Consumer complaint received 2021-05-11
Product: Checking or savings account — Checking account
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: JPMORGAN CHASE & CO. (NJ)

I opened a Chase business account on XXXX XXXX by visiting the branch in XXXX, NJ. I funded the account with $ XXXX ACH transfer through my personal checking account at XXXX XXXXXXXX XXXX XXXX XXXX XXXX on XX/XX/2021 that was made available on XX/XX/2021. ( As promised, great! ) Now that the ACH connection was established I initiated a transfer of $ XXXX on XX/XX/XXXX ( fri ) for funds availability on XX/XX/2021 XXXX Tue XXXX per the XXXX ACH transaction scheduler on Chase Mobile App. I didn't see the funds in my account on XX/XX/2021. I also didn't see any deduction from my personal checking acct at XXXX. 

I called Chase business banking on XX/XX/XXXX in the morning XXXX XXXX XXXX XXXX XXXXo check on the status of transaction. They mentioned that the transaction has been pended for verification since its a high value transaction. I expressed my dis-satisfaction that Chase bank should have reached out to me for any verification that's needed. I would have been happy to oblige. The rep mentioned, I am reaching out now! ( Wait - didn't I just called you to check on the status of my transfer?? ) I was upset that Customer service was trying to cover up on the Banks lack of communication on the status/transaction tracker. I did let her know my dis-satisfaction that Chase did not send me any update on the transaction/where the process is held. I mentioned to her that its not okay for Chase to hold my transaction without giving me an update/status. I also mentioned that I needed the funds to fund a real-estate transaction XXXX very time sensitive ). She tried to host a three-way bank call with XXXX  to verify Account ownership and funds availability ( process made sense to me XXXX however she wasnt able to get through XXXX  customer service line on the phone. She then cancelled the transaction without my permission. That got me over edge ... how could you cancel a transaction without 'my ' permission that 'I ' initiated. She mentioned please use other methods to fund your account ... go to the physical branch and verify your account or get a bankers check from XXXX  XXXX XXXX to fund this transaction. 

I was super mad by then and let her know that I opened the Business banking account with Chase a few days only after I got re-assurance from Chase banker at the branch that they facilitate the high value transactions without a wrinkle. 

I escalated the issue to Supervisor and did let her of my issues ( just to re-cap ) : 1. No update/status tracker of the ACH transaction in progress on the online portal or Chase App nor did I receive an email/postal communication that the transaction is in-progress ( including high value transaction - per Chase customer service associate ) 2. When I call in Chase customer service they updated me that the transaction is pended for verification. Rep claims that me calling in to verify the status of transaction is equivalent to letting the customer know of the status of transaction. I mentioned very clearly those two are not the same. She was very polite and mentioned that's the best what she could do. Her supervisor also mentioned the same thing. 

My concern is not that they need to validate high value transactions but ChasXXXX need to update its systems to make sure Customer can receive communications XXXX email, SMS, online portal updates XXXX to request additional information from Customer as needed. 

I was banking on the fact that the funds will be available on XX/XX/2021 but that wasn't quite the case. Eventually Supervisor mentioned that even if I re-schedule the transaction it will take 2 additional days for the transaction to go-through with no assurance that it will not again be held up for additional scrutiny. 

I then asked the supervisor to compensate me for {$50.00} transaction fee levied from XXXX to which she refused. I asked her for the compensation just because of the lack of clarity in the process from Chase to transfer funds from external account XXXX my XXXX  account ). I did re-cap the entire process of my transaction where I scheduled the transaction on XX/XX/2021 and then Chase promised that the funds will be available on XXXX XXXX and then Chase messed up and didnt even update me on additional information needed and then eventually cancelled the transaction without my permission. Her only comment was 'I am sorry ' about that. Its sad to experience that from Chase which is one of the largest banks in the country ... they dont have infrastructure to provide clarity on the transaction status and ask/update the client on any additional documents requested in a timely manner?? 

This put me in risk of losing the transaction ... I eventually ate of the fee from XXXX  ( at no fault of XXXX ).