Consumer complaint received 2026-04-22 00:00:00
Product: Checking or savings account — CD (Certificate of Deposit)
Issue: Managing an account — Problem with fees or penalties
Company: JPMORGAN CHASE & CO.
State: NY

Complaint narrative:
b'Hello, \n \nI had a CD account with Chase Bank (XXXX XXXX XXXX XXXX XXXX XXXX, account number ending in XXXX On full term on XXXX/24 of the CD, I received XXXX (screenshot 1). So, I had total XXXX in my joint account XXXX. The relationship banker of the Chase bank sent me to XXXX XXXX XXXX (CRD #: XXXX), a financial advisor at JP Morgan Securities LLC (XXXX XXXX).\n\n XXXX sold me a XXXX XXXX XXXX XXXX for XXXX on XXXX24, Policy XXXX (screenshot 2). Total capital at the time of this sale was XXXX in my joint account XXXX XXXXscreenshot 1). After purchasing this annuity, balance of my account was XXXX. XXXX put about 84% of my assets in annuity.\n XXXX sold me another New York Life Annuity for XXXX on XXXX25, Policy #XXXX XXXX(screenshot 3). Total capital at the time of this sale was $XXXX in my joint account #XXXX. As a result, balance of my account was $XXXX (screenshot 4). XXXX put about 98.4% of my assets into an annuity.\n\nAccording to almost all financial experts, XXXX can put up to 50% of my assets into annuity whereas 50% liquid cash:\n\n25% cash for emergencies and 25% investment in stocks or ETF like Vanguard S&P 500 ETF (VOO), which is a stock market index, for growth.\n\n For Policy #XXXX, 25% equals $XXXX and for Policy #XXXX, 25% equals $XXXX. In total, XXXX would have advised me to put $XXXX in stocks or ETF for growth. \n Rule of thumb is investment must be diversified. \n XXXX stated investing in stocks is risky whereas buying annuity is safe. But a diversified investment approach is not risky and is a means of growth. \n\nI was willing to reinvest the money I received from CD again on CD, but XXXX advised me to buy an annuity over CD, as according to him:\n\n I can withdraw all money from an annuity without any surrender charges before term/maturation, whereas I must pay penalty if I withdraw all money from a CD before term. That was not true. It was a lie. Early cancellation of annuity usually triggers significant costs, including insurance company surrender charges and IRS penalty. XXXX was not clear and transparent. This was Breach of Fiduciary Duty. XXXX was centered to make commission selling annuity to me. \n I asked Chase for the suitability report for the annuity with no response.\n\nI accuse XXXX and Chase of being:\n\n Not transparent\n Defective financial advice results in financial hardship for me and my family.\n Negligent\n Fraudulent as the purpose of XXXX and Chase was to make commission by selling annuity and disregarding my need for cash for emergencies or investing in stocks.\n This annuity purchase left me without sufficient assets to meet future financial needs or emergencies.\n The purchase of the annuity was not of the best interest to me rather it was in best interests of XXXX and Chase.\n\nHere is the profit I would have secured If XXXX would have advised me to invest 25% of my assets in XXXX S&P 500 ETF (VOO) of both policies.\n\nProfit of investing of $XXXX on XXXX XXXX (when I purchased policy #XXXX) till XXXX XXXX in VOO.\n\nEstimated Investment Return (XXXX XXXX XXXX XXXX) \n Initial Investment (XXXX XXXX): $XXXX (approx. $XXXX-$XXXX/share based on XXXX monthly data).\n Current Value XXXX XXXX XXXX: Based on a share price of approximately $XXXX, and an estimated cumulative total return of over 20% during this period (XXXX return of 24.98%, XXXX return of 17.82%), the investment would have gained over 2530% in total value.\n Approximate Return: The investment would likely be valued at over $XXXX to $XXXX+. \n Total Profit: Approximately $XXXX $XXXX (average $21,250)\n\nProfit of investing of $XXXX on XXXX XXXX (when I purchased policy #XXXX) till XXXX XXXX in VOO.\n\nEstimated Returns (XXXX XXXX XXXX XXXX) \n Initial Investment: $25,000 (approx. $XXXX/share on XXXX XXXX, XXXX)\n Value XXXX XXXX XXXX: Approximately $XXXX $XXXX (approx. $XXXX/share)\n Estimated Return: +26% to +30%\n Total Profit: Approximately $XXXX $XXXX (average $XXXX)'

Company response to consumer: Closed with explanation