Consumer complaint received 2024-10-01
Product: Checking or savings account — Checking account
Issue: Closing an account — Funds not received from closed account
Company: JPMORGAN CHASE & CO. (GA)

Chase bank won't return my {$5000.00}. I opened a personal checking account with Chase in early XXXX. At the time I was planning to transfer my business account with another bank to Chase also, but I wanted to start with a personal account for a few months. I transferred {$5000.00} from my business account with another bank ( XXXX ) by linking my new Chase account to my business account so I could transfer easily via ACH. This required XXXX bank sending two small transactions into my Chase account that I had to verify the amount of so they could link the accounts. Once this was done, I made the transfer and Chase never flagged the incoming funds from my business account as suspicious. They were happy to have the funds sitting in Chase bank. I later deposited {$40.00} to cover a wire fee as I was planning to make a wire transfer so I could do some investments. When I tried to wire ( at the branch to make sure it went through properly as I had never wired money from Chase ) they locked and then closed my account without explanation. I had to call them and was told my money would be returned via check within 20 business days. I asked why I couldn't withdraw the funds from the branch as I needed that money. I had opened an account in good faith and trusted that my money was available to me when needed. They said check was the only option. 

During the course of the 20 business days, I received a check for {$40.00} ( the cash deposit I had made to cover the wire fee ), but not the important {$5000.00}. I called to enquire, and I was told on the phone that there was " additional verification '' they had to do regarding the {$5000.00}, but that it was finished, and I would receive my money in 7-10 days. 

Again, I waited patiently for this time to pass. On Friday XXXX XXXX ( right around the XXXX - XXXX business day mark ), I received a letter from Chase. I assumed it was the check. Instead, it was a statement showing the transactions in my account. It showed two checks for {$40.00} and {$5000.00} with a date listed as XX/XX/year> for each. It showed my account balance as {$0.00}. So, I called them as soon as I could on Monday XXXX XXXX to enquire about where the {$5000.00} check is as the statement implied the checks were done the same day on XX/XX/year> and it was now 1 month later. 

After being transferred and on hold several times, I was told that in fact a check had not been sent for the {$5000.00} and would not be sent. They said they could not verify that my business had sent the money to my Chase account. This was very confusing and upsetting to me. Was I being lied to during the previous call and stalled when told I would receive it in XXXX business days? What is the statement I received showing two checks with the same send date of XX/XX/year> and a balance in my account of {$0.00} if they have not released the {$5000.00}? Have they stolen it? 

I was told they can only verify where the funds came from by speaking verbally to the business. I asked why it has taken them so long to do so and they said they can't find a number for the business. My business is listed with the State, it has a XXXX  page and a website. My number is readily available. I provided it to the first lady I spoke with, and she said I would receive a call from them in 30 minutes or so to verify my details of the transaction. Then I was transferred to a gentleman who contradicted that and said they can only use the number that is in their " internal database '' and if they can't find the number there then they can not verify the funds and will not release them. I was dumbfounded. This sounds like a convenient way for Chase to steal people 's money by saying they " can't find '' contact details in their database and therefore can't verify the transaction or release the money. If they can't find my number in their database when it is readily available elsewhere, then there is a problem with their database. I gave them many reasonable options to verify the transfer such as providing a statement from my business account that shows the transaction and shows that I am the owner of that business account. My business bank, XXXX was shocked to hear about this and they said I could call Chase and then add them to the call and they could verify the account and transaction with my approval. There are so many ways Chase could verify that I sent this money from my business account. 

Instead, I was told that I have no recourse to recover my funds and that the money will be held in suspension for 2 years and then returned to the State. This is extremely distressing and I am shocked that an organization like Chase can do this. I understand the importance of fraud protection and security, but to have such as limited and obviously flawed way of verifying funds and refusing to take other measures to verify and release my money makes it seem like Chase is in the business of stealing peoples money, earning interest on it for 2 years before they are forced to turn it over to the State.