Consumer complaint received 2025-12-23 00:00:00
Product: Checking or savings account — Checking account
Issue: Closing an account — Funds not received from closed account
Company: JPMORGAN CHASE & CO.
State: CA

Complaint narrative:
This complaint supplements a prior CFPB complaint I filed regarding JPMorgan Chase Bank, N.A.s refusal to timely close my account and release my funds after a prolonged period of rolling and unnecessary reviews. 

The funds at issue originated from a XXXX XXXX IRA account and were transmitted directly from XXXX XXXX to JPMorgan Chase Bank. I never received, possessed, handled, or deposited these funds myself. This was a custodian-to-bank IRA wire, not XXXX customer-initiated deposit. 

XXXX XXXX, acting as the IRA custodian, transmitted the wire more than XXXX weeks ago ( nearly XXXX months ago ). JPMorgan Chase Bank accepted the wire and held the funds in my account. 

Despite the funds already being in Chases possession, Chase subjected my account to prolonged and repeatedly extended reviews, continually adding time and requirements without resolution. I requested account closure and release of my funds, but Chase failed to act. 

As a result, I filed a complaint with the CFPB to compel Chase to comply with my request to close the account and disburse my funds. 

Only after receiving my CFPB complaint did Chase initiate closure of the account. Chase then represented to me that a cashiers check for my remaining balance had been issued or was available and would be mailed after routine processing. I relied on that representation. 

After initiating the closure and representing that a cashiers check was forthcoming, Chase reversed course, stated that additional information and third-party verification were now required, and later admitted that no cashiers check had actually been issued, despite prior statements to the contrary. 

At this point, Chase has removed the funds from availability, refuses to identify where the funds are currently being held internally ( e.g., suspense account, operations account, or other custodial status ), and can not provide a check number, issue date, or tracking information. 

Chase is demanding bank-to-bank phone verification from XXXX XXXX. However, XXXX XXXX IRA Department will not disclose IRA account information bank-to-bank by phone, even with written authorization, due to federal privacy and custodial restrictions governing retirement accounts. I provided written authorization, made myself available for account-holder authentication, and requested written transaction confirmation from XXXX XXXX XXXX Chase has refused to accept reasonable alternative verification methods while continuing to hold my funds. 

Because these are IRA-derived funds, Chases actions raise additional concerns regarding improper handling of retirement distributions, failure to timely complete a transaction, and potential tax reporting or penalty consequences caused solely by Chases delay and mismanagement. 

Importantly, Chases initiation of account closure, its representation that a cashiers check had been issued, its subsequent reversal of that position, and its continued withholding of funds all occurred after I engaged in protected consumer activity by filing a CFPB complaint. The timing and nature of these actions raise serious concerns regarding retaliatory or unfair conduct following that complaint. 

Chases conduct reflects a pattern of moving requirements after account closure, misrepresentation regarding the status of funds, lack of custodial transparency, and unreasonable detention of customer money without explanation.

Company response to consumer: Closed with explanation