Consumer complaint received 2024-01-25
Product: Money transfer, virtual currency, or money service — Mobile or digital wallet
Issue: Fraud or scam — 
Company: JPMORGAN CHASE & CO. (CA)

I believe I have been scammed by XXXX. XXXX  looks to be owned by JP Morgan but they also seem to separate themselves when dealing with issues. 


On XX/XX/2024, my client wanted to make a deposit on a loan to purchase equipment. XXXX  ( JP Morgan ) offered a quick accept payment option that I used. The amount was {$1900.00}. The money has been deducted from my clients account. To make it clear, the money is no longer in his account. 

On XX/XX/2024, I received the following information from 'Chase Integrated Payments XXXX ' " Your payout has failed We've canceled your XX/XX/2024 withdrawal of USD {$1800.00}. 

Common causes of a failed withdrawal : The admin name on the account is not the name on the bank account. For security reasons, the financial admin must match the name of the account we're sending money to. 
The bank account number is invalid or mistyped. 
The routing number is incorrect. Some banks use a different routing number than the one printed on your checks for electronic ACH transfers. We recommend contacting your bank to verify the correct number to use. 
If you've already entered in new bank account information, we will initiate a new transfer of funds as soon as possible. We typically allow 2-5 business days for transactions like this to complete. 

If you need any help, or have any questions, let us know by responding directly to this email. '' This email above is saying that the payment failed and therefore it has been canceled. But if the payment failed and was canceled, how did the funds still come out of my clients bank account. For the {$1900.00} to be taken out of their account shows that it was a successful transaction. 

I then contacted XXXX  directly and was told the funds would be held 120 days and they can't give me any additional information. They said due to " proprietary nature '' they can't give me any information on why it was canceled. This doesn't even make sense. They can't tell why they are holding the funds because of " ownership rights ''. They can't and won't talk to the client ether. Its just a fancy way to not have to say anything. 

I then went to their appeals email. XXXX. Sent up for an appeal. They don't ask you to explain anything. They just say appeal the decision to have your account reinstated. The don't care and its just a way to say they have a process to help resolve the problem. They got back to me the following day with no new information and that they will hold on to the funds for 120 days. This is just is just a step that has no real outcome available. 

I also find it funny that the client or his bank can not contract XXXX. They can go through the process of a charge back but the funds are going to be held no matter what. XXXX  is not going to send the money back and the only way to make the client whole again is for his bank to give him the money. 

There are many example of XXXX  doing this to many other companies. The XXXX  has XXXX pages worth of complaints from companies going through the same thing. The is fraud because there is no way to realistically get the money returned to sent through.