Consumer complaint received 2025-02-07 00:00:00
Product: Checking or savings account — Other banking product or service
Issue: Managing an account — Deposits and withdrawals
Company: JPMORGAN CHASE & CO.
State: NC

Complaint narrative:
I am writing to file a formal complaint against JPMorgan Chase Bank and their XXXX payment processing service. I am the owner of XXXX XXXX, XXXX, and my company has been a Chase business banking customer since XXXX and has utilized XXXX without incident until recently. 

On Tuesday, XX/XX/XXXX, a client submitted a {$7500.00} payment to my business via a XXXX payment link. While the payment was initiated on XX/XX/XXXX, the funds were not deposited into my Chase business account. Upon inquiry, I was informed by Chase customer service that the funds were placed on hold for review due to the payment 's size, a process I was told could take up to three business days. 

From Wednesday, XX/XX/XXXX, through Friday, XX/XX/XXXX, I contacted Chase customer service daily for updates. Each time, I was informed that XXXX is a separate entity, contactable only via email, and that I would need to wait for them to contact me with further instructions or requests for information. I was told to expect an email, which I never received. 

On Wednesday, XX/XX/XXXX, I discovered that my XXXX account had been disabled. Upon contacting Chase customer service again, I was once more directed to contact XXXX via email to appeal the closure. Reviewing my emails, I found a single email from XXXX, dated Tuesday, XX/XX/XXXX, at XXXX XXXX, stating that my account had been closed due to suspected fraud and that my funds would be held for 120 days. Critically, this account closure occurred without any prior notification, investigation, or request for documentation from XXXX. 

I immediately submitted an appeal to XXXX. Despite this, they upheld the account closure and refused to provide any specific reason for their decision. This arbitrary action has severely impacted my business operations. I am unable to pay a contractor who is currently completing a project for me. As a direct result of this fund withholding, I am now at risk of legal action and significant damage to my business reputation. 

I want to emphasize the following points : Lack of Communication : Despite daily calls to Chase customer service, I was consistently denied information and direct contact with XXXX. No one from XXXX attempted to contact me before closing my account. 
Arbitrary Account Closure : My XXXX account was closed without warning or any opportunity to provide clarifying information. 
Unexplained Withholding of Funds : XXXX has refused to provide a legitimate justification for withholding my business funds. 
Timeline of Events : The payment was initiated on XX/XX/XXXX, the account was closed on XX/XX/XXXX ( without prior notice ), and the funds remain inaccessible as of the date of this complaint. 
I request the CFPB 's immediate intervention in this matter to ensure the release of my funds and a thorough investigation into XXXX 's practices. 


Company : XXXX XXXX, XXXX Owner : XXXX XXXX Account : Chase for business ( XXXX XXXX  Payment merchant service/XXXX )

Company response to consumer: Closed with explanation