Consumer complaint received 2025-08-29 00:00:00
Product: Checking or savings account — CD (Certificate of Deposit)
Issue: Closing an account — Company closed your account
Company: JPMORGAN CHASE & CO.
State: FL

Complaint narrative:
On XX/XX/XXXX, my parents were visiting from overseas and wanted to make sure that two Certificate of Deposits ( CDs ) that were reaching maturity would be reinvested. We went to JPMorgan Chase to open XXXX CDs. XXXX, the bank XXXX at Chase, stated that my parents had to open a checking account first before they could open the CD. My parents opened a joint checking account on that same day ( XX/XX/XXXX ). My parents were waiting for a CD at a different financial institution to reach maturity, to then withdraw the money and open the CD at Chase. Before the CD in the prior financial institution reached maturity, my parents had to return overseas, so they granted a Florida Power of Attorney ( POA ), naming me their XXXX. On XX/XX/XXXX, the CDs reached maturity, and as the Agent, I opened joint CDs in my parents ' names at JPMorgan Chase on the same day. XXXX XXXX, Chase 's XXXX who performed the transaction, stated the CDs were now opened. About a week later, I received a very vague, confusing letter from Chase stating that " the Power of Attorney did not grant the XXXX the Authority to perform the requested transaction. '' I answered the letter explaining the facts and how the POA did XXXX the authority to perform the transaction ; I also asked for clarification regarding what authority was not granted. On XX/XX/XXXX, I went to Chase and spoke to XXXX XXXX but he did not know what the letter meant, did not know about it and was as surprised as I was. XXXX XXXX asked for some time to investigate and speak to the back office to figure it out. Chase never answered my letter nor sent any other letter or communication regarding the CDs. On XX/XX/XXXX, I again went to Chase and they were under the impression that I had added a person to the CD account once the CD account had been created. Namely, they though I had added my mother to my fathers account, once my father had his account set up. I explained that, from the beginning, it was a joint account, that I did not add anyone after the fact. The checking account that my parents had created was a joint account and the CDs were opened jointly by my parents through me acting as their agent. The Florida Power of Attorney grants authority to create, continue, modify, terminate, invest and conduct any banking transactions not prohibited by law. XXXX XXXX again ask for more time and stated he had sent messages to the back office and was waiting. When I asked to see the messages, but he said he could not show me. On XX/XX/XXXX my parents CDs reached maturity and I went to Chase to withdraw the money. I was going to apply the money to a CD in a different financial institution. To my surprise, XXXX XXXX, an XXXX of the bank, informed me that Chase had closed the CD and had mailed checks to my address. I never authorized Chase to close the CDs and was surprised that Chase unilaterally close a CD in violation of their own rules and published agreement regarding the management of CDs. I never received any checks from Chase so I told XXXX XXXX that Chase should put a Stop Payment on those checks and I would withdraw the money but she said that she needed a week to get the money. On XX/XX/XXXX, I went to Chase and spoke to XXXX XXXX but she told me that I can not withdraw the money because the money is not in the Chase branch ; she said that they can only mail the checks. I told her that mailing the checks did not work before so I do not want the checks, I would rather withdraw the money at the Chase branch. She refused to do what I requested and stated she can not allow me to withdraw the money at the Chase branch. I am requesting that Chase honor their agreement, allows me to withdraw the money, including the interest earned. Chase still has my money even though the maturity of the CD has passed.

Company response to consumer: Closed with explanation