Consumer complaint received 2025-03-04 00:00:00
Product: Checking or savings account — Checking account
Issue: Closing an account — Company closed your account
Company: JPMORGAN CHASE & CO.
State: NY

Complaint narrative:
I am submitting this complaint regarding the abrupt and unjustified closure of my personal and business accounts by JP Morgan Chase. 

On XX/XX/year>, I received a letter from JP Morgan, dated XX/XX/year>, stating that the bank would be closing all of my accountsincluding my checking, savings, business, and credit card accountseffective XX/XX/year>. Despite the severity of the matter, the letter was extremely vague, providing no specific reason for the closures and no steps for remediation. 

I have been a long-standing customer with JP Morgan , maintaining substantial deposits, active transactions, and a strong credit history, including never missing a payment on any of my credit accounts. Prior to receiving the closure notice, I had experienced several account restrictions, including an inability to move funds between accounts and unsuccessful transactions on my credit cards. When I reached out to my banking representatives regarding these issues, I was misled into believing that they could be resolved by completing certain actions, such as approving fund movements and making additional deposits. I complied in good faith, trusting that these actions would restore access to my accounts. Instead, shortly thereafter, I received notice that all my accounts would be closed. 

Throughout this process, the banks representatives have been condescending, dismissive, and provided no transparency despite my repeated efforts to understand and rectify the situation. In an attempt to formally obtain more information, I contacted JP Morgan on XX/XX/year>. I received an email response on XX/XX/year>, suggesting a call to discuss the matter. However, during our call on XX/XX/year>, the representative simply re-read the original letter and provided no additional details, no explanation for the decision, and no opportunity to address any potential concerns the bank may have had.

Request for Investigation The manner in which JP Morgan has handled this situation has caused significant financial and personal distress, as I was given little notice, no clear reason for the closure, and no viable path to resolution. I am therefore submitting this complaint to request : 1. A formal explanation from JP Morgan regarding the exact reason my accounts were closed. 2. A regulatory review of whether JP Morgans decision was arbitrary, discriminatory, or politically motivated.

3. Reinstatement of my personal and credit accounts, which were my primary banking relationships.

I strongly suspect that my accounts were closed maliciously, either in connection with XXXX XXXX or as part of broader illegal de-banking practices. Given the lack of transparency and the nature of my industry, I also believe JP Morgan has violated the Equal Credit Opportunity Act ( ECOA ) by discriminating against me based on my profession or industry. If the bank refuses to disclose the true reason behind the closure, it raises further concerns that the decision was politically or ideologically driven rather than a genuine risk-based determination. 

I respectfully request the CFPBs intervention to hold JP Morgan accountable for this unjustified action and to prevent further discriminatory de-banking practices against customers.

Company response to consumer: Closed with explanation