Consumer complaint received 2025-01-07 00:00:00
Product: Checking or savings account — Checking account
Issue: Closing an account — Company closed your account
Company: JPMORGAN CHASE & CO.
State: CA

Complaint narrative:
Adverse Action letter Consumer Financial Protection Bureau XXXX XXXX XXXX XXXX, IA XXXX Dear Consumer Financial Protection Bureau , I hope this correspondence finds you well. I am writing to formally lodge a complaint against J.P. MORGAN CHASE concerning the abrupt termination of my trust account without prior notification or justification, as well as their obstruction of lawful credit transfers. 

My account particulars are as follows : Account Holder : XXXX XXXX XXXX Account Number : ending in XXXX On XX/XX/year>, my trust account with J.P. MORGAN CHASE was unilaterally terminated without any prior notice or explanation. Despite multiple attempts to obtain clarification from the bank, I have not received a satisfactory response. This has caused significant distress and uncertainty regarding my financial standing and stability at J.P. MORGAN CHASE. 

Additionally, I attempted to transfer funds/credits from one of my other accounts to my trust account at J.P. MORGAN CHASE . However, I faced active obstruction from J.P. MORGAN CHASE, which seems to be preventing clients from conducting any transactions other than those that benefit J.P. MORGAN CHASE, such as extending credit to them or dealing with their approved banks. I believed my account was in trust, but now I'm unsure about its nature at J.P. MORGAN CHASE. This confusion has raised serious concerns about the management and security of my funds.

Furthermore, I am increasingly concerned that J.P. MORGAN CHASE may be unable to meet its obligations to depositors or creditors. The value of a bank account is not solely reflected by the current balance ; it can also include other factors such as accrued interest, pending transactions, and any investments linked to the account or profit-generating schemes such as fractional reserve banking and double bookkeeping. This adds to my apprehension regarding the security and management of my funds/credits. 

Previously, J.P. MORGAN CHASE has used my service agreement to restrict certain actions or limit my ability to transact on my trust account despite my certificate of trust being filed. However, since I signed this agreement on my own without any negotiation, it is neither appropriate nor legally valid for J.P.

MORGAN CHASE to enforce it. This behavior is misleading and deceptive.

Given these issues, a fair resolution would involve the following steps : 1. Clear Communication : J.P. MORGAN CHASE should provide a detailed explanation for the termination of my account, including the specific reasons and any relevant policies or regulations that led to this decision. 
2. Restoration of Account : If the termination was due to a misunderstanding or an error, J.P. MORGAN CHASE should promptly restore my account and ensure that I can access my funds without any further issues.

3. Facilitation of Credit Transfers : J.P. MORGAN CHASE should facilitate the credit transfer that I intended to make, without any unnecessary obstructions, ensuring that I can manage my finances as planned.

4. Review and Rectification : J.P. MORGAN CHASE should review their practices and policies to prevent similar issues in the future. This could include better communication with creditors, clearer advertising of account types, and transparent handling of credit transfers. 
5. Compensation : I have suffered and absorbed a financial loss and inconvenience due to the account termination and obstruction of credit transfers, J.P. MORGAN CHASE should provide compensation and initiate the reimbursing of any fees or charges incurred.

6. Regulatory Oversight : The CFPB should investigate to make sure J.P. MORGAN CHASE is following all laws and regulations. If they find any violations, they should take appropriate action. Please also refer this complaint to other relevant enforcement agencies.

7. Reassurance of Financial Stability : J.P. MORGAN CHASE should address my concerns about their ability to meet obligations to depositors and creditors, providing reassurance of their financial stability and compliance with trust law and banking regulations. 
8. Adjustment of Account Algorithm : J.P. MORGAN CHASE should adjust the algorithm associated with my account, with the assistance of the IT department if necessary, to enable the use of features such as mobile deposit, allowing me to move my funds without undue intrusion or obstruction by J.P. MORGAN CHASE.

9. I respectfully request your assistance in conducting a thorough investigation into this matter and ensuring that J.P. MORGAN CHASE provides a clear and legitimate rationale for their actions. Your intervention is essential in resolvine this issue and safeguardine consumers from uniust practices.

Thank you for your service and attention to this matter. I look forward to your prompt response and guidance. 

Respectfully, XXXX XXXX XXXX

Company response to consumer: Closed with explanation