Consumer complaint received 2024-07-30
Product: Checking or savings account — Checking account
Issue: Managing an account — Problem making or receiving payments
Company: JPMORGAN CHASE & CO. (FL)

I deposited a check into my personal account on XX/XX/year>, but the check was issued in my business name. Unfortunately, my accountant failed to properly open my business account until XX/XX/year>. As a result, Chase placed a hold on my account, suspending all activity, including the other funds unrelated to the check, such as those in my joint account with my spouse. This hold has affected our household income, causing significant hardship and potentially violating several Florida consumer protection laws. 

In particular, this situation may violate : 1. Florida Statutes 655.85 : This statute addresses the unlawful withholding of funds and requires financial institutions to follow specific procedures when placing holds on accounts. 

2. Florida Statutes 501.204 : Part of the Florida Deceptive and Unfair Trade Practices Act ( FDUTPA ), this statute prohibits unfair or deceptive acts or practices in the conduct of any trade or commerce, including in banking. 

3. Florida Statutes 687.0304 : This statute relates to the fair treatment of consumers by financial institutions, particularly concerning the availability of funds and transparency in communication regarding account holds. 

4. Federal Reserve Regulation CC : While not specific to Florida, this federal regulation governs the availability of funds and the disclosure of hold policies by banks. It requires banks to make funds available within certain time frames and to provide clear communication about any delays. 

The check has already cleared the issuer 's bank, my company is now officially registered, and yet the bank is still refusing to release the funds from the check and lift the restrictions on my account. If the bank was unable to accept the check, they should have declined the deposit, rather than accepting the check and freezing the other funds in the account. This continued hold not only exacerbates the financial hardship but also raises serious concerns about the bank 's adherence to both state and federal consumer protection laws.

Upon speaking with a Chase bank manager and escalating the issue with customer support, the representative advised that it is not their responsibility to provide updates on the account hold. They indicated that if I want a case update, it is my responsibility to call back and inquire about the hold at ( XXXX ) XXXX. This response has added to the frustration, as it places the burden of follow-up entirely on me, despite the significant impact the account hold is having on my household 's financial situation. This situation underscores the lack of proactive communication and support from the bank, further complicating the resolution of this issue. 

I request that the hold and suspension on my account be lifted immediately. The funds from the deposited check have cleared, and my business is now properly registered. Additionally, the unrelated funds, including those in the joint account with my spouse, should not be impacted by the hold. The continued restriction is causing significant financial hardship, and I seek the prompt release of all funds and restoration of normal account activity.