Consumer complaint received 2025-11-10 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: JPMORGAN CHASE & CO.
State: NY

Complaint narrative:
This complaint concerns false and contradictory statements made by JPMorgan Chase Bank in their response to my previous CFPB case number XXXX. I am filing this as a new complaint because Chase materially misrepresented facts to the CFPB and continues to unlawfully withhold my closing funds. 

Chase closed my business checking account ( ending XXXX ) on XX/XX/year>, with a balance of approximately {$22000.00}. The official Chase account statement shows a XXXX XXXX Check Charge, confirming that a closing check was issued and the account brought to XXXX. This means the funds were processed as payable to me, not subject to any ongoing investigation. 

After I provided a detailed written explanation of all deposits at Chases request, I received a voicemail from the Chase Executive Office on XX/XX/year>. In that message, a representative named XXXX XXXX stated : I am calling from the Executive Office regarding the letter that you sent us. I do want to advise that regarding this matter, the bank will not be releasing any funds again. We are sorry for the outcome, and this is our final decision. We are exercising our rights under the terms of our deposit agreement. This message explicitly referenced my letter of explanation and confirmed Chase had completed its review and made a final decision. No request for additional information or documentation followed. 

However, in Chases written response to the CFPB, the bank stated : We closed your account on XX/XX/year>, and placed {$22000.00} in suspense. We are still conducting our research and do not have a time frame on when this will be resolved. These statements contradict both Chases own voicemail and its XX/XX/year>XXXX  account statement. A bank can not both close an account and continue to investigate or suspend funds afterward. Once closed, Chase no longer has contractual authority under Section IX ( C ) of its Deposit Account Agreement to hold funds. That clause only applies to active accounts under restriction, not closed ones. 

Chases contradictory responses and shifting explanations indicate bad faith and potential misrepresentation in a federal regulatory proceeding. The suspense claim appears to be an internal accounting device, not a lawful reason to retain funds indefinitely. The voicemail and account statement prove that the banks investigation had already concluded months before it told the CFPB otherwise. 

I am requesting that the CFPB open a new review into this matter and require Chase to ( 1 ) explain the legal authority it claims to hold funds after account closure, ( 2 ) provide documentation of any ongoing investigation or internal suspense record, and ( 3 ) immediately release my {$22000.00} closing balance or provide lawful written justification for refusal. These inconsistencies and misrepresentations warrant independent review and regulatory scrutiny.

Attached are copies of my Chase account statement showing closure and the closing check charge, the transcript of the Executive Office voicemail confirming their final decision, Chases written response to the CFPB claiming the matter is still under review, and relevant sections of Chases Deposit Account Agreement.

Company response to consumer: Closed with explanation