Consumer complaint received 2019-05-23
Product: Checking or savings account — Other banking product or service
Issue: Managing an account — Banking errors
Company: JPMORGAN CHASE & CO. (AZ)

Re : Chase Bank Deceptive Advertising and Sales Practices I am a 20 year account holder with Chase Bank, a retired senior citizen, and have recently had a financially and emotionally distressing experience while attempting to take advantage of one of their promotional offers. I would like to respectfully request an investigation into their promotional, advertising and sales practices. 
The promotional offer that I received from Chase provided for XXXX reward points ( convertible to {$600.00} ) or {$750.00} to convert my service charge free checking account to a Chase Signature Checking Account. The offer was contingent upon bringing {$75000.00} in new funds to their bank. After verifying with Chase employees that transfers from my IRA accounts with an outside institution would qualify, I initiated and transferred almost {$60000.00} in funds and authorized my account change to the Chase Signature Checking Account. The remaining funds were to come from a money market account that I maintain at another local institution. 
Immediately after the account type was changed on the system and the banker returned to her desk after processing the IRA deposits, I questioned the exclusions that were detailed in disclosures that she had set aside next to her keyboard. After checking with her manager, I was advised that the funds that were just deposited, did not qualify. For weeks, I was repeatedly told I would be contacted to see if there could be any accommodation. However, I have not received any calls or follow up. My follow up contact and calls with the banker were returned with no additional information provided. I recently returned from a month-long trip and did not find any further contact from Chase or the banker. 
After setting yet another appointment with the banker upon my return, I tried to change my checking account back to my service charge free checking account. I was told that there are minimum balance requirements, now in effect, that are required in order to avoid service charges on my checking account. I was also advised that the previous checking account waiver no longer applied. 
I have detailed the specifics below. 
XX/XX/2019 Received email with Sapphire Banking Promotional Offer from Chase to change my Chase checking account to their Sapphire Checking and receive XXXX Reward PointsXX/XX/2019 Was in Chase Branch. Asked Personal Banker if Sapphire Checking Promotional Offer included funds in IRA accounts. She set up appointment for later that afternoon for us to meet with Private Client Advisor. During that meeting, I showed PCA the offer. We discussed investment options for IRA funds and determined that I should set up a You Invest Account. He called a You Invest contact to verify if Traditional and Roth IRA accounts would qualify for the offer. He then walked me through the set up of my You Invest Roth IRA on my smart phone. He also gave me an instruction sheet to transfer the IRA funds as a direct rollover. Personal Banker said she would assist me with depositing the funds when I received them and also with completing the promotional offer. I went home and set up my You Invest Traditional IRA account. 
XX/XX/2019 Upon receipt of my You Invest Account numbers, I contacted the institution where my IRA accounts were housed. Using the direct transfer instructions from the PCA, I requested transfers of my Traditional IRA and my Roth funds. 
XX/XX/2019 Upon receipt of the checks, I contacted the Personal Banker and set up an appointment for to fund the You Invest accounts, complete the checking account changes and determine account options for the remaining balances I would be transferring to Chase from my Money Market account at another local financial institution. 
The PB started off our meeting by processing the promotional offer for the Sapphire Checking account change. She let me know that I also had an option of receiving {$750.00} instead of the XXXX reward points ( convertible to {$600.00} ). I decided on cash option as opposed to the rewards. She printed out some paperwork, set it aside and then contacted the You Invest Area to determine the appropriate steps to fund the You Invest IRA accounts. She completed the necessary You Invest paperwork, accepted my checks and excused herself to complete the processing of the deposits. 
While I was waiting for her to return, I glanced at the paperwork that she had set aside next to her keyboard after processing my account change. There were confusing stipulations for the {$750.00} Upgrade offer. Specifically, it detailed the following : Within 45 days, transfer a total of {$75000.00} or more in qualifying new money or securities to a combination of eligible checking, savings and/or J.P.Morgan investment accounts ( excluding CDs insurance products fixed and variable annuities ; 529 College Savings Plans ; any retirement accounts including but not limited to Traditional and Roth IRAs, Keogh, Simple IRAs, and 401 ( k ) Plans ). 
When the PB returned with my receipts, I asked about the exclusions. She, in turn, checked with her manager. Both agreed that my You Invest accounts were most probably NOT eligible. The PB said she would check further and let me know. 
XX/XX/2019 Left message for PB to call me. 
XX/XX/2019 PB called me back and set up appoint for XX/XX/XXXX to discuss. 
XX/XX/2019 PB set short term monthly service charge waiver on Sapphire checking account until further resolution to prevent monthly service charge. 
XX/XX/2019 Left message for PB to call me. She called back and set up appointment forXX/XX/XXXX 
XX/XX/2019 - PB said she had sent an email on XXXX about the stipulations in the promotional offer but had not heard back. She let me know that that the Total Checking Account that I had previously would now be assessed a monthly service charge if I maintained the balances that I previously maintained. She said that she would ask her manager to request a waiver from her district manager who was currently out of the office. She asked me to allow at least a week to see if it was approved.