Consumer complaint received 2025-01-17 00:00:00
Product: Checking or savings account — Other banking product or service
Issue: Closing an account — Company closed your account
Company: JPMORGAN CHASE & CO.
State: CA

Complaint narrative:
Subject : Formal Complaint Against JP Morgan Chase Bank Dear CFPB XXXX Consumer Financial Protection Bureau ) I am writing to formally lodge a complaint against JP Morgan Chase Bank regarding the handling of my account and a pending payout. My name is XXXX XXXX, and I am the owner of XXXX XXXX XXXX, a small business. 

On XX/XX/year>, I received two payments of {$9800.00} and {$3000.00} through Chase Merchant Services. Following this, the Chase team requested additional verifications, which I promptly completed by submitting the required documents. After successfully passing all verifications, I was informed that my merchant account was in good standing and that I could continue processing payments. 

However, on XX/XX/XXXX, after receiving a payment of {$9400.00} from a new customer, Chase Bank placed a hold on my merchant account and my business checking accounts. These accounts are essential for my business operations, including paying salaries, covering expenses, and depositing insurance checks for vehicle repairs. Since then, the payout of {$9400.00} has been paused, and my bank accounts at Chase have been frozen. 

Despite my repeated attempts to communicate with Chase regarding the status of this payout and the reasons for the account freeze, I have not received any responses. On XX/XX/XXXX, I visited a local branch and spent approximately three hours discussing this matter with the branch manager. With their assistance, I attempted to reach other departments by phone to resolve the issues with my accounts and merchant services. 

This situation has caused significant inconvenience and financial hardship for my business. The funds in question are urgently needed for ongoing operations, including payments to XXXX for car parts, salaries, rent, and other essential expenses. Currently, my accounts at Chase reflect a total available balance of {$13000.00}, as well as {$12000.00} in my merchant account and pending checks from insurance companies for vehicle repairs. 

Chase Bank has imposed a 180-day hold on my accounts and has treated me in a discriminatory manner during our communications. The only explanation provided for these actions is that they are due to " security reasons '' stemming from suspicious transaction activity. I would like to emphasize that I maintain a 100 % clean record with my merchant provider and have never had a dispute against my company. I possess comprehensive documentation for all my customers, including receipts, identification verification documents, credit card information, and photographic inspections of all vehicles serviced. 

Therefore, I respectfully request that the CFPB ( Consumer Financial Protection Bureau ) investigate this matter and assist in facilitating a resolution between myself and Chase Bank. I believe that Chase Bank 's actions have been unjustified and have severely impacted my business operations. 

Attached to this complaint are copies of relevant correspondence and screenshots of communication with Chase Bank, along with supporting documentation from my customers. Please let me know if you require any further information or documentation to proceed with this case. 

Thank you for your attention to this matter. I look forward to your prompt response and assistance in resolving this issue. 

Sincerely, XXXX XXXX XXXX XXXX XXXX XXXX

Company response to consumer: Closed with explanation