Consumer complaint received 2020-07-16
Product: Checking or savings account — Checking account
Issue: Closing an account — Funds not received from closed account
Company: JPMORGAN CHASE & CO. (CA)

On XX/XX/XXXX, I started an account with Chase bank. I opened the account at my local branch. I received my debit card in the mail and believed everything was fine. I attempted to use my debit card on Sunday XX/XX/XXXX, and received a message from the atm that the transaction could not be processed. I went back to the local branch that Monday and discovered that the account was being closed per the bank 's decision. The banker contacted the corporate office and was told no reason could be provided. The banker provided me the number he called so that I could get additional information. 
I called Chase at XXXX XXXX XXXX XXXX and was placed on hold about 45 to 50 mins. I had a 30 minute conversation with the representative about how he could not release the reason I was denied a checking account. I asked my fiance to speak with him and explain it to her. He also advised her both Chase, and a customer can terminate banking a relationship at will. No explanation is needed. The funds would be returned via check to the mailing address after they verify where the funds in the account came from. There may be some conditions that need to be met to receive the money back. My fiance asked how is it possible that the bank is able to close the account and hold the money as ransom until I perform their required actions? He confirmed the statement that conditions may have to be met before the money is released. I requested to speak with a supervisor. After being on hold for an additional ten minutes, the operator stated he could no longer hear me and hung up the phone. 
We called back again and spoke to XXXX. She confirmed the same thing. In addition, she advised that Chase had notated the account to never offer me a checking account and never do business with me. If I join my fiance 's Chase business account, then her account will be restricted also. She advised that once the account was formally closed, then a check should be issued and mailed to my mailing address if there was no issues. She did not see any issues at the time but if there was a condition I would be notified. I have no idea why they would take this position. This is my first checking account ever with any bank. I don't have any negative XXXX XXXX  records. I only have one credit card that I opened recently. There was nothing I could do but wait and see if they would issue the check readily according to XXXX. 
I called to check status on XX/XX/XXXX. The representative I spoke to on XX/XX/XXXX told me I have to prove I have a business to obtain my funds given to me by the SBA. This is not their place. The SBA has deemed me worthy of being approved to receive a loan and has disbursed my loan proceeds to the bank of my choice. The bank I chose has decided to scrutinize me and question the legitimacy of my funds that came as a direct deposit from a government entity. How does this bank have the right to hold my money as if I submitted an application to Chase for the funds? Is it appropriate for the bank to add another level of screening for money that was promised by Congress to be given in a timely manner to assist businesses and families? 
Went to bank at XXXX with my fiance. Met with XXXX. XXXX was the one who opened the account and didnt understand why Chase was doing what they were doing.He immediately called the chase number to find out why the account was shutdown. He was on hold for 1.5hours before someone came on the line and as soon as XXXX picked up, the call was disconnected. XXXX offered to call back and allowed us to leave. He advised he would call us when the follow-up call was over. We went back to the bank at XXXX to follow-up. Chase fraud dept told XXXX there has been some fraud with bank accounts and the sba. I asked why did I have to show that I was in business if the sba is the one who originated the loan. Wouldnt the sba have the right to recall the loan and enforce punishment if I didnt meet the requirements? Why is Chase making me qualify for money that I was already approved for? Neither XXXX or the fraud department could answer these questions. They continued to request proof of the business, saying a business loan usually does not go to a personal account. It was also stated that most businesses have an ein. I advised I am a XXXX XXXX and that I file taxes using the 1040 form. Reluctantly, I supplied a copy of my 1040, my sba approval, and my XXXX  paperwork. 
XXXX The teller XXXX called and said there was nothing further he could do. I would have to call Chase fraud department again and ask to speak with them to find out the next requirement. I called again and held for 1.5 hours and spoke to a woman for a short time explaining that I needed to provide a letter from an attorney or cpa sproving I have a XXXX. I had my fiance talk to them so they can explain the exact wording because I didnt understand. As my finance asked what was wrong with the previous paperwork, the Chase operator stated it had information that was handwritten. She advised that none of the paperwork was handwritten and that their CHase rep XXXX wrote on it to identify who the paperwork was for. We wrote nothing. As my fiance began to question more about what the requirements were, the Chase rep hung up. We called back again and asked directly for a supervisor. We spoke to XXXX and she told me that I did not qualify for the funds. The funds are not intended for XXXX XXXX. Chase will likely not return the funds to me. The only way I could possibly get the funds back is if I turned in a letter from a cpa that I have a XXXX  and since I do not, then I wont get the money. Asked her to explain this to an attorney. I give my permission for her to speak to a third party on my behalf. She said no. I said I did not retain him and that I asked the attorney to speak to them so that I may understand what I need to get the funds. She said no and kept asking me if she was speaking to me. I didnt understand why she asked me that several times. Then as I continued to ask questions and ask her to speak with my attorney associate, she hung up. No explanation. I attached the SBA requirements to this complaint. I retrieved them from the SBA website.