Consumer complaint received 2026-05-13 00:00:00
Product: Checking or savings account — Checking account
Issue: Closing an account — Funds not received from closed account
Company: JPMORGAN CHASE & CO.
State: NC

Complaint narrative:
This is regarding my business account ( XXXX XXXX XXXX XXXX ) with Chase JP Morgan. My account was closed on XX/XX/year> ( informed during a customer service call ), without prior notice. A balance of {$16000.00} was debited from my closed account on XX/XX/year> and has been held by Chase since then. On XX/XX/year>, Saturday I was trying to login into my online account, but I was unable to, despite multiple password resets. After which, I made several calls to Chase, to reach the appropriate team regarding my account. The bank was not willing to provide any information as they did not see my name on the account, which was very weird. I suggested the representative lock the account just in case, suspecting fraud, even though it is not relevant as the account was already closed. I was told to see the Chase bank branch, with two ids. On XX/XX/year>, Monday, I visited the branch and the bank team member reached out to the online team and found that the account has been closed and the balance of {$16000.00} was being held by the bank. I was told to open a new account, so the funds can be transferred into the new account. I was asked to visit the brank again next day, as the bank representative assisting me can not to business accounts. I visited the bank again on XX/XX/year>, Tuesday and another representative helped me open a new business account. I was told by the representative that the balance held was approved to be released and should be deposited in 6 business days. Thats not very good news, despite holding the money close to one month by then. Due to the closure of account without prior notice, a deposit of approximately {$11000.00} was returned on XX/XX/year>. After the new account was created, I provided my vendors with the new account info, and the amount was immediately sent within few hours. What puzzled me was how a bank can not transfer the money that is within their bank, to a customers account. Waited for 6 business days, and called Chase branch representative on XX/XX/year>, who followed up the online team again but there was no update. They asked me to wait again for 4-5 business days. I was told the branch also raised a complaint. Called the branch again on XX/XX/year>, XX/XX/year> and XX/XX/year>. Different branch members received the calls and mentioned that the representatives who were helping with the issue were out of office. I specifically requested a call back but have never heard back since then. On Friday, XX/XX/year>, I called online Chase JP Morgan customer service, and I was transferred to a online Accounts Transfer team / Fraud Escalation team. One of the team members repeated the same explanation, stating the funds have approved but they are somehow stuck in the middle of routing process and assured me that he will ensure the funds are released no later than Tuesday, XX/XX/year>. The representative stated the funds should be deposited sooner and XX/XX/year> is the max deadline. I mentioned that post Tuesday, XX/XX/year>, if the funds are not available, a complaint will be filed outside of Chase JP Morgan either to XXXX or CFPB. Waited till Tuesday morning, XX/XX/year> and called again to learn the status of funds. A team member again verified and stated the funds should be available by Friday, XX/XX/year>. I insisted on speaking to a supervisor and told the representative that I can not wait till Friday. After multiple holds, one of the supervisors spoke to me, who reiterated what has happened until now and believes I was given incorrect info on the timeline for funds as there seems to be an issue with how the account was closed and the funds are still being with the Closed Accounts team, despite receiving the approval. The representative assured to do more research and call me with a resolution within 24 hours, possibly Tuesday, XX/XX/year> evening by XXXX XXXX or Wednesday, XX/XX/year> morning. I specifically asked for a return call, irrespective of resolution as I have been left with no updates until and unless I call the bank. The representative assured to call back and provide an update. I also told the representative that this will be my last call to Chase JP Morgan, and I will be filing a complaint if I dont get a deposit within 24 hours, which will be by Wednesday, XX/XX/year> XXXXXXXX XXXX The notes are updated as of XX/XX/year>, XXXX XXXX As of XX/XX/year> XXXXXXXX XXXX, did not receive any call or any kind of communication from Chase JP Morgan. The issue has caused much delay and issues in my financial commitments, planning and left us with anguish and frustration.

Company response to consumer: Closed with explanation