Consumer complaint received 2024-08-04
Product: Checking or savings account — Other banking product or service
Issue: Problem with a lender or other company charging your account — Transaction was not authorized
Company: JPMORGAN CHASE & CO. (TX)

I am writing to formally file a complaint regarding a series of unauthorized wire transfers that occurred on XXXX XXXX XXXX 's business checking account with Chase Bank ( A/C ending in XXXX ). The details of these transactions are as follows : On XX/XX/XXXX, at approximately XXXX AM XXXX, an unauthorized online domestic wire transfer of {$19000.00} ( TRN : XXXX XX/XX/XXXX ) was made from XXXX XXXX XXXX 's checking account to XXXX XXXX at XXXX XXXXXXXX XXXX Shortly thereafter, XXXX additional unauthorized wire transfers were made for {$18000.00} to XXXX XXXX XXXX ( XXXX : XXXX XX/XX/XXXX ) and {$9200.00} to XXXX XXXX XXXX ( XXXX : XXXX XX/XX/XXXX ). The authorized operators of the account, XXXX XXXX and XXXX XXXX, did not initiate or approve these transfers. XXXX XXXX XXXX has no prior business relationship with the recipients and did not receive any goods or services from them. 

Upon noticing these suspicious transactions while making a XXXX payment of {$500.00} ( ref : XXXX ), XXXX XXXX immediately contacted XXXX Customer Service and reported the unauthorized transfers. This call began on XX/XX/XXXX at XXXX AM XXXX and lasted for XXXX hour and XXXX minutes. During this call, the third unauthorized transfer was executed. Despite repeated pleas from XXXX XXXX, it was not until later that XXXX 's representative was able to freeze the account to prevent further transactions. A case ( Claim # XXXX XXXX ) was opened and recalls for the unauthorized transfers were initiated ( recall # XXXX, recall # XXXX, recall # XXXX ). We were assured that the amounts would be refunded within XXXX business days. 

Following the call, XXXX XXXX visited the local XXXX branch and reported the unauthorized transfers to XXXX XXXX, a Private XXXX XXXX ( NMLS ID : XXXX ). XXXX confirmed the claim and the recalls, and subsequently closed the compromised account ( ending in XXXX ) and opened a new account ( ending in XXXX ) to prevent further unauthorized transactions. XXXX reiterated that the funds would be refunded within the promised timeframe. 

XXXX XXXX and XXXX XXXX have followed up daily with Chase customer support, XXXX XXXX XXXX XXXX XXXX XXXX departments, and local Chase bank representatives. On XX/XX/XXXX, upon XXXX 's request, XXXX XXXX faxed completed " Unauthorized Signature or Forged Item Declaration '' and " Statement of Facts '' forms. Despite the prompt reporting and submission of all required documentation, we received a claim denial letter on XX/XX/XXXX, stating, " We are denying your claim because we determined that the item ( XXXX ) being disputed were authorized or you received benefit from the item ( XXXX ). We will not reimburse your account. '' Subsequent discussions with the claims department and local XXXX branch representatives, including Branch Manager/Vice President XXXX XXXX XXXX XXXX XXXX XXXX that XXXX of the unauthorized transfer recipients held accounts with Chase. These accounts were frozen, with the funds still within them. 

The unauthorized transfers from XXXX XXXX XXXX 's checking account raise serious concerns about XXXX 's ability to protect customers ' funds from unauthorized activities. The loss of these funds has resulted in missed business opportunities and has required us to spend numerous hours with XXXX representatives without resolution. XXXX 's investigation process has been ambiguous, ineffective, and frustrating. 

Given the significant impact of these unauthorized transfers on XXXX XXXX XXXX, we are seeking full reimbursement for the unauthorized transactions immediately. We hope to resolve this matter promptly, with the assistance of the CFPB. 

Thank you for your attention to this urgent matter.