Consumer complaint received 2019-06-14
Product: Payday loan, title loan, or personal loan — Installment loan
Issue: Problem with the payoff process at the end of the loan — 
Company: JPMORGAN CHASE & CO. (MO)

My husband and I bought our vehicle from XXXX XXXX in XX/XX/XXXX that was financed through Chase Auto. XX/XX/XXXX we decided to refinance through the bank that I currently work at. On XX/XX/XXXX I received the 10 day payoff as requested in the amount of {$18000.00}. A loan officer through my employer mailed out the payoff check on XX/XX/XXXX in the amount of {$18000.00}. I checked our Chase account through the mobile app daily. Finally on XX/XX/XXXX I called Chase asking if they had received the check for the payoff. A customer service representative told me they had not received it and to put a stop payment on it. Same day, XX/XX/XXXX there was a stop pay put on that check, {$18000.00} and a loan officer mailed an over-night check through XXXX in the amount of {$19000.00} to the address provided on the payoff form for over-night checks in Texas. On Monday XX/XX/XXXX I checked the account again and the first check {$18000.00} was processed to our account as a " short payoff ''. I called Chase again and explained to them the check they processed has a stop payment on it but there was a second check mailed to them over-night. They told me they could not find the second check. The loan officer checked XXXX tracking and found a tracking number for it and was received on Monday XX/XX/XXXX at XXXX. I was told this is not how they do business and that there was an on-going investigation on our account because they could not find the second check and that a " case manager '' would give me a call on Monday XX/XX/XXXX. A co-worker and I spoke with employees through Chase and to our understanding, they will hold checks for 7 to 9 business days before they process them because of the amount of payments they get in a day which means accruing more interest daily for each customer. I then asked them their process of over-night checks and they explained to me they back date payments to the day they receive them. I looked up the first check they processed through a website we have and they had stamped " XX/XX/XXXX '' on the very front of the check. The check was stamped with that date but was not processed until XX/XX/XXXX so my account was accruing interest every day. After not receiving a call on Monday, XX/XX/XXXX from the " case manager '' I called again today, Thursday, XX/XX/XXXX. I explained everything that has been going on since the very first phone call I made to Chase on XX/XX/XXXX. I have called other employees through the bank I work at about the check with the stop payment on it. They returned that check on XX/XX/XXXX and was told it should fall off on Chases end that Monday XX/XX/XXXX. I was told they do not have access to see checks after they have been processed. I faxed a copy of the check with the date stamped on it to the fax number provided. I was told they did not post that check correctly which means they do not always back date checks to the day they receive them. Our account with Chase is still currently not paid off and this is holding us from getting our Lien Release so we can cancel our XXXX Insurance through XXXX XXXX and get a new title. I understand holding a Lien Release for up to 10 business days, but they failed to process the payoff upon received, which is illegal and a violation to banking regulations. I have spoken with many employees from Chase and have not received any help to fix this as this has been going on for 14 days now. They are extremely unprofessional and I do not see how their processes are effective in any way. I made my last and final call to them XX/XX/XXXX. I was told is takes 10 business days for a returned check to fall off on their end, which was not explained to me in the phone call on XX/XX/XXXX and to my understanding it should not that that long, dragging this out even longer. I have been told by several employees/managers they will back date the second check {$19000.00} to XX/XX/XXXXas that is when the very first check was received. I still do not have my Lien Release but now have our first payment due with our new lien holders. They need a complete full audit for my concern of this happening to other customers.