Consumer complaint received 2023-06-01 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: JPMORGAN CHASE & CO.
State: TX

Complaint narrative:
We opened a new business Checking account with Chase bank in XX/XX/XXXX. On XX/XX/XXXX we deposited a check for {$22000.00}. This check cleared and the cash was available for 2 weeks, however we did not have the need to withdraw or use the cash. We had other deposits on XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, and XX/XX/XXXX. 

On XX/XX/XXXX there were 2 transactions that removed all the cash from the account. 1 for the {$22000.00} check, and another for all other funds in the account equaling {$9400.00}. 

We were not called or notified that this happened. The account was frozen and no cash was available. I noticed the balance error on XX/XX/XXXX and called the bank. 

XX/XX/XXXX call, they told me that the check was made out to 'XXXX XXXX ' instead of 'XXXX XXXX XXXX ' and they needed to verify with the check issuer that this was still the correct person/business to pay. I was on the phone for ~30 minutes, the person came back and said that they verified the check, and everything was good. The money would be back in the account in 2 days. 

Issue : Why did the bank not only freeze the XXXX XXXX but also all other funds? 
Issue : Why were we not notified? 
Issue : Why could the funds not be replaced immediately? 
Issue : Why was this not notified at the time of deposit? 

On XX/XX/XXXX : The {$9400.00} was added back to the account as the service rep. stated, however the {$22000.00} was not back on the account. 

On XX/XX/XXXX : I called account services and was transferred to 4 different departments. Finally one person said that the check was still waiting to clear and that the money would be in the account in 3 days. 

Issue : The check had already cleared 3 weeks ago. There was no issue with the check and Chase Bank had out cash in their possession. 

On XX/XX/XXXX : The {$22000.00} was still not in the account. I called and again was transferred to 4 different departments and on the phone for 20-30 minutes. Finally a customer service rep. acknowledged that the {$22000.00} was supposed to be back in the account along with the {$9400.00} back on XX/XX/XXXX and that they would need to submit a special request for the funds to be issued to the account. The customer service XXXXep. also suggested this would take 4-5 business days. 

On XXXX : The {$22000.00} is still not in the account. I called and told the representative a very detailed description of what had happened. She transferred me to the escalations department ( a supervisor ) so that someone could expedite to get the cash back into the account. That 'supervisor ' immediately transferred me to another department, and then that department transferred me to a dead end : 20 minutes on hold and I had to hang up. 

It is now XXXX ( 4 weeks later ) and we still do not have our {$22000.00} that has essentially been stolen by Chase Bank. 

We were also charged a {$15.00} account fee on the account because we had a couple days of XXXX balance, however the XXXX balance was due to the incompetence and mistakes made by Chase Bank. 

This has now effected our businesses ability to operate and have had to take out short term financing to continue our business.

Company response to consumer: Closed with non-monetary relief