Consumer complaint received 2024-03-03
Product: Checking or savings account — Checking account
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: JPMORGAN CHASE & CO. (FL)

I write this complaint in regard to JP Morgan Chase Bank and its unethical practices, procedures and handling of withholding funds that do not belong to them even after extensive proof they requested was provided. On XX/XX/2023 we received a third party deposit from my business partner, it was IRS deposit into our business account, that we held with Chase, of {$260000.00}. Chase proceeded to restrict our account and a few days later closed our account and after calling the number provided, they said the funds would be getting mailed out. We waited the 10 days they said and we did not receive this amount. At the time, they said they will be holding the funds until we provide further proof that they request. The funds are from my business partner who directed it to be deposited into our business account. She was not a XXXX  at the time of deposit but she is an authorized member of our business, which can be verified with a simple public record search with our Secretary of State in Florida under business records. Chase said they needed proof of her relationship to the business and where the funds came from so we proceeded to submit a copy of the Secretary of State, we also submitted the tax transcript where it shows on Page 12 the funds being directed into our chase account, we also submitted our legal operating agreement that is sufficient to prove her relationship. Chase did not allow me to put her on the phone since she is not a XXXX  nor to walk in to verify identity and solve this issue this way or even allow us to remedy this issue and add her onto the account. So my business partner proceeded to make a letter confirming that she did in fact direct for this deposit to be made into this chase account AND got it NOTARIZED for additional proof and verification. We submitted these documents to chase as well where they uploaded them to the VAULT, as they call it. By this point it is XX/XX/2023 just before the holidays and Chase said ok now we just need to call her to verify, so we gave them her number and They said it is not passing their verification system but they do see that it is in her name its just not giving a green flag to approve them to call. So she proceeded to get a letter notarized that this is her number and is in fact verified with XXXX. It is clear computer error that needs a manual override from a competent human being. Then on Saturday XX/XX/XXXX we called again to see for an update. We were able to get in touch with a supervisor who reviewed the account, the documents and proceeded to submit a request for release of funds due to the public record of our partner being listed on the Secretary of State, he said this is all that was needed and that he does not need to call her, he even gave us a reference number to refer to his approval and notes. 

He said to call on Thursday XX/XX/XXXX to gather tracking number to receive the check because it would be overnighted to us. When we called XX/XX/XXXX in the morning, it turns out that the request was denied by the back office, they kept saying even with the sufficient and abundant amount of proof they have, they still need to verify through the phone. They proceeded to say the phone number provided wont work because even though they see on their end its in My partners name, its not passing their system. They even went as far to tell us to have her open up a second phone number completely in her own name and their system will update in real time and we can call and they will verify her then. My partner proceeds to do this after Chase said this and it was the same thing! They could not verify it! Chase even gave us old numbers that pass their system and that they can call but my partner said those were old numbers and she does not have access to them, yet chase said if we can somehow get a hold of any of those numbers then they could proceed, which I find EXTREMELY unethical because those are not hers anymore! We did our own reverse phone search as Chase recommended through Public Records and her name IS attached to her current number provided to Chase! XX/XX/XXXX comes and we dealt with a supervisor and she looked over the account, notes and proceeded to submit a 2nd request for funds to be released based on the same findings the previous supervisor found of my partners relationship being listed on Secretary of State website and it being public record, she also agreed this was enough for funds to be released and there was no need to call my partner and to call later on in the week for an update. Then on Friday XX/XX/XXXX we speak to another supervisor and told us the funds were approved to be released by the back office on the XXXX of XXXX but they are holding the funds for further review! At this point this is clear and evident unethical practice of withholding funds and being given the runaround with NO FURTHER EXPLANATION. I truly believe Chase has no intention of helping, which I do not agree with. On Friday XX/XX/XXXX we call Chase executive offices and made the complaint and were given a Case #, then Monday XX/XX/XXXX I received an acknowledgment call from an executive officer and she said she would get to me in a few days with an update on the release. I called her back yesterday XX/XX/XXXX to her number she provided and she said she has no update yet, which is the same thing we have been hearing all this time! I was advised, from someone who had a similar issue with Chase, to write a complaint with CFPB regarding this matter and thats what I am doing to help receive our funds. I am attaching all the proof provided to Chase here with this complaint. The vault that Chase says holds their documents, has ALL the proof needed to release the funds from notarized letters, operating agreement, copy from Secretary of State and tax refund transcript and when my partner called the IRS they said they can not do anything because the funds were already sent on their end and in possession with my financial institution and to deal directly with our bank, Chase. Please see attached documents mentioned.