Consumer complaint received 2024-11-01 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Problem making or receiving payments
Company: JPMORGAN CHASE & CO.
State: MI

Complaint narrative:
I. Introduction I am submitting this complaint against JPMorgan Chase Bank due to significant issues regarding my account, which have led to financial hardship, including eviction. The bank 's actionsor lack thereofhave not only impacted my creditworthiness but have also resulted in severe consequences for my livelihood. This complaint seeks to hold JPMorgan Chase accountable and requests your intervention to rectify these issues.

II. XXXX XXXX XXXX XXXX and Disclosure Failures : Upon opening my account, I was required to provide my Social Security number and other personal information. Since that time, I have not received adequate disclosures related to the status of my account, including insurance claims, 1099-C forms for canceled debt, or details regarding any securities associated with my account. 
I request that JPMorgan Chase disclose any insurance claims, FDIC reports, and evidence of any alterations made to my account or related checks, including the specifics of any hacking incidents. 
Negative Impact on Credit Report : The lack of accurate reporting has resulted in negative marks on my credit report, which have prevented me from accessing necessary credit facilities. This has had a profound effect on my ability to secure housing and has contributed directly to my eviction.

Discriminatory Practices : I believe that the treatment I have received from JPMorgan Chase has been discriminatory. If there is evidence that other customers have been treated more favorably under similar circumstances, this could indicate a violation of the Equal Credit Opportunity Act ( ECOA ) and the Fair Housing Act. 
Failure to Address Errors : In a recent correspondence from Vice President XXXX XXXX, it was acknowledged that there are errors related to my account that need correction. Notwithstanding this acknowledgment, no remedial action has been undertaken following XXXX 's efforts to rectify these errors, thereby perpetuating the adverse effects on my financial standing. 
XXXX. Legal Basis for XXXX XXXX CFPB was established to ensure that consumers are treated fairly by financial institutions. Under the following regulations, I assert my rights as a consumer : XXXX XXXX XXXX Reform and Consumer Protection Act : This act provides the CFPB with XXXX authority to enforce consumer protection laws and ensure that consumers have access to accurate information regarding their financial products. 

Fair Credit Reporting Act ( FCRA ) : This law requires that consumers have access to accurate credit information and provides a framework for disputing inaccuracies. The failure of JPMorgan Chase to rectify negative reporting related to my account constitutes a violation of the FCRA. 

Equal Credit Opportunity Act ( ECOA ) : This act prohibits discrimination in lending. If JPMorgan Chase has engaged in discriminatory practices regarding my account, they are in violation of this act. 

LEGAL VIOLATIONS Constitutional Violations : The actions of the Defendant may constitute violations of the due process rights enshrined in both the U.S. Constitution and the Michigan Constitution, particularly if adequate notice or opportunity to address negative account reporting was not provided.

Securities and Exchange Commission ( SEC ) Violations : If the Defendant engaged in securities transactions that lacked proper disclosures or failed to comply with SEC regulations, this may constitute unlawful conduct subject to regulatory action.

Code of Federal Regulations ( CFR ) Violations : The Defendant 's actions may be in violation of relevant provisions in the CFR governing banking practices and consumer protection, particularly with respect to disclosure requirements. 

Fiduciary Duties and Common Law Breaches : The Defendant has a fiduciary duty to act in the best interests of its clients. Any failure to manage the account prudently or to rectify errors could result in a breach of this duty under common law. 

Uniform Commercial Code ( UCC ) Violations : The Michigan UCC governs secured transactions and indicates that the Plaintiff, as a creditor, holds a perfected security interest in the collateral as described in the Security Agreement. The Defendants disregard for this agreement could expose them to liability under UCC provisions.

IRS Forms 56 and 56F Compliance Issues : The Defendant has been provided IRS Form 56 and Form 56F, indicating the establishment of Power of Attorney. Failure to recognize the authority granted in these forms constitutes a breach of fiduciary responsibility.

TRUST AND DEBTOR-CREDITOR RELATIONSHIP The Plaintiff asserts that the XXXX XXXX XXXX XXXX is identified as a debtor and that XXXX XXXX , in his capacity as Power of Attorney, is the creditor with legal rights to collect on the debts owed. The Security Agreement purportedly covers all future debts and is supported by the collateral 's value. 

The Defendants failure to honor the fiscal forms and POA authorizations supplied by the Plaintiff undermines the trust and estate 's legal standing.

IV. Importance of Resolution The resolution of these issues is critical not only for my financial well-being but also for the integrity of the banking system. A failure to address the errors associated with my account could set a dangerous precedent for other consumers who may face similar issues. Ensuring accountability within financial institutions is vital for maintaining public trust and promoting fair lending practices.

Michigan Consumer Protection Act ( MCPA ) MCL 445.901 et seq. : The MCPA protects consumers from unfair, deceptive, and misleading practices in trade and commerce. If Chases practices can be shown to violate this act, it could serve as a basis for a claim of misleading behavior. 
Michigan Uniform Commercial Code ( UCC ) MCL 440.1101 et seq. : The UCC governs commercial transactions in Michigan, including the sale of goods and secured transactions. Provisions related to the good faith requirement in commercial transactions and the obligation to act with reasonable care may support claims against Chase regarding their handling of the depository agreement.

Michigan Truth in Lending Act MCL 493.1401 et seq. : While primarily aimed at loan transactions, if the depository agreement includes terms related to credit, this act may impose requirements that Chase failed to meet, leading to misleading practices.

Michigan Debt Collection Practices Act MCL 445.251 et seq. : This act regulates debt collection practices and may apply if Chases actions in managing the account are construed as deceptive or unfair, particularly in how they report the principal 's credit history.

Michigan Revised Judicature Act MCL 600.2919 : This law addresses the liability for wrongful acts and could support claims regarding harm caused by Chases actions.

Michigan Administrative Code R 205.121 et seq. : These rules outline regulations concerning financial institutions, including prohibitions against unfair or deceptive acts in the context of consumer financial services.

Fiduciary Duty Principles The concept of fiduciary duty requires banks to act in the best interests of their clients. Any breach of this duty, such as failing to properly manage an account or adequately disclose terms in a depository agreement, could lead to claims of liability.

Tort Law Principles Under common law, a party can be held vicariously liable for the actions of its agents if those actions occur within the scope of employment. If employees of Chase engaged in misleading practices or failed to uphold their duties under the depository agreement, this could expose Chase to vicarious liability.

Remedies and Enforcement MCL 445.903 : This section of the MCPA provides for remedies, including the ability for consumers to seek damages, which could be applicable in a case against Chase.

Summary These laws could serve as the foundation for challenging the fairness and legality of JPMorgan Chase 's depository agreement.

V. Request for Action I hereby request that the CFPB investigate this matter thoroughly. Specifically, I ask for : An investigation into JPMorgan Chases management of my account, including the handling of disclosures, insurance claims, and reporting practices.

Assistance in rectifying any inaccuracies in my credit report that stem from the banks mismanagement.

Recommendations for corrective actions that JPMorgan Chase must take to address these issues and ensure compliance with consumer protection laws. 

Thank you for your attention to this matter. I look forward to your prompt response and assistance in resolving these serious concerns.

Company response to consumer: Closed with explanation