Consumer complaint received 2023-11-08 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: JPMORGAN CHASE & CO.
State: CA

Complaint narrative:
Subject : Request for Immediate Intervention Unjustified Account Restriction and Withholding of Funds by Chase Bank To Whom It May Concern, I am writing this statement under considerable distress and with a sense of urgency that the situation I am facing with Chase Bank demands. My name is [ XXXX XXXX ], and this statement serves as a formal complaint against Chase Bank for the unwarranted restriction of my account and the withholding of my funds totaling {$24000.00}, which is a tax refund issued to me in the form of a cashier 's check. I am seeking the Consumer Financial Protection Bureau 's immediate intervention to rectify the discrepancies that have led to financial and emotional hardship. 

**Incident Overview : ** On [ XX/XX/2023 ], I deposited a cashier 's check of {$24000.00}, representing my tax refund, into my account via the Chase mobile banking app at a local ATM branch that I regularly utilize. Understanding standard procedure, I anticipated a hold on the funds to allow for the usual verification process. Chase Bank placed a 7-day hold on the check, which was a reasonable expectation. After the 7-day hold period elapsed, the present balance was updated to reflect the available balance, indicating that the funds were cleared and should be accessible for my use. 

**Discrepancy One Unlawful Holding of Funds : ** Despite the update in my account balance, Chase Bank continued to hold the funds illegally. This action is in direct violation of the terms outlined by the Expedited Funds Availability Act ( EFAA ), which mandates the timely release of funds from checks. As per Regulation CC, which implements the XXXX, the hold on a cashier 's check deposited into an account of a customer with a banking institution should not exceed the statutory timeline unless exceptional circumstances apply, which were not communicated to me. 

**Discrepancy Two Account Restriction Without Justification : ** Subsequent to the clearance indication, I received notice that my account was restricted, with the justification that the bank was " waiting for funds to be returned to maker. '' This statement is nonsensical in the context of a cashier 's check, which, by its very nature, represents guaranteed funds that have already been paid for by the issuerin this case, the United States Treasury. 

**The Issue of Potential Discrimination : ** While I am reluctant to make such assertions, the unfounded actions taken by Chase Bank raise concerns regarding their motives, including the potential of discriminatory practices. I am compelled to question why a standard procedure of check verification has escalated to an unwarranted restriction on my account. 

**Demand for Immediate Action and Compensation : ** The financial impact of Chase Bank 's actions is substantial. Not only am I unable to access my legitimately earned tax refund, but this situation has also impeded my everyday life, causing significant stress and XXXX. I am now in a position where I am forced to question the integrity of my financial institution, which has seemingly penalized me without cause. 

I am requesting that the CFPB take immediate action to ensure that Chase Bank : 1. Lifts the restriction on my account without delay. 
2. Makes the funds of {$24000.00} available to me in full accordance with the law.

3. Provides a detailed explanation for the unwarranted actions taken against my account.

4. Compensates me for the inconvenience and emotional distress caused by their unjustified actions, including but not limited to financial compensation for any overdraft fees, missed payments, and other financial liabilities incurred as a direct result of their actions. 

**Closing Statement : ** The actions of Chase Bank have not only violated federal regulations but have also placed an unfair burden on my financial well-being and emotional state. The urgency with which I require a resolution can not be overstated. This matter goes beyond a simple banking errorit speaks to the reliability of the banking system that consumers like myself depend on. 

I trust that the CFPB will act promptly to address this grievance and to prevent such occurrences from happening in the future to myself or any other consumer. I am prepared to provide further documentation and evidence upon request. 

Thank you for your immediate attention to this critical issue. 

Sincerely, XXXX XXXX

Company response to consumer: Closed with explanation