Consumer complaint received 2023-07-07 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: JPMORGAN CHASE & CO.
State: TX

Complaint narrative:
Dear CFBP, I am writing this letter out of extreme desperation, My name is XXXX XXXX owner of XXXX XXXX XXXX. We are a construction XXXX primarily specializing in healthcare facilities. We were awarded a restoration project for a medical facility in XXXX XXXXXXXX, TX. We were issued a check of {$50000.00} as a 40 % deposit to begin work, pay our labor, and purchase materials. The insurance adjusteXXXX for XXXX ( insurance company for hospital ) was whom we were in contact with and who mailed the check to us. On XX/XX/XXXX we went to Chase bank located at : XXXX XXXX XXXX XXXX XXXX, XXXX, TX XXXX My business partner opened a business checking account and deposited the check sent to us. They told my business partner that I had to be present as well to open the business checking account but they would still begin processing the check. The next day XX/XX/XXXX I went to the branch, brought ID and signed off on the account as well. We were told it would take 3-5 days to clear the check. The following Monday XX/XX/XXXX my business partner received a call from branch manager claiming that they were going to put a freeze on the account due to the check being made out to XXXX XXXX instead of XXXX XXXX XXXX the name as it appears on our LLC. We figured it would not be a big deal and reached out to the Insurance provider for the hospital XXXX to verify the check, however Chase claims that since the check says only XXXX XXXX ( name of the company who owns hospital ) that they would need to get in touch with someone from XXXX XXXX since thats what it says on the check and so the insurance adjuster provided all documentation that he could to verify it, but XXXX back office claimed that they need a phone number that matched in their system for the check issuer ( XXXX XXXX ) to verify it. We tried to explain that this is an insurance claim and that even though the check says XXXX XXXX as the issuer it was XXXX who made the check out to us on the behalf of XXXX XXXX. Chase still keeps claiming they need a phone number that matches in their system for XXXX XXXX and will not do anything besides matching phone numbers in there obviously outdated system to verify this check. They have now closed our account and refuse to even return the check to the issuer because they claim it has been processed and cleared. We are in a huge financial burden as of now as me and my partner have scraped up our personal funds to keep the project going. this is now going on a month and we have no resolution from Chase. please help We were contacted by Chases executive team rep and provided him with a point of contact that would verify the check was supposed to be made out to us. XXXX XXXX XXXX and he was able to verify the check with Chases executive team I even have a email saying the branch manager had confirmed the check has indeed been verified and Chase is not answering our phone calls or providing us with any updates. They are still holding our funds

Company response to consumer: Closed with non-monetary relief