Consumer complaint received 2025-02-13 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: JPMORGAN CHASE & CO.
State: FL

Complaint narrative:
( 1 ) We established a business account in late XXXX under the name of XXXX XXXX XXXX, XXXX. Account # XXXX. 

( 2 ) The purpose of this account was a transitory account for our Trust clients that we manage under the Minnesota State Court System ( 3 ) We had XXXX electronic deposit placed in that account in late XXXX in the amount of approximately {$8700.00} ( Note - they blocked my access to the account so I maybe off on this particular deposit amount ) ( 4 ) In early/mid-XXXX, we deposited a check from a Trust account in which we were appointed as the Trustee from Mn XXXX XXXX XXXX XXXX The cashier looked at the check and verified with the manager, XXXX XXXX at Chase Bank in the XXXXXXXX XXXX that we could deposit it in the transitory account that we set up earlier. She approved the deposit of the check into that account. The check amount was {$75000.00}. The check was a cashier check made payable to the XXXX XXXX XXXX in which we are the court-appointed Trustees.

( 5 ) On XX/XX/XXXX I was on vacation in XXXX XXXX. I got an email to contact chase to " protect against fraud and that they restricted this account XXXX and they XXXX need co close account soon if I do not call back.

( 6 ) I called back on XX/XX/XXXX and they said I need visit a chase bank to validate that our business, XXXX XXXX XXXX, XXXX are the Trustees for the check of {$75000.00} which was deposited into the account. I mentioned to them I'm in XXXX XXXX and there are not branches in that area so requested that they do not close the account until I can visit a banker at the Villages Florida branch at the end of XXXX and they said they would comply with that and not close the account ( 7 ) On or around XX/XX/XXXX, I met with XXXX to discuss the account and explain to him that he needs to validate that we were the Trustee. Together we called the check fraud department in his office in which he verified, validated and saw that we were the Trustees appointed by the courts. XXXX also uploaded those documents plus our LLC documents to the Fraud Department. The Fraud department said that they would reinstate the account.

( 8 ) On XXXX I was notified that Chase closed the account and swept the balance of {$84000.00} which included the deposited check, the electronic deposit and some interest.

( 9 ) XXXX called back the Fraud department to get clarity on why they closed the account which they stated they do not have documentation that we were the Trustee even though it was uploaded. He then said he was going to escalate it to his branch manager, XXXX XXXX. 

( 10 ) XXXX contacted the Fraud department and according to them, this issue was with a different department. If I recall correctly, it was with their legal team. She then called legal and said that this issue had to be resolved by the Fraud department.

( 11 ) XXXX did a three-way call in XXXX XXXX with the Fraud and Legal team and she told me that they would be mailing me the check.

( 12 ) I never received the check for the {$84000.00} plus interest and contacted XXXX XXXX again. She said, they did not mail the check and it is still being disputed.

( 13 ) I stopped down to the branch and talked to XXXX XXXX and she said if it was not resolved by XXXX, she would file an executive complaint and they would call me the next day. 

( 14 ) On XX/XX/XXXX, XXXX said she wanted to give them more time and if they did not resolve she would file an executive complaint. Not sure why she stalled in filing this. She informed me that they would call me and she could not provide me a time in which they would do so. I told her if I did not hear by XX/XX/XXXX, I would file a complaint with the CFPB ( 15 ) On XX/XX/XXXX, I got a call from the Executive Complaint department and they left a message for me to call them back and they referenced their phone number, extension number, name, and case number. Escalation XXXX Extension : XXXX Case XXXX Contact Name XXXX ( XXXX ) I called back on XX/XX/XXXX at XXXXXXXX XXXX time and they said their office was closed. 

In talking to XXXX XXXX, it is clear to me that CHASE is unable to tell me what the path forward to return these funds back to us. We manage these funds for a vulnerable adult who has special needs and we are not able to provide for his welfare, health, insurance, medical attention or personal needs given the actions taken by Chase. 

To date, we have complied with all requests made by Chase however we still do not have the funds and a vulnerable adult with special needs is directly affected by their actions given Chase inability to provide us with clear direction to resolve this matter. 

Please note - this is the SECOND time that Chase has closed XXXX of our accounts. it is clear they do not understand our business and the requirements of the vulnerable adults we serve as appointed by the courts. While I love Chase 's products, I will not longer be setting up new accounts with them.

Company response to consumer: Closed with explanation