Consumer complaint received 2024-09-05
Product: Checking or savings account — Checking account
Issue: Managing an account — Banking errors
Company: JPMORGAN CHASE & CO. (MA)

Formal Complaint : Mishandling of {$7000.00} Deposit and Violation of Consumer Protection Laws Dear Chase Customer Service, I am a former First Republic Bank customer transitioned to Chase Bank. I am writing to formally express my dissatisfaction with Chase 's handling of my {$7000.00} check deposit, which was intended for my XXXX XXXX XXXX. This check was incorrectly deposited into another account, and I was unaware of this mistake for over a month. During that time, I was deprived of access to funds that should have been invested, resulting in lost potential gains and opportunity cost. 

I believe Chase Bank has violated several consumer protection laws and statutes governing banking practices, which has caused me financial harm, stress, and loss of trust in your institution. Specifically : XXXX. Breach of UCC Article 4 ( 4-103 ) Banks are required to exercise ordinary care in processing deposits and handling customer accounts. The deposit error persisted for over a month, violating your obligation to act in a commercially reasonable manner. 

XXXX. Regulation E ( Electronic Funds Transfer Act ) This federal regulation requires financial institutions to investigate and resolve deposit errors within 10 business days. Chase Bank 's failure to promptly correct the issue caused a delay in access to my funds, resulting in missed investment opportunities. 

XXXX. Truth in Savings Act ( TISA ) Chase has an obligation to ensure transparency and accuracy regarding my account balances. By not notifying me of this error for an extended period, Chase failed to uphold the duty of transparency and the timely communication required under TISA. 

XXXX. UCC 4-402 : Wrongful Dishonor The error in depositing my funds led to the wrongful dishonor of my intended transaction with XXXX, depriving me of the opportunity to invest in a timely manner, which could have accrued significant financial benefits. 

In addition to these violations, I am entitled to compensation for the loss of use of my funds, which could have been invested in my XXXX XXXX  and other stock market opportunities. The delay caused by Chases negligence deprived me of both interest and potential gains in my retirement account. Given the considerable impact this error has had on my financial standing and well-being, I am seeking compensation for the opportunity costs and interest lost due to Chases mishandling of my deposit.

The letter I received from Chase failed to address these concerns adequately, and the lack of personal communication has only added to my distress. I have lost confidence in Chases ability to manage my accounts responsibly and am currently exploring alternative financial institutions. 

I am requesting arbitration to resolve this matter, as outlined in Chase 's account agreements and federal consumer protection laws. I expect to be compensated for the direct and consequential losses I have suffered as a result of this deposit error, including the opportunity cost of not being able to invest my funds in a timely manner. 

I look forward to your prompt response and expect this issue to be escalated to the appropriate department for arbitration.