Consumer complaint received 2024-03-07
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: JPMORGAN CHASE & CO. (AZ)

On XX/XX/XXXX, an LLC issued me a check for {$7000.00}. 
After depositing the check via the Chase Mobile App, I was notified that my account would be restricted while Chase attempted to verify the validity of the deposit. I did not have access to either my checking or savings accounts while the verification process was occurring. Without warning, Chase closed my account after two weeks of restrictions. 
I was able to reinstate my account and a Chase customer service representative was able to verify the validity of the check with one of the business co-owners via their home phone number. I was told that in one week I would have access to said funds, however, since my account was closed previously, I would receive a cashier 's check in the mail for the total amount. After two weeks, I called regarding the funds I was told would be mailed to me and Chase told me that " Since the individual could not be associated with the business via the Department of State website, the deposit could not be verified and would remain in a holding position. '' So I began the verification process again. Again, they told me they could not verify the funds because there is no registered phone number for the business, at least not in their database. I once again gave them the personal phone number of the primary owner of the LLC, in which they told me they were able to successfully verify the deposit and I can expect a transfer of funds in the coming week. 
Again, after two weeks I spoke to Chase regarding the missing funds. Again, they informed me that the request to lift the hold was denied because they could not verify that the phone number used to reach the owner belonged to the LLC. They recommended I reach out to the LLC and have them register a phone number with the business.

I contacted the owners of said LLC as well as their issuing bank regarding this payment and requested a stop payment on the check. However, since Chase has already processed the deposit, the funds have left the issuing bank and a stop-payment is no longer an option. 
In a final attempt, I was able to acquire a copy of the owner 's IRS form SS-4, establishing his name and number with the business and an associated EIN. I attempted to provide Chase with a copy, however, they refused ; saying they can not accept supplementary documentation and this verification process must be done over the phone. I had already provided them with three separate phone numbers- one for both owners and their banker 's phone. None of these were accepted by Chase 's Secondary Review Team.

At this point, the business owners are missing {$7000.00}, and I'm missing {$7000.00}. Chase refuses to honor the multiple verifications already completed and is keeping the funds in a holding position after telling me multiple times that the process was completed and I could expect to gain the funds in a short time. Chase recommends verifying the check with the LLC 's personal banker, however I can not provide them with a phone number to call and they refuse to take a call from said banker, quoting their verification policies.