Consumer complaint received 2025-02-18 00:00:00
Product: Checking or savings account — Other banking product or service
Issue: Managing an account — Deposits and withdrawals
Company: JPMORGAN CHASE & CO.
State: OR

Complaint narrative:
On XX/XX/2025 I deposited a third party check belonging to my XXXX XXXX XXXX XXXX XXXXXXXX  account. 

I was called by JP Morgan Chase Fraud the same day and told that the check will need to be validated and will remain on hold until XX/XX/XXXX. My client was called and confirmed the check. I was never told that I would have to call every day in order to get the check validated by Hawaii Government ( who issued the check ). No written communications have ever been provided or put in the digital messages on the chase online banking software. 

On XX/XX/XXXX the funds appeared to be released. On XX/XX/XXXX, the business checking account was closed and no longer appeared on the online banking. I called the Fraud department on XX/XX/XXXX to see what the issue was - By XX/XX/XXXX I was able to get in touch with The Hawaii Government, Real Property Tax Division ( who issued the check ) to validate the check. The Fraud department was then able to speak with the accountant in Hawaii who issued the check. I was told by the Fraud department that the check was cleared. After getting off the phone with the Fraud department, a couple hours later I saw on the online banking that the check ( which is for the amount of {$720000.00} ) had been withdrawn from the account along with all the funds from the XXXX and the Business Checking account. I called the fraud department again. On XX/XX/XXXX, a request was made to open the account and return the funds ( according to the fraud department ). I was told the funds were to be returned within 3-5 business days. Having learned my lesson from Chase 's closure of my accounts, I called every day after that. On XX/XX/XXXX in the evening, based on the online banking, it appeared that the accounts had been reopened and the the funds returned to the checking account and the XXXX, excluding that third party Check for {$720000.00}. I called every single day since XXXX XXXX and told that the process was " Under Review '' and assured that a request had been submitted, but the fraud department ( escalated to managers ) were unable to provide me a reasoning behind the suspension. I asked to speak with superiors or legal and was told no. I was instructed repeatedly that the book stops with them and I was unable to reach or speak with any single person regarding this matter. No reasoning for the suspension of funds was ever given. On XX/XX/XXXX, an Fraud department " manager '' by the name of XXXX resubmitted the request for funds. He said I would have to wait another 5 days and it also may be " under review '' for a lot longer. No other options lie before me but to file this complaint and sue.

I have no spent over 50 hours on the phone with JP Morgan Chase, my client is now in breach of there third party contract and I am subject to a malpractice lawsuit. The stress of this situation has almost made me lose my XXXX and JP Morgan Chase has refused to give me answers. My small business ( as a single monther ) is my sole source of income and JP Morgan Chase has no effectively XXXX XXXX XXXX because I am now liable for {$720000.00} and the breach of another persons contract. 

Lastly, the interest that this money should have made should have gone to the State Bar of California. 

I fear that JP Morgan chase has done this to other small businesses and individuals. My clients funds should never have remained in suspension for two weeks or greater when the funds have been validated by both parties. The Funds should never have been removed from the account when the check was validated while the account was open. The account should have never been shut down when the funds were validated while the account was active. JP Morgan Chase should have provided information and guides on how to proceed when a check is placed on hold for validation. They should notify clients that it is there responsibility to validate the check and not the banks. JP Morgan chase will shut down your accounts unless you do all the work, and they will steal your money as well even if you've done the work.

Company response to consumer: Closed with non-monetary relief