Consumer complaint received 2024-04-11 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Banking errors
Company: JPMORGAN CHASE & CO.
State: CA

Complaint narrative:
Problem has to do with JP Morgan Chase Bank and XXXX XXXX  who are both FDIC insured institutions. 

We have a customer, XXXX XXXX Located in MA, who banks at XXXX XXXX. They pay our company via XXXX transfer for services rendered. on XX/XX/XXXX an unknown third party, committed fraud by forging my name ( XXXX XXXX XXXX XXXX XXXX ) on a document, along with an email letter, requesting our customer, XXXX XXXX XXXX change the bank location where those deposits were to be made. They requested the change go to a bank account located at Chase Bank. XXXX did not contact us to verify that the request was a valid request and through their bank, XXXX XXXX, had the funds deposited to the new account at Chase Bank beginning XX/XX/XXXX through XX/XX/XXXX. XXXX deposits in total ( that we are aware of ) for a total of {$13000.00} We were not aware this had happened. In XXXX of XXXX our accounting team began looking at why we were short funds and realized we had not received any deposits from this customer. Once we discovered we were not receiving funds we found out that there was this request, they thought we had sent to them, to redirect the deposits to Chase bank. I spoke to an employee at a local branch here in California, XXXX XXXX who said due to Privacy Policy she could not provide written confirmation that the account at Chase had no connection to our Company, XXXX XXXX, or me, XXXX XXXX, but she did see where the deposits had been made in the name of XXXX XXXX and that the account was not associated with our company or me otherwise as far as she was concerned, the account would belong to the company and she could talk to me about the account. She further advised me that since the account was not an account belonging to XXXX XXXX that our customer, XXXX XXXX, should be able to go to their bank, XXXX  XXXX, and request the funds be returned. We provided this information to XXXX and they then told us they had allegedly made that request and at that point it could take as many as 90 days to get a response back. 

First complaint - I don't believe the funds should ever have been deposited at Chase Bank because the account holder did not match the name on the deposits. Chase should have refused the transactions. 

Second complaint - If XXXX XXXX  had made the request to return the funds, as they say they have done through XXXX XXXX, why after now 240 days plus have we NOT heard anything from our customer or XXXX XXXX  on the status of the payment of those funds. XXXX  Owes us those funds and now late fees and interest as well as fees due to damages for the lack of timely payment for services rendered. We were not aware for 30 days that this request was made via email when the request should have been verified by XXXX and Chase Bank refused the deposit of the funds. XXXX XXXX we are told, is investigating and yet we have heard no updates and we are due the funds for payment of services rendered.

Company response to consumer: Closed with explanation