Consumer complaint received 2025-10-19 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:
Last month, Chase Bank abruptly closed our account with no reason given, and locked up our {$70000.00} balance. They said that they will keep our money indefinitely. This also caused home purchases to be canceled, and incurred over {$25000.00} in direct losses.

Details Part 1 - our locked up money.

We transferred our money from our XXXX XXXX XXXX business accounts into our Chase business account ( via wire ). 
On XX/XX/year>, was trying to log into my account and was locked out. During the phone calls and branch visits with Chase, No fraud or irregular activity was ever alleged, no reason was given, and representatives only said that back office have determined that they can not maintain a relationship with me, and bank could close anyones account anytime, without reason, and without prior notice. And they dont need to tell me the reason. They justified this by saying that anyone who opens an account with Chase agrees to such terms (?!? ). 
The banker at the branch told me that he sees this happen often to many other customers and he feels bad that there is nothing he could do about this because its done by the back office. 
Chase at the branch let us know that we can not withdraw our remaining {$70000.00} balance, but they will mail out a certified check to the address on file. 
It has now been over a month ; with no check, no notice, and no communication at all from chase. 
We are also locked out of our online account, unable to view balances or statements, and cant even see account terms and conditions. 
We just reached Chase by phone inquiring about our {$70000.00}. Finally we were told my {$70000.00} is suspended because they couldnt verify who deposited the money into our account last month. 
We asked whether they had attempted verification they admitted they had not. 
We explained to a representative from the fraud department that all money that was transferred into our Chase account was our own money that came from our own business accounts at XXXX XXXX XXXX. ( The reps overseas in XXXX and XXXX from the fraud department dont seem to understand at all how business work here in the US , and they think that every single business entity is searchable on XXXX and has its own registered phone number- otherwise its fraud ). 
I offered to provide them : * Bank statements from XXXX  XXXX XXXX showing that we sent our own money to Chase, Copy of debit card from XXXX  XXXX XXXX with my name on the card. Any documentation they need that we own the XXXX  XXXX XXXX account and that we ourselves sent over our own money to our chase account. 
We even offered that they could call directly XXXX  XXXX XXXX at XXXX and put me on a 3 way call and we will verify that Im the sole owner of the XXXX  XXXX XXXX account business and it was my money sent. 
They said that they can not use any of that and they have their own verification methods and they couldnt verify that we own the that bank account, therefore they are keeping the funds indefinitely and in a few years will hand the funds to the State.

I went into a Chase branch with all of the documentation showing we are the owners of the XXXX  XXXX XXXX Account, and was there for a few hours. Branch Manager said he can not help. We insisted he call the customer service. He finally called and told them that he has the documentation in front of him but they said that this does not help them.

Our money is still locked up by chase and we dont even know why!

Part 2 financial losses due to frozen funds : The locked funds and frozen incoming wires caused : Over {$25000.00} in documented expenses Home purchase was cancelled, opportunity valued over {$300000.00}.

We took out 3 separate high interest loans on 3 of our properties, and paid big closing costs, to quickly raise capital to make purchases in the upcoming annual County property tax sale, that takes place only once a year. The proceeds of the mortgages were deposited into our XXXX  XXXX XXXX business accounts. 
As stated earlier, We transferred our money from our XXXX  XXXX XXXX accounts into our Chase business account ( via wire ), because Chase has branch near the location of the county auction, and the County requires same day payment via certified checks. ( Not enough time to get to a XXXX  XXXX XXXX Branch ). 
The first large transfer went through. However The day before auction as the 2 remaining transfers were supposed to clear into our Chase Bank account, Chase abruptly froze our account, blocking us from withdrawing our existing balance, and locking up two NEW incoming wires from XXXX. Only a few days later those funds bounced back into our XXXX  account after county tax sale has already passed.

All the expenses we paid into this whole thing are now lost, and property purchases were cancelled.

( Chase does not give any reason for closing the account. We have evidence of possible discriminationas reasons for closing accounts. We opened this account in XXXX XXXX, we were told by a branch employee in another location that when they previously worked in a branch in that neighborhood ( a certain demographic part of XXXX )- they were busy all day with accounts being closed by chase- ( usually without reason ), It is hard to verify all this because its all internal files, and chase have an arbitration clause will explain more details later. ) -We may agree to remove this from public view once resolved to our satisfaction.-

Company response to consumer: Closed with explanation