Consumer complaint received 2024-01-24 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Cashing a check
Company: JPMORGAN CHASE & CO.
State: TX

Complaint narrative:
Dear Consumer Financial Protection Bureau, I am writing to formally lodge a complaint against Chase Bank regarding their handling of a significant financial transaction and the subsequent withholding of funds. 

I am working with a friend to provide him plumbing materials, I recently received three cashier 's checks from him, of {$15000.00}, {$15000.00} and {$40000.00} totaling {$70000.00}. These checks were intended to facilitate the purchase of plumbing materials for a project we were working on together. I promptly deposited the checks into my Chase Bank account, and after a five-day verification process, my account was unexpectedly frozen by the Chase bank. Subsequently, Chase Bank closed my account and has since withheld the funds, pending verification of sender 's identity using his phone number. 

I want to emphasize that the cashier 's checks I received are completely legitimate, and the sender has been more than cooperative in providing Chase Bank with any necessary documentation to verify their authenticity. However, the bank has repeatedly claimed that his phone number does not associate with his name in their system, which has prevented them from releasing the funds. To address this issue, the sender visited his service provider, XXXX XXXX who confirmed that his phone number is indeed associated with his name and has been active for the past XXXX months. 

He visited the XXXX XXXX branch from which he obtained the cashier 's checks in order to request a refund. The XXXX XXXX manager confirmed that the checks had been cashed and was able to check his phone number and verified his identity using his phone number, which correctly displayed his name and address in their system. This clearly contradicts Chase Bank 's claim that the sender 's phone number does not display his name. 

In an attempt to resolve the situation, the sender traveled from Connecticut to XXXX, Texas, where I reside, to personally visit Chase Bank 's main office. We went there and presented valid identification documents to verify our identities and explained the issues we were facing. Regrettably, the Chase Bank manager informed us that they were unable to assist us unless the sender 's phone number displayed his name in their system. Despite our cooperation and the provision of all necessary information, Chase Bank failed to offer any alternative steps for verification and stated that they were unable to take any action until the sender 's phone number can show his name from their verification system. 

As a result of Chase Bank 's actions, the sender have suffered significant financial hardship, inconvenience, and threats from clients, as he have been unable to complete his job due to the lack of funds needed for plumbing materials. The lack of transparency in Chase Bank 's verification process is deeply concerning, and their reliance on an inaccurate phone number verification system is unacceptable. 

It is evident that Chase Bank 's verification process is flawed, and their refusal to accept the sender 's valid phone number as proof of identity is causing undue hardship. I firmly believe that Chase Bank has mishandled this situation and has shown no intention of releasing the funds they are withholding. Therefore, I kindly request that the Consumer Financial Protection Bureau thoroughly investigates this matter and takes appropriate action to rectify the situation. 

I respectfully ask you to initiate an investigation into my complaint against Chase Bank and undertake any necessary measures to ensure a fair resolution. I am fully prepared to provide any additional information or documentation required to support this complaint. I have faith in the Consumer Financial Protection Bureau 's commitment to safeguarding consumers ' rights, and I sincerely appreciate your attention to this matter. 

Thank you for your attention and i hope to get an update promptly. 

Sincerely

Company response to consumer: Closed with explanation