks never view us as such, even though we have run a successful business for eight years. Once the business account was opened, we used the account, were making money again, and felt like we were creating a strong foundation. We received a late stimulus check from the government, and it had both my, and my wife 's name on it and we did not yet have a joint account. We took that stimulus check, and some checks from our other account to open our new joint account, and then also opened a savings account as business had been going well, and I liked the idea of trying harder to properly build my business which will lead to wealth for my family. As XXXX took my checks to deposit them to the new account, I was notified that the funds would be on hold for 7 or so business days. Which was ridiculous because I knew that the funds would be pulled from my other bank that day, so a two week hold seemed to be sprung upon me for random selecting which they claim had nothing to do with my being XXXX, which I mentioned to XXXX, which he said had no bearing. Yet I made it certain that even if it were a computer randomly assigning, that very assigning of their algorithm is the very thing that Chase is accused of, and found guilty of time and again. I just for sure felt that this time the perceived Neighborhood Bank would stand with its XXXX Clients, and offer assistance or some sort of suggestion before assuming the absolute worst of me, and making it very clear that I was not wanted by their bank. I opened two accounts that day, and two weeks later received a letter saying that they have now reviewed my credit report ( DURING A PANDEMIC ) and decided to close my account with little to no explanation, and now place my funds in our joint name, which was the sole reason as to why I needed a new account as me and my wife hadn't operated a joint bank account yet. Now they are writing the check to our joint name, payable whenever they get around to it, and to an entity that no longer exists due to Chase bank closing my account that held that name. The check was written for XXXX and XXXX from my personal account, and that is going to tie up my funds. If my bank won't allow me to bank, I am sure I will have an issue going other places, and this is what the system does to minorities and minority owned businesses all of the time. This is beyond frustrating that in my time of needing help, and so many companies pledging their efforts to reversing the 400+ years of pushing my people from the top opportunities and just leaving us to rot, which is what they're doing to us right now. We have {$15000.00} just floating somewhere. Currently our business operates from Chase as well, and I can expect a closure of that account, especially after calling them out for their treatment of me. They don't even have to explain why the funds that we have worked so hard for are no good for their oh so prestigious bank. I have definitely had some issues in my past, but never anything illegal. I have had late payments, and work has not always been steady. But to take my money, that me, my XXXX wife, and XXXX young boys ( XXXX, and XXXX ) came down and thought would be safe, during a worldwide pandemic, where the world is so undetermined, and XXXX people are being told there is help only to find out there is not. I don't need any special hand holding, or scolding, or the same old treatment that we all have gotten so used to. I need a banking institution that doesn't always assume I'm up to something fishy, but that I'm trying to survive without thinking that somehow after we have agreed to continue a good business relationship, that Chase can no longer uphold their end and write my funds away to something that no longer exists because I am not good enough to bank with them. As much as things change, they always stay the same. We worked so hard to get ourselves out of the ditch we had been in, only to be told that no, our money isn't good enough, and we would rather send it back then see how I could possibly be given a two minute call that could have changed my world completely. It is often reminded to us that we need not even try ... so why do so much work to try and beat a stigma that MY CURRENT bank doesn't want me to break.

Company response to consumer: Closed with explanation