Consumer complaint received 2024-03-12 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: JPMORGAN CHASE & CO.
State: TX

Complaint narrative:
Chase and Fraud Customer XXXX. 

I was a Chase employee until XXXX. I opened bank accounts that were " free for life '' for employees. I had one checking account and did not want another, but the accounts were marketed as such. I actually opened multiples and a safe deposit box, but I closed some accounts because of the new Chase Bank fees. The terms of each account were " no fee '' but Chase started charging fees on all accounts. I had four bank accounts. The fees were changed to {$30.00} dollars or less on some per month. ( Imagine Chase Bank doing that to millions of customers ' accounts. Yes, banks commit this fraud. ) The accounts were over XXXX XXXX XXXX. Just like many accounts XXXX opened for customers, they premeditatively marketed one thing but changed to another, as Chase Bank has consistenly done in the past. The problem is the bank " knowingly '' does this. ( Look at past practices over history and long durations. ) Chase Bank created terms that allows them to charge fees later, but solicits no fees in the beginning. The communications to customers are that the terms are subject to change at any time. This is a broad term with a direct intent. But the only reason customers open accounts are because there are " no fees. '' That is the reason " no fees '' are communicated/marketed, and why there are no fees and the numerous amount of accounts that are opened. Banks opened these accounts for millions of customers, with the intent to lure customers in and to change to monthly fees later on. ( The legal definition of " bait and switch. '' ) If " no fees today '', " the bank will charge fees later '', or " postponed fees '' were marketed customers would not have opened the accounts. That is why Chase Bank did not market those terms. Chase Bank has a track record of doing exactly that. The customers opened the accounts believing the business would exercises " good faith. '' This is why the terms are of the accounts are written as such, because they don't have the intent to exercise " good faith '' in finance or insurance since they have that license also. ( There are definite legal issues on many scales. ) The intent to deceive is there on day XXXX or even before. ( This is clear intent on " bait and switch '' based on prior history. ) The fraud is something that has been done before in other new account campaigns, in the past over many decades. This is fraudulent marketing with intent, a " bait and switch. '' It is definitely false and deceptive practices on a massive scale on the public. Chase Bank has made billions of dollars in revenue from the fraud and it is part of regular practices. 

I decided to write to the bank since incurring fees and to many agencies addressing the fraud. I would like to say things imporoved or at worst, nothing happened. I decided not to pay the fraudulent and unauthorized fees but Chase Bank closed my account. Not only did communications to other organizations amount to nothing ( state/federal/private ) but the bank took further malicious actions after communicating their deceiption and fraud in writing. 

Not only are my accounts, that were long standing closed, but I also do not have years of banking records from my Chase bank accounts. I can't logon online and see all my transactions and records for the past XXXX or more. These are all based on the fraud that Chase Bank has been permitted to exercise as their normal course of business. There has been no ethics or morals inolved with the corporation. 

I actually had direct deposit to the accounts initially. But when Chase Bank started stealing money with the fraud and deceptive practices, I stopped the direct deposits. I was not going to willingly and actively participant in Chase Bank fraudulent acts. I never agreed to them charging fees on my accounts. That is why the accounts were not opened prior to the free accounts. Chase Bank exercised fees that without my consent. 

I won't get into the fraud they executed in XXXX, acquiring XXXX  XXXX and stealing XXXXXXXX XXXX XXXX in assets from the shareholders. They did not buy back the shares of stocks from the employees who owned shares or replace them with Chase stock in the company, which included myself. Instead, Chase stole the shareholders money and under the guise that Chase Bank was strong and solvent in the financial crisis and allowed XXXX  XXXX employees to continue to buy stocks while they were going to liquidate the assets. But JP Morgan ChaXXXX was later found to have falsely accounted ( or not accounted ) for billions of dollars in losses, so that they could be in financial situation to steal the assets of XXXX XXXX in the first place. How does the largest bank, a global corporation, with numerous accountants and licensed CPAs ( plural ) and XXXX XXXX XXXX, have misplaced billions of losses? No person or corporation mistakenly finds XXXXXXXX XXXX XXXX in losses. That amount collapses economies. That is not even in today 's dollar, it is worth in more XXXX XXXX 15 years ago. Frauduletly stealing XXXX XXXX XXXX  15 years ago is like XXXX XXXX in the present day. But correcting it later on paper only reflects the lesser amount. How is that swept under the rug? How isn't that a massive XXXX? It is massive in the law books as well as in accounting. It is unethical and immoaral at that. Not one accounting firm or law practice addresse it. If a group of people logged on and took billions from chase and added that is an expense account so many federal agencies and congressional hears would pursue that group and people. That is a lie/fraud/ and deceptive to the SEC, other federal agencies, the financial markets and stakeholders.C Correctly reported, the share price for JP Morgan Chase would have been less and people buying those shares would have paid less and had more shares. Those shareholders bought shares at a premium due to misinformation, and once corrected the shares lost value or the cash on the books was higher beccause the money defraud through false reportings. The CEO and executives had zero accountability with the fraud. " Pump and dump. '' Is this all normal practice and regualar course of business for corporations? If they would have correctly reported their earnings and losses to the people and the government Chase Bank would not have been the bank in the situation to acquire XXXX  XXXX XXXX  ( fraudulently ) and steal from the shareholders. They hacked the system. In reality, those stolen assets were used to stablize Chase Bank and the XXXX of losses by using another fraud. There is a XXXX employee webpage of employees who lost large amounts because of Chase Bank. But the corruption from bank does not stop and has become part of Chase Bank 's normal practices.

Company response to consumer: Closed with explanation