Consumer complaint received 2023-05-18
Product: Checking or savings account — Checking account
Issue: Closing an account — Funds not received from closed account
Company: JPMORGAN CHASE & CO. (CA)

First Republic Bank has closed my two business accounts and one personal account because I deposited a business check from a new client that ultimately were not valid. This check was over $ XXXX. First Republic cleared the first check and issued full funds to my account. As a business owner and standard banking individual who has been banking with this same bank for MANY years, when funds are cleared in full by your bank we move forward with daily business practices. 

After the deposit to the account, I left to go on a business trip out of the country and FRB proceeded to freeze my accounts, lock me out of all of my banking cards and zero access to any of my accounts. FRB proceeded to hold all of my funds in all three accounts. I received another check while traveling from the same customer and I asked my private banker at FRB, if they want it deposited and they said yes. When I returned back home I found out that these checks were fraudulent. First Republic Bank pulled back all my funds from the other accounts and left my one business account negative over {$12000.00}. I gave the bank all of the supporting docs for this transaction and said I have a business wire coming in and this will take care of the negative balance. 

At the end of XXXX, the bank closed all of my accounts and I was unaware of this. However, as I promised, I had a business transaction with {$75000.00} wire being sent in from XXXX XXXX. With clear and precise communication with FRB, that this is a business transaction and I even gave FRB advanced notice so if they did NOT want to receive the wire they could have stopped it. Instead they said yes and thanked me accepted the wire.

I shared the wire receipt with my FRB banker. Upon FRB receiving the wire, they have continued to hold these funds in my account for over 4 months now. I have been forced to get an attorney and the banks legal department and fraud department have NOT issued any documentation as to any reason other than they " FEEL '' that there is suspicious activity even though the have contacted XXXX XXXX directly to verify funds and that they are intended for XXXXXXXX XXXX XXXX XXXX  XXXX and XXXX XXXX. I have also shared all contracts and communication with the my attorney and the bank directly. FRB has sense closed the account and will NOT issue a cashiers check to me and the bank has now been bailed out by JPMorgan Chase. I  continue to receive a statement of balance in the account each month of {$62000.00} mailed to me each month. I received a letter from JPMorgan Chase stating that my deposited funds are secured by FDIC. I went to the bank to receive a cashiers check and the banker was informed that I had to still work with legal. I have had a very lengthy call with FRB Senior Fraud Investigator, XXXX XXXX, XXXX, XXXX, to simply get more information as they have since reported me to SARS, but they can NOT give my attorney any information or supporting documents as to their findings nor will they release funds. I have expressed to the bank and my attorney, that I have now been Evicted from my own property, I can't pay bills and my business is now at idle because of this reporting and investigation that has resulted in ZERO findings of fraud or any other form of illegal activity. My attorney has reviewed EVERYTHING and has zero idea what is wrong and can not find any supporting evidence that would lead to the bank holding the funds. My attorney is XXXX XXXX, XXXX, XXXX. 

FRB has continued to make contact with other transactional attorney 's, banks and other parties involved in my business transactions that do not even involve the bank nor this {$75000.00}. I have even requested that since FRB closed my accounts and they will NOT issue me a cashiers check for the balance of the {$62000.00} in my account, please return the funds back to Verum who originally sent the wire to me. FRB has denied that too. 

FRB continues to contact via email or calling additional parties and banks involved in my development contract that has NOTHING to do with FRB, and these communications are now creating false concerns and acquisitions, Defamation of Character and all but destroying my business, my family, the roof over my head and I am now being faced with homelessness and forcing to shut down my business. 

I need these funds to either be sent back to XXXX XXXX or issue these funds to my company, XXXX XXXX XXXX XXXXXXXX, XXXX via Cashiers Check so I can move forward in my investments and development and regain control of my life and my families security.