Consumer complaint received 2024-05-09
Product: Checking or savings account — Checking account
Issue: Problem with a lender or other company charging your account — Transaction was not authorized
Company: JPMORGAN CHASE & CO. (IL)

Complaint Against : XXXX. Chase XXXX. XXXX XXXX. XXXX Complainant Information : Name : XXXX XXXX Phone Number : XXXX Email : XXXX Preferred Contact Method : Email Bank Information : Name of Bank : Chase Bank Branch : XXXX XXXX XXXX, XXXX, IL Relationship Manager Name : XXXX XXXX ( XXXX ) Details of the Issue : Type of Product : Checking Account Account Number ( Last XXXX Digits ) : XXXX Date of First Unauthorized Transaction : XX/XX/XXXX Date of Last Unauthorized Transaction : XX/XX/XXXX Date Reported to Bank : XX/XX/XXXX Total Amount Disputed : {$62000.00} Description of the Issue : Beginning in XX/XX/XXXX, unauthorized Automated Clearing House ( ACH ) debits totaling {$62000.00} were made from my checking account without my consent. These debits continued until XX/XX/XXXX and were directed towards paying off debts associated with a third party, XXXX XXXX. 

The unauthorized transactions included payments to XXXX ( {$45000.00} ) and XXXX ( {$16000.00} ), and the recipient of these funds was XXXX XXXX, not myself. 

The bank involved, Chase Bank, failed to notify me of these suspicious activities despite their magnitude and frequency, which should have been flagged by their fraud detection systems. I only discovered the fraudulent activities when my accounting team attempted to reconcile my bank statements for tax return purposes in early XX/XX/XXXX. 

Upon discovering these discrepancies, I immediately reported the unauthorized transactions to Chase Bank on XX/XX/XXXX. However, the response from Chase has been significantly delayed and unsatisfactory. They have not provided updates on their investigation nor have they reversed the unauthorized debits within the 60 days of my reporting them as required by the Electronic Fund Transfer Act ( XXXX ) and Regulation XXXX. 

The lack of initial detection and subsequent poor response from Chase has exacerbated the financial and emotional distress caused by this incident. 

I request that the Consumer Financial Protection Bureau intervene to ensure a thorough investigation is conducted, that the unauthorized transactions are reversed, and that appropriate measures are taken against the bank for failing to safeguard my account as per federal regulations. 

The response from XXXX was to direct all inquiries and responsibilities back to Chase, without taking any initiative to investigate or reverse the unauthorized payments. This passivity and lack of due diligence in handling what clearly involves fraudulent activities suggest a failure in XXXX systems to protect consumers against fraud, which is concerning and warrants a thorough investigation by regulatory bodies. 

Upon reporting the fraud to Chase and directly to XXXX on XX/XX/XXXX, XXXX 's response was insufficient. They provided an automatic reply instructing me to resolve the issue via phone and did not take proactive steps to investigate or rectify the unauthorized debits, essentially absolving themselves of any responsibility without due process.