Consumer complaint received 2023-09-14
Product: Checking or savings account — Other banking product or service
Issue: Managing an account — Deposits and withdrawals
Company: JPMORGAN CHASE & CO. (GA)

Hello, I am writing to file a formal complaint against Chase Bank 's Merchant Service ( QuickAccept/ WePay ) regarding the prolonged and unjustified withholding of funds totaling {$26000.00} from my business checking account. Despite numerous attempts to resolve this issue directly with Chase Bank, the funds have been held for an unreasonable period of 120 days without any clear explanation or resolution. Back on XX/XX/2023 Chase Bank advised these transactions were to be reviewed by the XXXX XXXX XXXX and review would take 5 days, its been over 100 days. Below are the two ticket numbers that have been shared with me : Ticket # XXXX Ticket # : XXXX I wish to bring to your attention the following details regarding this matter. 

Delay in Fund Release from the below date of transactions and amounts : XX/XX/2023 - {$4900.00} XX/XX/2023 - {$4800.00} XX/XX/2023 - {$720.00} XX/XX/2023 - {$4100.00} XX/XX/2023 - {$7300.00} XX/XX/2023 - {$530.00} XX/XX/2023 - {$4400.00}. 

Our business processed legitimate transactions with a customer for the amount of {$26000.00} through Chase Bank 's Merchant Service ( Quick Accept/ We Pay ). Subsequently, these funds were placed on hold without any prior notice, and despite repeated inquiries, we have received no clear explanation for this action. 

Also Chase Bank advised they would be closing my QuickAccept account for no reason. The transactions haven't been proven to be fraudulent and aren't fraudulent in nature at all. 

Inadequate Communication : We have made multiple attempts to contact Chase Bank 's Merchant Service ( Quick Accept/ We Pay ) department to understand the reasons behind this hold and to expedite the release of our funds. However, the bank 's customer service representatives have provided inconsistent information and failed to offer a satisfactory resolution. 

Impact on Business Operations : The withholding of these funds has had a detrimental impact on our business operations. We rely on these funds to cover essential expenses, pay our employees, and maintain our day-to-day operations. The prolonged delay has created financial hardship for our business. 

Lack of Transparency : We believe it is our right as account holders to receive clear and transparent communication from our financial institution regarding any issues affecting our accounts. The lack of transparency and information provided by Chase Bank has left us frustrated and concerned about the safety of our funds. 

We kindly request the Consumer Financial Protection Bureau 's intervention in this matter to facilitate the immediate release of our funds and to investigate the actions of Chase Bank 's Merchant Service in withholding our funds for an extended period without proper justification. We also request that any fees or penalties associated with this delay be waived, as the situation was beyond our control. 

Enclosed with this letter are copies of relevant documents, including transaction records, email correspondences, and any other evidence that can assist in your investigation. 

We appreciate your attention to this matter and request a prompt response to begin the process of resolving this issue. Our business relies on the timely availability of our funds to continue operating smoothly, and the prolonged delay has put our financial stability at risk. 

Thank you for your assistance in this urgent matter. We look forward to a swift resolution to ensure the financial well-being of our business. 

Sincerely, XXXX XXXX XXXX  XXXX