Consumer complaint received 2025-10-08 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: JPMORGAN CHASE & CO.
State: FL

Complaint narrative:
I opened a Chase business account for XXXX XXXX XXXX, XXXX ( a XXXX XXXX XXXX on XX/XX/XXXX. That same day, I received approximately {$40000.00} from a legitimate real estate transaction through XXXX XXXX in Indiana. Later that day, I sent a {$20000.00} wire to XXXX XXXX XXXX for construction on a property in which I have a documented business interest. 

Shortly after, Chase froze my account. I received a call from their fraud department asking to verify the wire. I confirmed every single detail, and they acknowledged it was legitimate. The next day, without warning, I was locked out of my account and told it was being shut down. I was then informed my remaining funds would be returned to me by overnighted check. 

When I called to check on the status of the check, I was told Chase was refusing to release my funds because they could not verify my companys EIN on any government website. I have repeatedly provided valid proof, including the IRS-issued EIN assignment letter ( CP 575 ). The EIN is legitimate, but the business has not yet filed its first tax return because it has been inactive until recently. There is no government website that shows EIN status publicly, and Chase is using that as an excuse to hold my funds indefinitely.

These are my business operating funds, and Chase has provided no written explanation or timeline for their release, as required under 12 CFR 229 ( Regulation CC ). I have made multiple good-faith attempts to prove my companys legitimacy, the source of funds, the EIN, and the nature of the transactions. I have provided documentation, spoken with multiple Chase representatives, and completed their verification procedures. Each time, I am stonewalledtold something different, transferred, or dismissed.

Because of this freeze, I have suffered an additional {$12000.00} in damages, including construction delays, business penalties, and opportunity losses. These are direct consequences of Chase unlawfully holding funds that belong to my business. There are no legal grounds for them to keep my money over a non-issue like EIN verification, especially when I have provided official IRS documentation.

I believe Chases actions are not only unreasonable and harmful but may also violate federal banking regulations and anti-discrimination laws. I am a XXXX woman, and I believe my treatment through this process has been disparate compared to other business owners. Their refusal to provide written reasoning, lack of regulatory notice, and indefinite holding of funds is unacceptable. 

I am filing this complaint because I have exhausted every internal channel with Chase. They continue to hold my money without legal justification, causing significant harm to my business. I am asking for regulatory intervention to force Chase to release my funds immediately and to address their improper account closure and handling practices. 

XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  Technical Details Account Name : XXXX XXXX XXXX, XXXX ( Wyoming ) Account Open Date : XX/XX/XXXX Incoming Wire : ~ {$40000.00} from XXXX XXXX XXXXndiana ( Real estate transaction ) Outgoing Wire : {$20000.00} to XXXX XXXX XXXX ( construction funds for property in which I hold a business interest ) Account Closure Date : September 2728, 2025 ( access locked, closure notice by Chase ) Funds Being Held : ~ {$20000.00} remaining balance ( business operating funds ) Stated Reason by Chase : Unable to verify XXXX on any government website ( despite EIN being legitimate and IRS documentation provided ) IRS Verification : EIN issued in XXXX, inactive entity until recently, no returns filed yet. EIN can not be verified through any public portal because IRS does not offer one.

Regulations Implicated : 12 CFR 229 ( Reg CC ) No written notice provided of reason or timeline for hold.

DoddFrank 1031 ( 12 U.S.C. 5531 ) Potential UDAAP violation for indefinite holding of funds without valid reason.

15 U.S.C. 1691 et seq. ( ECOA ) & ADA Potential disparate treatment/discrimination as a disabled business owner.

12 U.S.C. 1818 & 12 CFR 21 Funds must be returned within reasonable time after closure unless legally restrained.

Company response to consumer: Closed with explanation