Consumer complaint received 2020-02-24
Product: Checking or savings account — Checking account
Issue: Managing an account — Problem making or receiving payments
Company: JPMORGAN CHASE & CO. (FL)

On XX/XX/XXXX I issued an online bill payment for {$1400.00} through my Chase bank account to my mortgage company. I have done so successfully for over 24 monthly payments, and never been late, so there was not a problem with my data entry or anything within my control that could have been done differently. The payment had a guaranteed delivery date of XX/XX/XXXX. The bill payment amount was pulled from my account on XX/XX/XXXX by Chase Bank. The payment was issued by check and the payee never received the XXXX payment and considered my mortgage late as of XX/XX/XXXX. Because I have scheduled automatic payments for this account, my mortgage payment funds of the same amount for XX/XX/XXXX, went out of my Chase account on XX/XX/XXXX with a guaranteed delivery date of XX/XX/XXXX and was deposited by the payee on XX/XX/XXXX. My mortgage company applied the XXXX payment to my XXXX and reflected XXXX as still due. On XX/XX/XXXX I received a notice in the mail from my mortgage company stating that they told credit bureau reporting agencies about a missed payment. This was the first indication that there was a problem regarding my mortgage. I reviewed my mortgage account online and I immediately provided proof of payment for the XXXX payment in question to dispute late fees and credit reporting errors. Chase denied responsibility for late fees and the payment failure. I was told by Chase that I would have to stop payment to get the money back to my account. I was told that it would take 2-5 business days and several days later I was notified it could take another 5 days. I was livid and threatened legal action. The funds were returned XX/XX/XXXX. I had explained that this is a real hardship to have to wait any additional time because I had already made a replacement payment over the phone to my mortgage company on XX/XX/XXXX to bring my account in to good standing and avoid additional late fees. I also have yet another mortgage payment to issue for XXXX very soon. I asked Chase Bank why there is no notification of my payment not going through and they replied they simply don't do that. I asked why it's not on my bank statement that payments are outstanding and they replied that they don't do that either. I asked where my money actually was since they took it out my account on XX/XX/XXXX. There was no response to that question. I was able to confirm that Chase moves the funds to a corporate account that the bill payment check would draw against when deposited/cashed. Why do they do this and remove the visual cue that a payment is outstanding/check hasn't cleared from their customers view?? I asked what would happen if the Payee never cashed/deposited the check. I was told that they would return the funds after 90 days. I am skeptical and I consider this to be a very misleading practice as a whole. In review of my credit report, I see that Chase Bank 's mortgage lending division reviewed my credit report information 5 times over the past 10 months. For them to hold that permission -- which I can not find anywhere in the hundred + pages of legal disclosures of my accounts and on-line banking and services, to review my credit report on an on-going basis and at the same time not be obligated to not notify me of items not cleared, is just plain wrong. My complaint is with Chase Bank for what I see as failure to make the payment for my mortgage and the subsequent delinquency of my account standing. I want to know exactly what Chase did with my money between XX/XX/XXXX and XX/XX/XXXX when I finally got it back. I would like to know how much was earned on said funds connected to my bill payment that " failed '', while creating hardship for my payee, damaging my credit and my spouse 's, and creating red tape to deal with for days, months on end to remedy it.