Consumer complaint received 2023-12-17
Product: Checking or savings account — Checking account
Issue: Closing an account — Funds not received from closed account
Company: JPMORGAN CHASE & CO. (FL)

Please note 963 days have elapsed from the closure of account until the date my funds were returned by Jpmorgan Chase Bank that's equivalent to 2.64 years Cause of Action 1 : Breach of Fiduciary Duty Allegation : The bank failed to adequately communicate and collaborate to verify the maker, resulting in the closure of the account without exploring alternative solutions.- A breach of fiduciary duty occurs when an individual or entity in a position of trust and confidence fails to fulfill their responsibilities or acts in a manner that prioritizes their own interests over the interests of the party to whom the duty is owed.- Dodd-Frank Wall Street Reform and Consumer Protection Act : Contains provisions that impact financial institutions and may address fiduciary responsibilities, especially in relation to consumer protection.- State Consumer Protection Laws : These laws may impose fiduciary responsibilities on banks in their interactions with consumers. 

Title xxxIII chapter 501.00 florida statutes Cause of Action 2 Conversion Allegation : The bank, by withholding funds for an extended period without due process or communication, may be implicated in the conversion of these funds.-Conversion of funds refers to the unauthorized and wrongful act of taking, using, or exercising control over someone else 's money or assets, thereby denying the rightful owner their use and possession. It is essentially a civil wrong, often equated with theft or wrongful appropriation.Key elements of conversion include : Wrongful Exercise of Control : The defendant must have taken control of the fundsIntent : There is typically an element of intent or knowledge that the act was wrongful, distinguishing it from accidental actions.Denial of Access : The rightful owner is deprived of access to their funds or assets as a result of the defendant 's actions.

Cause of Action 3 : Negligence or Gross NegligenceAllegation : The bank 's failure to address the criminal deceptive behavior of withholding valid funds until regulatory intervention or the initiation of the escheatment process demonstrates either negligence or gross negligence.

Cause of Action 4 : Violation of Federal and State Banking RegulationsAllegation : The bank 's actions, as described, may amount to violations of federal and state banking regulations, particularly in relation to the handling of business account closures and the withholding of funds.

Federal banking regulation CC Cause of Action 5 : Unjust EnrichmentAllegation : The bank benefited from the retention of the funds without proper communication or adherence to regulatory procedures, constituting unjust enrichment at the expense of XXXX XXXX XXXX. 
Cause of Action 6 : Consumer Financial Protection ViolationAllegation : The failure of the bank to proactively communicate and return the funds, coupled with potential violations of federal banking regulations, forms the basis for a pcomplaint under consumer financial protection laws. 

Cause of Action 7 : Deceptive Business PracticesAllegation : The discrepancy between the bank 's public commitment to integrity and the alleged deceptive behavior of withholding funds until regulatory intervention or escheatment may constitute deceptive business practices.

Below I will list all possible violations Chapter 559, Part IV : Consumer Finance - Covers laws related to consumer credit and finance, which can sometimes intersect with banking issues.

Chapter 501, Part II : Florida Deceptive and Unfair Trade Practices Act - A broad law that could apply in cases of misleading or deceptive practices by a bank.

Chapter 655 : Financial Institutions Generally - This chapter provides the general laws concerning banks and financial institutions operating within Florida.

Possible Violation of Florida Uniform Commercial Code - Negotiable Instruments ( Chapter 673 ) : Check Collection Procedures : Florida 's Uniform Commercial Code ( UCC ) - Negotiable Instruments governs the use and transfer of negotiable instruments like checks. When a check is issued, there is a reasonable expectation that it will be processed through standard banking procedures.

Bank 's Duty of Care : Under UCC 3-103, banks have a duty to exercise ordinary care and act in good faith when processing checks. In this case, if the bank had a policy that deviated from standard industry practices, such as requiring the writer of the check to visit the branch or initiating a call for verification, it may be argued that the bank did not adhere to the duty of ordinary care.

Delay in Accessing Funds : UCC 4-303 outlines the bank 's responsibility regarding the payment of checks. If the bank 's policy resulted in a significant delay in your ability to access the funds from the deposited check, it could be interpreted as a violation of this code, especially if it caused harm to your business operations.

Business Disruption : If the bank 's actions led to your business suffering significant disruptions and ultimately closing, you could argue that the bank 's policies and actions violated UCC provisions regarding the timely processing of checks and the duty of banks to act in good faith.

Possible Violation of Florida Banking and Finance Regulations : Banking Practice Deviation : Florida Banking and Finance Regulations may require banks to adhere to certain industry standards and practices when it comes to check processing and fund availability. If the bank 's policy significantly deviates from these standards, such as the requirement for in-person verification or phone calls, it could be seen as a violation of these regulations. 
Impact on Business Operations : the bank 's policy resulted in substantial harm to your business operations, leading to its closure, it could be argued that the bank 's actions or policies were not in compliance with regulations designed to protect businesses ' financial interests.

Consumer Protection : Florida 's banking regulations often incorporate consumer protection measures. If the bank 's actions were seen as detrimental to your business without justifiable cause, it may be considered a violation of these consumer protection provisions.

Transparency and Disclosure : Banking regulations typically require banks to be transparent about their policies and procedures. the bank did not adequately disclose its policy regarding check verification and fund availability, this could be viewed as a violation of transparency requirements. The bank also does not disclose any information about the process they inflicted on my company XXXX XXXX XXXX. 
Possible Violation of Consumer Protection Laws ( Chapter XXXX, Florida Statutes ) : Unfair and Deceptive Practices : Chapter XXXX of the Florida XXXX prohibits unfair and deceptive trade practices. the bank 's policy, which prevented you from accessing funds you were legally entitled to, is found to be unreasonable, onerous, or intentionally obstructive, it could be considered an unfair and deceptive practice. 
Business Harm : the bank 's actions or policies resulted in significant harm to my business, including its closure, it may be seen as a violation of consumer protection laws designed to safeguard the interests of businesses. 
Lack of Transparency : Consumer protection laws often require businesses, including banks, to be transparent in their dealings with consumers. the bank did not adequately disclose its policy regarding check verification and fund availability, it could be seen as a violation of transparency requirements. 
Unreasonable Impediments : the bank 's policy imposed unreasonable impediments to accessing funds, especially when they were rightfully yours, it might be interpreted as a violation of consumer protection laws that aim to ensure fair and reasonable business practices.