Consumer complaint received 2024-08-06
Product: Checking or savings account — CD (Certificate of Deposit)
Issue: Closing an account — Funds not received from closed account
Company: JPMORGAN CHASE & CO. (AK)

I opened a Certificate of Deposit ( CD ), as a CUTMA for the benefit of my son, with First Republic Bank ( FRB ) that rolled over multiple times before that bank failed and was consequently acquired by JPMorganChase ( JPMorgan ). During the post-merger integration, I still had access to the FRB employees in XXXX XXXX, CA who had transitioned into JPMorgan banking officers ( the Bank ) and those people continued to process the CD through email correspondence since I no longer live in CA. 

When the CD in question matured in early XX/XX/XXXX, I sent instruction to the Bank via email, as in the past, to disburse {$10000.00} of the funds and open a new 60-day CD at the then-current offer of 4.88 % /5 % APY. The {$10000.00} disbursement was indeed processed per my request ( which was a cashier 's check payable to my son 's father and mailed to him at the Texas address on file ), although I thereafter received neither a hard copy ( by mail ) nor soft copy ( by email ) of the new 60-day CD which the Bank should have done. Instead, I calendared the maturity date ( XX/XX/XXXX ) and when that date arrived, even though the Bank also failed to send me any notice of maturity of the CD, I emailed the same people at the Bank to instruct full disbursement via the same process as 2 months prior, namely a cashier 's check payable to my son 's father to be mailed to the Texas address on file. The email bounced back, so I telephoned the Bank. I have been in telephone XXXX with this bank on nearly a daily basis since XX/XX/XXXX, begging and pleading to get my money returned to me to pay for my son 's college. The Bank has consistently failed to return the money and is wrongfully withholding the funds in violation of consumer banking laws. Nobody at the Bank takes any responsibility or accountability for its ongoing and shameless failures. 

I submitted a complaint to the cfpb on XX/XX/XXXX, and although an account was created and I got through " Step 5 '' ( I took screenshots ), the complaint itself is not on file with your agency as per my phone conversation today with one of your agents. Since my claims agains the bank still persist, I am re-submitting the complaint with updated information...

Put simply, a CD was opened on or about XX/XX/XXXX, matured on XX/XX/XXXX, and since XX/XX/XXXX, JPMorgan has refused and failed to return my money to me ; it has refused to return both the principle amount as well as the interest that accrued during the 60-day CD period nor has it paid me interest ( and perhaps penalties under the laws, if applicable ) during the now one month period that the Bank has and does wrongfully withheld my money from me in violation of the law. 

I now live in XXXX, Alaska where there are no Chase banks, so I'm left to deal with this via telephone. The Bank has refused to allow the CUTMA beneficiary 's father XXXX XXXX XXXX, who lives in XXXX and could go to a Chase bank ) to act as my proxy. 

Below some of the people to whom I have spoken with, and have done nothing to move the dial - JP Morgan is one of the largest banks in the world and it can not be proud of its failures to properly document customer/CUTMA funds , failure to pay interest, and wrongful withholding of customer/CUTMA funds after DOZENS and DOZENS of efforts by the account holder to retrieve her money during and after the grace period for this CD. 

XX/XX/XXXX : After the bank failed to be able to access the documentation for this CD, a Bank agent issued me a case reference number ( XXXX ). 
XX/XX/XXXX : After I spoke with a " supervisor '' who was unable to do anything to disburse my CD despite the Bank 's admission that it held my funds I was transferred to " XXXX '' in the " Executive Office '' who claimed she could " do nothing ''. 
XX/XX/XXXX : I spoke with third person who thus far had identified themself as a " supervisor '' but said that the Bank didn't have proper documentation ( the Bank 's fault - NOT mine! ) and was sent to " an analyst '' but I wasn't given any contact info for that person. 
XX/XX/XXXX : I also spoke ( again ) this day with " XXXX '' in the Executive Office... who promptly shut me down once again. She also refused to escalate my case after my pleas for her to do so. She said I'd hear from an analyst ( who she identified as someone named " XXXX '' ... but a moment later retracted, saying it could be someone else ) within 24 hours. Three weeks have now passed, and I have NEVER received a single call from any Bank analyst. 
XX/XX/XXXX : I spoke with " XXXX '' who identified herself as a " supervisor '' and seemed to be someone willing to help is the only bank employee ever to reach out to me ( all other calls were initiated by me ). She PROMISED on XX/XX/XXXX to look into my case and call me back later that evening. More than 21 days have passed and she never called me back. 
During my XX/XX/XXXX conversation with XXXX, I shared with her the names of the JPMorgan Chase employees who arranged to open the CD at issue on or about XX/XX/XXXX ( who appear to have been dismissed as part of the tail end of the PMI, if I'm reading between the lines based on bounce-back emails from those people ). XXXX told me that JPMorgan Chase has no information on FRB customers who were employees of JPMorganChase as of XX/XX/XXXX when I opened the CD in question. WOW, not sure what else to say about that whopper. As with prior supervisors with whom I spoke, she refused to allow me to forward her the email threads with those individuals in early XX/XX/XXXX. ( I did forward those emails to " XXXX '', as per the below and attached to this email ) but have received no response since then which was over a week ago. 
XX/XX/XXXX : I spoke with XXXX who identified herself as a " supervisor '' but she was, as all before her, entirely impotent. She said she couldn't help out, that my case was " under review '' without any additional insights. 
XX/XX/XXXX : I spoke with " XXXX '' in the so-called Executive Office of the Bank . She is the first person ( after 12 days ) to provide me with her phone number, although it proved out to be largely useless, and she is the only person to date who has allowed me to forward to the Bank the emails from the Bank in CA ( from XX/XX/XXXX, setting up the CD ), so the Bank does have those emails from me, although it should have had access to them anyway since the communications were with THEIR employees. 
XX/XX/XXXX : XXXX vowed to remedy the Bank 's failures ( both it's initial refusal to honor the 5 % APY interest on the CD and instead give me virtually 0 % interest, send cashier 's check to the address on file, and she also promised to work on getting interest payable to me for the timeframe during which the Bank has wrongfully withheld my money ). She knew I would be outside cellular and wifi service for the following week and she promised to resolve the matter during that week and follow up with voicemails to me including the Tracking information in sending the cashier 's check. Because I had lost confidence in the Bank, I confirmed all of her promises in an email that I sent to her on XX/XX/XXXX. STILL, SHE ( the Bank ) FAILED TO FOLLOW THROUGH on ALL of this. 
XX/XX/XXXX : XXXX left me a voicemail saying that I could only get my money by walking into a Chase bank. Absurd, as I'd told her and all of her predecessors on this case that I am living on an island in XXXX ( XXXX ) that does not have a Chase branch. She thereafter backtracked that and said that she had " solved '' everything and that a cashier 's check for ( 1 ) the principle amount, which was in excess of {$21000.00}, plus 4.88 % /5 % APY interest for the 60-day CD period, plus ( 2 ) 4.88 % interest for all days since XX/XX/XXXX ( when I demanded disbursement of the funds ) during which the Bank wrongfully withheld my momey. She promised to have her manager call me on XX/XX/XXXX also, but I never received any such call. 
XX/XX/XXXX : Having not received the promised calls or tracking information, I called XXXX and she ( once again ) promised to process the cashier 's checks and provide the shipping tracking information. And, big shocker here : she failed to follow through. 
XX/XX/XXXX : I asked to speak with XXXX 's supervisor and was finally put into contact with " XXXX '' who identified herself as " a member of leadership '' at the Executive Office. She promised to submit my telephone number to be associated with the tracking information in mailing the cashier 's checks and to confirm with me all that information on XXXX. XXXX, like everyone she works with, failed to follow through with her promise. 
XX/XX/XXXX : I called XXXX, she didn't answer and has no voicemail. I called the general number and spoke with " XXXX '' in the Executive Office. She, like many others before her, was nice but helpless. She did say that " XXXX and XXXX are currently in a meeting '' and she'd be sure to have them return my call. They didn't so I called again and spoke with " XXXX '' in the Executive Office ( she was unable to confirm whether she was the same " XXXX '' I spoke with on XX/XX/XXXX and XX/XX/XXXX ) and she transferred me to XXXX. I mentioned to XXXX that she'd failed to follow through with all of her XX/XX/XXXX promises and that I'd like her to escalate this matter to someone higher up - she refused to do so. 
XX/XX/XXXX : XXXX called me before XXXX my time zone, but I returned her call 10 minutes later. She failed to pick up her phone and so I started leaving her messages every half hour to hour all day. She never called me back. 

Long story ( a very long one ) short is that JPMorgan Chase has wrongfully refused to return my money, refused to pay me interest on a CD, and failed DOZENS upon DOZENS of times ( perhaps 25 bank employees have touched this case ) to resolve the simple matter of paying out on a CD. SHAMEFUL.

And, might I add, a total embarrassment that the so-called Executive Office employees all insist to me that they work under and in the office of the bank 's CEO. I get a good chuckle out of that one. Advice to the Bank : document customer accounts in accordance with state and federal laws ; train your employees to promptly and efficiently solve customer issues ; render your employees, or at least " supervisors '' accountable ; when you fail your customers, treat them with respect and don't make them chase you down. Oh, and disburse my funds ASAP.