Consumer complaint received 2024-09-16
Product: Money transfer, virtual currency, or money service — Foreign currency exchange
Issue: Fraud or scam — 
Company: JPMORGAN CHASE & CO. (CA)

On XX/XX/2024, Chase Bank in XXXX XXXX induced me to open an account by assuring me, multiple times, that it could accept and process a check in rupees from XXXX. 

I explained to the assistant manager, XXXX XXXX, that my bank, XXXX XXXX XXXXXXXX, would not process the check because it did not accept that type of currency. I further explained that the check was a distribution to me and other family members from the sale of a family home in XXXX, XXXX. 
XXXX XXXX examined the check and told me that Chase could process the check. I asked XXXX XXXX if she was sure because I am relying on it since I took out a loan that I had to pay back with proceeds from the check. 

XXXX XXXX assured me that Chase could process the check. I further explained to XXXX XXXX that other family members who received a similar distribution were having trouble finding a bank to process the check and that I, again, wanted to confirm that Chase could process the check. 

XXXX XXXX assured me and told me yes, dont worry, Chase can definitely process the check and that I would just have to open an account with Chase and I would see the funds in my account in XXXX weeks, maybe more. 

XXXX XXXX added me to the queue to meet with a banker who would open a Chase account for me. 

As I was waiting, I walked up to XXXX XXXX, who was in the lobby greeting customers and told her I was going to call my sister to tell her that Chase could process the check and wanted to confirm the information she told me was correct that Chase would process the check and funds would be in my account in approximately XXXX weeks. XXXX XXXX, assured me, again, that XXXX would process the check and funds would be in my account in approximately XXXX weeks. 

After multiple assurances by XXXX XXXX, I felt confident that XXXXhase would process and fund the account that I would open with Chase. 

As I waited for the banker, I called my sister and told her that Chase would process the checks and that all we had to do was open an account with Chase. Since my sister lives in Montana, the closest Chase Bank was 2 hours away but sister told me that Chase told her they would take the check. My sister, like me, wanted to be sure since she had to drive 2 hours from her location to XXXX, MT. As I was waiting for the banker my sister called me and excitedly told me that, XXXX XXXX, a manager at Chase confirmed they would process the check and she would see funds in about a month or longer. 

XXXX, the banker who opened the account for me confirmed that the funds from the check would show in my account in approximately XXXX weeks or longer. I inquired how the conversion would take place and he explained that once the check was sent to the bank in XXXX, it was up to XXXX what the conversion rate would be from XXXX to XXXX dollars. My sister confirmed with Chase Bank, in XXXX, that the conversion rate from Rupees to XXXX. Dollars, as of XX/XX/2024, was {$9900.00}. 


Prior to leaving the Chase Branch, in XXXX XXXX, on XX/XX/2024, XXXX XXXX gave me a Notice from JP Morgan Chase, listing her name and a notice stating the terms, including a notice stating that if, after funds, are transferred into the account and funds are not paid to Chase, then the account holder would be responsible for repaying Chase. However, nowhere in the notice does it state that Chase would not be able to process the check and fund my account. See Notice To All Customers. 


On XX/XX/2024, relying on Chases assurance that I would receive funds in my newly opened Chase account within XXXX weeks or more, I made several transactions, with the loan I took out, totaling several thousands of dollars. XXXX redacted Bank XXXX XXXX statement. 

On XX/XX/2024, I received a UPS envelope that contained a letter, dated XX/XX/2024, from Chase that the check, which XXXX assured me, on XX/XX/2024, would " definitely '' be processed and deposited into my account in approximately XXXX weeks, had been returned unpaid because Foreign Regulators Prohibit Clearing of the Check Please contact the person who wrote it. The check itself was stamped multiple times on the back and stapled to the letter. See letter, dated XX/XX/2024. 

On the same day, I went to XXXX in XXXX XXXX and spoke to XXXX. I explained that I relied on her and Mikes assurance that the check would be processed and funded into my account in approximately XXXX weeks. XXXX explained that they show no restrictions that XXXX could process the check and fund my account. She confirmed by logging on the XXXX system and told me again there were no restrictions for that type of foreign currency. 

I reminded XXXX that I was relying on her assurance that the check would be processed as I was relying on those funds to pay back the loan I had taken out. 

XXXX told me she was going to find a way to fix thisI have yet to hear back from XXXX. 

At this point, I had spent thousands of dollars from the loan I took out in XXXX of Chases assurances that, not only would the check be processed, but that my account would be funded in XXXX dollars in approximately XXXX weeks. 

My sister contacted me and told me her check was returned and that she called the XXXX and XXXX XXXX XXXX number that is on the notice. I then called and spoke to a representative who explained to me that if XXXX assured me that the check I presented to them would be processed and funded into my account, then I should speak to the branch XXXX to see what they could do for me. 


On XX/XX/2024, I contacted XXXX in XXXX XXXX and spoke to XXXX, the branch XXXX and explained that I was literally promised that the check would be processed and funded to my newly opened XXXX account within XXXX weeks and that I would use some of those funds to pay back the loan. XXXX told me this was a learning experience for his branch and that he assured me he would handle the matter internally. 

I told XXXX that was unacceptable and I completely relied on XXXX multiple assurances that XXXX would definitely process the check and fund my account in approximately XXXX weeks and that I am relying on Chase to provide me with those funds so I can pay back a loan. XXXX told me he would escalate my concerns to management and that I should receive a call in XXXX days. 

On XX/XX/2024, I received a call from XXXX, who handles complaints within XXXX. XXXX listened to me for approximately XXXX minutes as I explained the ordeal I encountered with XXXX and XXXX multiple assurances that XXXX could process and fund my account in approximately XXXX weeks. XXXX told me that XXXX will use this opportunity as a learning tool to train XXXX employees in the future but that he could nothing for me. 

I explained to XXXX that this was an unacceptable solution and that I expected XXXX to honor the multiple assurances made by XXXX that XXXX would process and fund my account since I relied on these funds to pay back a loan. 

I relied on Chases multiple assurances that it could definitely process the check I presented and fund a newly opened account with XXXX from the proceeds of that check. Further, I would have seriously reconsidered spending thousands of dollars if XXXX would not have assured me, multiple times, that it could definitely process the check and fund my account. 

Please note that it is not the return of the check, unpaid, that is the issue for me but the multiple assurances by XXXX that I relied on that XXXX could definitely process the check and that funds would clear my account in approximately XXXX weeks that induced me to open an account with XXXX and in turn pay out thousands of dollars, from a loan I obtained, in reliance that I would have the funds in that XXXX account, in approximately XXXX weeks to pay back a loan All of which XXXX knew. 

On XX/XX/2024, I sent XXXX the attached letter notifying of my exercise of the XXXX deadline to dispute the non-payment of this item based on the multiple assurances by XXXX that XXXX could definitely process and fund a newly opened account with XXXX from XXXX proceeds received from the check. 

In my letter, I suggested an acceptable solution would be for XXXX to provide the funds to me in the amount of {$9900.00}, or the current foreign currency rate, based on my reliance that XXXX ASSURED me that it could process this check, knowing that I had taken a loan that I planned to pay back with the proceeds received from the check. 

Alternatively, I suggested it would be acceptable for XXXX to locate another financial institution that would process and fund the current rate of the check. 

However, due to the multiple stamps and staple on the check, I was concerned that no financial institution will process it much less fund it. 

That concern came into fruition when I took the check to a XXXX at XXXX XXXX Bank XXXX XXXX XXXX and was told that they would have considered taking the check but due to the multiple stamps on the back the check has been rendered no good. 

I filed a formal complaint with XXXX and received a call back from a female at the headquarters of XXXX who told me that they had a right to refuse the check because once I opened the account, I signed an agreement that XXXX can refuse a deposit. I, however, explained to her that it was my reliance on XXXX 's muliple assurances that XXXX would process and fund the account within XXXX weeks, knowing that I was relying on those funds to repay a loan. 

I relied on XXXX 's promise to my detriment, as XXXX knew I took out an outside loan that it knew that I planned to pay back with the funds from the check I was promised that XXXX could process. I also believe that XXXX fraudulently misrepesented that could " definitely '' process the check to induce me to open an account. 

I request that since the check has been rendered no good, as stated by XXXX XXXX Bank, that XXXX either provide me with the promsed funds of {$9900.00} ( the current currency at the time ) or find another source to provide the funds to me.