Consumer complaint received 2023-09-20 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: AZ

Complaint narrative:
I opened recently a chase secured checking account and I deposited a friends check third party online in which the funds were never made available despite it saying it was a XXXX day hold. Once the XXXX day hold was up then chase notified me that my account was restricted and soon would be closed yet the funds showed available in my account. When I inquired about the funds and closure they told me that I would need to produce a phone number of the check payee in which was registered to the payee and could be verified so through a " system '' verification that XXXX uses to verify people and phone numbers which they are to be registered to. I provided the phone number and they said they ran it through their system to get the verification yet it did not come back registered to the payees name. That is hard to believe when the phone number is valid and is under the payees name as I was shown by my friend it was through consumer cellular and so they said the money in the account was going to be held until a number would show up in their system registered to the payee on their end. I explained that if I could come into a local branch and bring my friend with valid ID to get the funds in person and would this be an option the lady told me very rudely the money was not going to be released until chase verification through the phone number showed the payees name and I explained that now that my account is closed and I had not received the funds the check was no longer good to cash anywhere else and they shouldn't be able to hold onto those funds making the physical check no longer cashable and that I had no problem getting the phone number registered to the XXXX it's the chase system they use that is obviously not accurate because I've since then provided XXXX separate numbers to them and they all were registered to the XXXX proven in our end yet their system wasn't showing the information in cases system. I've called probably 7 times waiting on hold for long periods of times and getting basically the same answer that the funds will stay with chase until this " system '' XXXX uses can show the payee as registered owner to the phone number. This is a glitch in the system because the numbers provided are in the payees name and I want to demand my funds be released to myself being that I waited the appropriate hold times that XXXX prolonged my check funds in order to make sure the check was valid in which it was and the funds were paid out to chase and they refuse to release the money to me. I've talked to check risk management several times and some say keep trying the phone numbers I have to see if they eventually could be verified but it's been ongoing for XXXX months about and I don't understand why they closed my account over a check that wasn't fraudulent and did cash and kept the money denying me access to it because of a system that isn't obviously accurate at times. The funds don't belong to XXXX and now they closed my account so all funds needs to be returned to me that are availably shown in my account currently or even recently because they don't have any control over money that doesn't belong to them they can only do the hold until the other bank releases the funds to cash the check and deposit them into my account and not demand these extra measures because there's no issues with the check at all and chase received the money. I would like an explanation as to why they can't accurately verify the phone number of the payee through their system and not continue to deny me access to them stating they have not verified any phone numbers because I have done it XXXX separate times with XXXX good current phone numbers that are in payees name. This is dishonest and to me just a way to keep money in their possession with no interest paid to anyone to help fund their business and customers with money they don't got to pay interest for. I'm tired of getting the runaround from Chase I would like to resolve my issues immediately and be given my funds that are rightfully owed to me. This should not be legal practice for any bank and chase needs a better verification system.

Company response to consumer: Closed with explanation