Consumer complaint received 2024-12-12 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: NY

Complaint narrative:
RE : Account number XXXX Dear CFPB, I have been a customer with JPMORGAN CHASE BANK , N.A . for more than 5 years. I opened my first account with Chase around XXXX, perhaps even earlier. I used to hold two personal banking accounts, a credit card, and a business banking account that I opened in XXXX of XXXX with Chase. 

In the evening on XX/XX/XXXX, I deposited a check from one of my clients, XXXX XXXX, into the business banking account using the online check deposit system. The check was made out in my name, I deposited it into the business account, and I called Chase and was assured over the phone that there would be no issue in doing this. A few days after depositing the check, I was notified that Chase was going to close the account and freeze the funds in the account unless I was able to verify the check. I spent two weeks talking to various representatives at Chase in an attempt to confirm the authenticity of the check. Ultimately, I was told that it is impossible to verify the check because the originating LLC does not have any phone numbers in the public record that the fraud team, most of which is located overseas, is able to call. I provided the cellphone number of the client ( XXXX XXXX ) to the fraud team, and they refuse to call it, saying that it is not listed in the public records for the clients company XXXX XXXX XXXX XXXX XXXX XXXX ). The client operates several LLCs, one of which is XXXX XXXX XXXX, XXXX. The fraud team stated that they are able to confirm the identity of XXXX XXXX ( he has banked with Chase prior ), but they are unable to connect his identity to that of his company. They refuse to release the funds. 

Why this process is required when depositing this check is anyones guess, and Chase has not been able to give me a clear reason for freezing the funds other than not being able to contact the check issuer in accordance with their byzantine guidelines. From my point of view, Chase has illegally seized my property. 
To date, in order to recover the funds, I tried : Asking Chase to simply send the funds back to the client. They have refused on numerous occasions, though assuring me that they would should all else fail.

Taking the physical check to a Chase Branch in XXXX XXXX, California for their verification. My business partner at XXXX, XXXX XXXX, took the check in to a local branch per my instruction, but he was told that Chase purposefully separates its fraud and security team and that they are only reachable over the phone. It seems that Chase employees that work in fraud are barred from communicating with customers face-to-face or by using email. 
I asked the Chase fraud team if XXXX XXXX, my client and owner of the LLC that wrote the check, would be able to go to a Chase branch and confirm his identity. They said that this would not help as the fraud team, again, is a separate entity from a branch.

Ive spoken to a local Chase branch manager, XXXX XXXX, at XXXX XXXX XXXX, XXXX, NY XXXX several times in person. He attempted to resolve the situation, but ultimately, he was unable to intervene and have any affect on the fraud/security teams actions of freezing my funds and on the closing of my companys account. He advised me to contact XXXX XXXX, the author of the check, to see if they are able to recall the money from Chase. I have spoken to my clients private banker, XXXX XXXX, who administers his loans and accounts both over the phone and email. He said that they are unable to recall the funds from Chase as the funds have already left XXXX XXXX. Email correspondence is attached. XXXX XXXX is unaware of any mechanism in order to do this, contradicting XXXX, the Chase branch manager, who stated that this is the quickest way to retrieve the funds. 
Ive asked the Chase fraud team to call the private banker of XXXX XXXX, at XXXX XXXX, which issued the check. The account supervisor at the Chase fraud team discussed the matter in length with XXXX XXXX, the clients private banker. He confirmed the authenticity of the check and that the client, XXXX XXXX, had spoken to him about the matter. I was offered an apology and was told that Chase will move to reopen my account should I wish. I instructed them to keep the account closed and instead mail the check for the full balance on the account, and that I was no longer interested in banking with Chase. I called a week later to find out that the decision of the account supervisor to mail the check was overridden by someone else, and that there was nothing that they could do. Since then, the process has been stuck in a continual loop of them being unable to find a phone number suitable enough by Chase standards to call in order to verify the authenticity of the check. 
I am in the process of filing a complaint with the Consumer Financial Protection Bureau, as they must be made aware of Chases actions. 
I intend to sue Chase in small claims court Chase has refused to release the funds despite everything that I have tried, and at this point, I have concluded that the only way to receive the funds is through the court. I am demanding that Chase provides the remaining balance in the account that was closed ( {$96.00} ), the amount of the check ( {$5000.00} ). This has caused me distress because I had to perform the work per the terms of my contract without having been paid. My internet was shut off, several online services interrupted their work including XXXX, XXXX, XXXX ( timekeeping software ) and others as they were connected to the business account that was closed without my consent. In addition, I was late on my XXXX rent, utility bills and credit card payment. Prior to this, I had never missed a rent or credit card payment. Since this incident, I was forced to stop my banking with Chase and pay my Chase credit card due to an unavailability of funds, and the fact that I am owed money by the bank. 


Thanks for your time in reviewing this matter. 

Best regards, XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX

Company response to consumer: Closed with explanation