Consumer complaint received 2024-02-21
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: JPMORGAN CHASE & CO. (NJ)

Urgent Resolution Needed for XXXX XXXX XXXX CHASE Bank Business Banking Account : XXXX Dear Chase Bank, I hope this message finds you well. I am writing to address a pressing matter regarding the XXXX XXXX XXXX bank account that was opened at the XXXX XXXX, NJ branch of Chase on XX/XX/XXXX. 
To our great dismay, we have encountered significant challenges in accessing our funds, and attempts to resolve the issue with Chase have been met with negligence and a lack of communication. The account, which was opened with all required documentation, has been mysteriously closed without any notification to us or our representatives. 
Despite our proactive efforts and attempts to work with the XXXX XXXX Branch and our assigned Chase Business Relationship XXXX, XXXX XXXX, we have faced a lack of assistance, especially from the back office and the " fraud '' department who I have called with the assistance of the Branch XXXX while in the XXXX XXXX, NJ branch on multiple occasions over the past month. This situation has resulted in severe consequences for our organization, the oldest XXXX XXXX XXXX in the United States, established in XXXX. In fact, many of our legacy XXXX XXXX were former XXXX XXXX XXXX. 
As of XX/XX/XXXX, we have been without access to our funds ( $ XXXX ), leading to considerable financial strain and overdrawn accounts with XXXX XXXX and late bills with multiple vendors and service contractors. Despite numerous calls, emails, and other forms of correspondence, the lack of response from Chase has been unacceptable. 
I, as the unpaid XXXX of our organization, have dedicated over XXXX unpaid hours ( and counting ) to resolving this matter, and our organization has suffered financial losses due to this situation. 
I have requested a full explanation from Chase, particularly from XXXX XXXX who was appointed as our Business Relationship Manager, but there has been no positive communication towards a resolution to date. XXXX assured me on Tuesday, XX/XX/XXXX that our funds would be available in our account the afternoon of the XXXX by the XXXX at the very latest. In fact, XXXX confimed that our funds were cleared to be returned to our account on Friday, XX/XX/XXXX, before the Presidents Weekend Holiday where XXXX was closed on Monday. Another call to by me to the XXXX XXXX department corroborated this. 
Unfortunately, the funds still are unavailable and I received an automatic Out of Office replay from XXXX when I inquired again on the morning of Wednesday, XX/XX/XXXX. The XXXX reply directed customers to contact the XXXX XXXX XXXX ( XXXX ) XXXX. Or, for any urgent matters, to please contact XXXX XXXX, which I did to no avail. 


As of XXXX PM on Wednesday, XX/XX/XXXX, XXXX and XXXX XXXX XXXX XXXX | XXXX XXXX | Business Banking Area XXXX NJ XXXX XXXX was assigned to our case and he said he is also escalating the XXXX, still no resolution and Ive asked him also to call me to explain by the end of business of Wednesday. No call back, as expected. 
To mitigate the impact of this situation, I initially requested an immediate refund of the $ XXXX to our organization so that we could return to XXXX XXXX XXXX where our account is still open. Unfortunately, this request has not been addressed and the case is still without resolution as of end of business on Wednesday, XX/XX/XXXX. 
It is disheartening to experience such a situation, especially after choosing to move our account, along with another non-profit account with over {$500000.00} ( XXXX House ), to Chase from another banking institution. I have also been a long-time personal customer of Chase with over six ( 6 ) separate bank accounts, so Im even further disappointed with the inability for ANYONE at Chase to resolve our matter. I am a known customer, both at the Branch and at Chase as a long-time, high-quality customer. 
The total lack of regard, resolution and explanation for our $ XXXX in missing funds that has been held hostage by Chase for over 30 days is unacceptable and would potentially put most businesses or organizations out of business. I have been struggling daily in a BLACK HOLE without any resolution since XX/XX/XXXX, despite DAILY follow up with the Branch, Business Relationship Manager, Chase back office and the fraud department who are all woefully unempowered and uninformed. I have demanded escalation to a Decision Maker from the very beginning with no help or care..or no idea on where to turn by Chase employeesthis is no way to run a retail business banking institution. Its been just a bunch of finger pointing and guess work since our account was successfully opened on XX/XX/XXXX, without anyone with knowledge or authority to explain the hold up and resolve the matter. Chase has been earning interest on OUR {$92000.00} for over 30 days!

I am urging you to treat this matter with the utmost urgency to avoid further damage to our organization and to uphold the reputation of Chase. I request your immediate attention and cooperation in resolving this issue.

Once the full amount is reimbursed, we will have no choice but to file a comprehensive report and complaint with the Consumer Financial Protection Bureau, XXXX XXXX XXXX, and the NJ State Banking Commission. I have all correspondence documented via email and know many if not all of my calls with Chase have been on a recorded line, so we can pull the call logs there to help get to the bottom of the banks issues in resolving this very straightforward matter. Our goal is not only to seek resolution for our organization but also to prevent such incidents from occurring to others. 
This entire situation has been an abject disgrace, and it is a major disappointment and embarrassment to me as the Treasurer of our non-profit organization.and as a long-time loyal customer of Chase. 
Sincerely, XXXX XXXX XXXX XXXX XXXX The XXXX XXXX XXXX XXXX C : XXXX CC : XXXX XXXX XXXX XXXX XXXX and Chief XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- LOSSES TO BE COVERED BY CHASE The XXXX XXXX XXXX XXXX XXXX reimbursement from XXXX for XXXX financial losses and inconveniences experienced since XX/XX/XXXX. The issues include : XXXX. XXXX XXXX XXXX : Requesting Chase to calculate the interest lost on a XXXX CD at 4.8 % on a {$70000.00} intended balance from XX/XX/XXXX to XX/XX/XXXX. 

XXXX. Savings Account Interest Lost : Requesting Chase to calculate the interest lost on the Savings Account from XX/XX/XXXX to XX/XX/XXXX. 

XXXX. Chase Check Fee : Waived/refunded {$110.00}, with the claim that it should have been free originally. 

XXXX. Overdraft Fees : Covered by Chase at XXXX XXXX, including a {$35.00} overdraft fee, $ 10 monthly service fee, resulting in a total of {$140.00}. 

XXXX. NY XXXX Department Expedited Filing Fee : Covered by XXXX ( {$45.00} ). 

XXXX. Gas Mileage : Requesting a {$23.00} refund for gas mileage ( XXXX trips to the branch at XXXX miles round trip ). 

XXXX. Unpaid Work Time : Seeking reimbursement for XXXX hours of XXXX XXXX 's work at {$270.00} per hour, totaling {$8200.00}. This is a very conservative estimate and a major discount from my hourly work rateI missed nearly a full week of work since XX/XX/XXXX without resolution here! I will continue to track time ( including drafting this letter ) and bill accordingly. 

XXXX. XXXX XXXX XXXX : Requesting reimbursement of {$370.00} for bookkeeping expenses related to Chase resolution in XX/XX/XXXX. 

XXXX. Inability to Pay Bills : Requesting payment and reimbursement for late fees incurred due to inability to access funds at Chase, including XXXX XXXX 's monthly XXXX fee and other late fees. 

XXXX XXXX monthly contractor fee = {$1800.00} based on {$22000.00} annual contractor fee 1 month unpaid, plus 1.5 % late fee = {$1800.00} ) XXXX XXXX {$590.00} reimbursement for out of pocket expenses, plus late 1.5 % late fee for total of {$600.00} XXXX. Other late fees ( TBD ) We have more bills to pay this week and some are already past due Total to be reimbursed by Chase to The XXXX XXXX XXXX = {$11000.00} plus interest ( CD XXXX 4.8 % from XX/XX/XXXX XXXX XXXX, XXXX on {$70000.00} balance, plus savings account balance on the remaining {$27000.00} of our {$92000.00} balance that has been held XXXX by Chase. ), and any additional late fees TBD. 

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