Consumer complaint received 2025-02-03 00:00:00
Product: Checking or savings account — Other banking product or service
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: JPMORGAN CHASE & CO.
State: TX

Complaint narrative:
To Whom It May Concern, I am submitting this formal complaint on behalf of XXXX XXXX XXXX XXXX, XXXX regarding JPMorgan Chase & Co. 's failure to execute the proper funding of our business accounts in accordance with our agreements and applicable banking regulations. 

On XX/XX/XXXX, XXXX XXXX XXXX XXXX, XXXX engaged in a conference call with XXXX XXXX, Vice President- Business Development of JPMorgan to discuss the intent to open business accounts in the middle market sector. Throughout multiple communications with JPMorgan representatives, and XXXX XXXX XXXX XXXX, XXXX leadership : XXXX XXXX XXXX, XXXX, and XXXX XXXX XXXX, XXXX, we were assigned Private Banker XXXX XXXX to facilitate the opening of XXXX bank accounts for XXXX XXXX XXXX XXXX, XXXX on XX/XX/XXXX : An operations account with an initial special deposit of {$7.00} XXXX. 

A payroll account with an initial special deposit of {$3.00} XXXX. 

On XX/XX/XXXX, we accepted an invitation to a strategy call with XXXX XXXX to outline a game plan for opening these special deposit accounts based on the following documentation to JPMorgan representatives : Letter of instruction XXXX XXXX XXXX XXXX registered as XXXX for {$10.00} XXXXn to JPMorgan 1099-B ending in XXXX  to JPMorgan SEC filings of OCC Certificate of Fiduciary over National Banks CFR Title 12 Part XXXX Fiduciary Activities of National Banks Subsequently, an extensive packet of documents was sent to JPMorgan at XXXX XXXX XXXX, XX/XX/XXXX XXXX XXXX XXXXXXXX , as well as to the United States Treasury. 

Timeline of Key Events : XX/XX/XXXX : Introductory conference call with XXXX XX/XX/XXXX : Accounts were opened without deposits. 

XX/XX/XXXX : Message received from XXXX XXXX in the portal confirming verification of account openings. 

XX/XX/XXXX : Letter of instruction sent to XXXX XXXX, detailing knowledge of 12 USC 361, 12 USC 373, and outlining the structured contacts for JPMorgan on XXXX regarding the handling of bills of exchange and other contacts within the Federal Reserve for banking representatives. 

XX/XX/XXXX : XXXX  meeting with XXXX XXXX and XXXX to establish the cost of setting up JPMorgan Access for direct access to the U.S. Treasury, given the high volume of transactions required for XXXX XXXX XXXX XXXX, XXXX. 

Additionally, we delegated JPMorgan as fiduciary over an XXXX XXXX XXXX XXXX registered as XXXX for {$1.00} XXXX to the United States Treasury as collateral pursuant to 12 USC 412. Each International Bill of Exchange is registered under UCC-1 financing statement XXXX XXXX in Delaware which was transferred as an asset to UCC-1 financing statement XXXX XXXX in XXXX and XXXX by silver certificate XXXX  pursuant 31 USC 9303 and stamped pursuant 31 CFR 328.6. 

As of today, XX/XX/XXXX, XXXX XXXX XXXX XXXX, XXXX has yet to receive any deposits into the opened bank accounts ( XXXX and XXXX ), despite JPMorgan having accepted XXXX XXXX XXXX XXXX XXXX totaling {>= $1,000,000}. This failure appears to constitute multiple regulatory violations, including but not limited to : 12 USC 90 : Depositaries of public monies and financial agents of the Government 12 USC 353 : Purchase and sale of cable transfers, acceptances, and bills 12 USC 356 : Purchase of commercial paper from member banks and sale of same 12 USC 373 : Acceptance of drafts or bills drawn by banks in foreign countries 12 USC 391 : Federal reserve banks as Government depositaries and fiscal agents 12 USC 412 : Application for notes ; collateral required 18 USC 371 : Conspiracy to commit offense or to defraud United States 18 USC 649 : Custodians failing to deposit monies 18 USC 650 : Depositaries failing to safeguard deposits 18 USC 656 : Theft, embezzlement, or misapplication by a bank officer or employee 18 USC1344 : Bank fraud 18 USC1956 : Laundering of monetary instruments Moreover, JPMorgan 's actions are inconsistent with multiple federal banking regulations, International Treaties and UCC Articles 3 and 4, including : Federal Reserve Regulation CC ( 12 CFR Part 229 ) governing the availability of funds Federal Reserve Regulation J ( 12 CFR Part 210 ) related to the handling of negotiable instruments United Nations Convention on International Bills of Exchange and International Promissory Notes - While this convention primarily governs the sale of goods internationally, it often interacts with bills of exchange in international trade as a form of payment collateral. XXXX XXXX XXXX The Geneva Convention on Bills of Exchange and Promissory Notes ( 1930 ) - This international treaty established standard rules for the issuance, endorsement, and transfer of bills of exchange and promissory notes, influencing how such instruments are treated in international transactions. XXXX XXXX XXXXXXXX The Hague Convention on the Law Applicable to Bills of Exchange and Promissory Notes ( 1930 ) - Establishes rules for determining the law governing international bills of exchange and other negotiable instruments, influencing cross-border transactions. XXXX XXXX XXXXXXXX U.S. Treaty Obligations and Bilateral Agreements - Many countries have bilateral agreements with the U.S. that regulate the use of bills of exchange in cross-border trade, setting standards for enforcement and collection. XXXX XXXX XXXXXXXX International Chamber of Commerce ( ICC ) Rules - The ICC provides rules for trade instruments, including **UCP 600** ( Uniform Customs and Practice for Documentary Credits ), which frequently involves the use of bills of exchange in the context of letter of credit transactions. XXXX XXXX XXXXXXXX The International Swaps and Derivatives Association ( ISDA ) Agreements - While focused on derivatives, ISDA agreements often involve bills of exchange, particularly in the context of international financing arrangements and trade finance. XXXX XXXX XXXXXXXX Foreign Trade Antitrust Improvements Act ( FTAIA ) : Governs antitrust issues in international commerce, which may intersect with the use of negotiable instruments like bills of exchange in cross-border transactionsXXXX XXXX XXXX XXXXXXXX UCC Article 3 - Negotiable Instruments ( UCC 3-104 , 3-104 ( b ), 3-501 ) UCC Article 4 Bank Deposits and Collections ( UCC 4-201, UCC 4-202, UCC 4-205 , UCC 4-302, UCC 4-207 ) Furthermore, JPMorgan 's failure to facilitate the proper execution of deposits has resulted in significant harm and delays to XXXX XXXX XXXX  XXXX, XXXX 's ability to engage in both domestic and international commerce. As a result, we have filed a 1099-B for {>= $1,000,000}, reflecting the original two bills of exchange ( {>= $1,000,000} TOTAL ) and additional calculations for the months of XXXX and XX/XX/XXXX due to JPMorgan 's acceptance of these bills of exchange without allowing XXXX XXXX  XXXX XXXX XXXX XXXX the benefit of usufruct. 

XXXX XXXX XXXX and XXXX XXXX XXXX would like to express their high level of satisfaction with the services provided by XXXX XXXX as our private banker. Throughout this process, XXXX has been instrumental in executing his duties with professionalism, diligence, and efficiency. His efforts have been invaluable in facilitating the necessary steps to establish our accounts and navigate the intricate banking procedures. However, despite his commitment and expertise, it appears that he is constrained within the confines of XXXX internal complex oversight of allowing commerce within the United States. This structural obstruction has hindered the seamless execution of our transactions and continues to be a significant barrier to the realization of our financial objectives.

Company response to consumer: Closed with explanation