Consumer complaint received 2024-09-27
Product: Checking or savings account — Checking account
Issue: Closing an account — Funds not received from closed account
Company: JPMORGAN CHASE & CO. (CA)

On Tuesday, XXXX XXXX, I went to the XXXX XXXX, CA branch of Chase Bank and opened a business checking account. This new account was in addition to an existing Business Savings account which I had previously established several weeks prior. I transferred {$10000.00} to this business checking account for operating XXXX. 

On Thursday, XXXX XXXX, upon logging into my account via Chase 's online banking, I discovered that I had been restricted from accessing the accounts, and was informed by a notation on the screen that the two accounts, checking and savings, had been closed by the bank. A phone number was provided should I wish to gather additional information. Upon calling that number and speaking with a Chase agent, I was informed that the bank made the decision to close my two accounts. No reason was given. When I asked for the reason, I was told that it was a privacy matter and would not be disclosed. I reminded the Agent that I am the account holder and not a third party, and that the information deemed a private could and should be disclosed to me. Again, they refused to provide the reason ( s ) for the closure of the two accounts. I then inquired if I could withdraw my funds from the two accounts, and I was told to go to my nearest Chase branch and discuss the matter with them. 

I traveled to the Chase branch where I had opened the two accounts. I spoke with XXXX XXXX XXXX, XXXX XXXX  and Branch Manager. I explained to her what had happened to me with the two Chase accounts. She accessed my account records via her computer and then called a department at Chase. She confirmed to me that the bank had made the decision to close the two accounts, but even as a XXXX XXXX of Chase, she was denied any explanation or reasoning for the account closures. She was also informed that my ability to withdraw funds from either of the two accounts was blocked and that Chase Bank had seized the funds and would be holding those funds from me for at least XXXX business days, again with no explanation. 

XXXX XXXX was visibly upset by the entire matter. So much so that she opened up an internal complaint document and documented everything that happened along with both mine and her displeasure with the entire matter. I was not copied on the complaint either in print or electronically, so I do not know what specifically was in her complaint. 

On Friday, XXXX XXXX, I received a phone call from a woman in XXXX, who identified herself as a Chase Bank employee. She said she was following up on a complaint that was filed. I informed her that the complaint was filed by a XXXX XXXX and I was unable to comment on her complaint. I did, however, express my extreme dissatisfaction that my funds were being held from me, due to the bank blocking any attempt to withdraw the funds. The Agent said that she would attempt to have this block removed and would notify me of any results by XXXX XXXX XXXX the same day. 

I have XXXX confidence that this Agent will accomplish anything on this matter. I feel as if the bank seizing my money and declaring that they would be retaining those funds for at least 10 days may not being legal. Especially since I do not have any other Chase products or services, including any Chase credit cards, on which any existing or pending debts may have been made and Chase attempting to ensure the payments of such debts through the XXXX of the accounts funds. 

It is on the totality of this that I have decided to file a complaint with the CFPB. 

Thank you. 

Signed, XXXX XXXX