Checking or savings account -- Problem with a lender or other company charging your account -- Complaint #11346172
Unauthorized Savings Account Transaction Leads to Closed Account
Complaint Overview
Complaint ID: 11346172
Company: Jpmorgan Chase & Co.
Product: Checking or savings account
Sub-Product: Savings account
Issue: Problem with a lender or other company charging your account
Sub-Issue: Transaction was not authorized
State: New York
ZIP Code: 12571
Date Received: 2024-12-31T12:00:00-05:00
Date Sent to Company: 2024-12-31T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Risk Assessment
Risk Level: medium
Unauthorized transactions can lead to account closures and potential financial loss if not resolved promptly.
Consumer Sentiment: negative
Topics: Unauthorized transactions, Savings accounts, Account closure
AI Analysis
CFPB complaint 11346172 was filed against JPMORGAN CHASE & CO. regarding Checking or savings account (Savings account), specifically about "Problem with a lender or other company charging your account". A consumer reported an unauthorized transaction on their savings account with JPMORGAN CHASE & CO., which was closed with an explanation. The complaint was received on December 31, 2024 from New York. The company responded with "Closed with explanation".
What You Should Do -- Consumer Action Plan
Consumers should immediately report any unauthorized transactions to their bank and monitor their accounts regularly.
Legal Context & Consumer Protection Laws
Federal laws like the Electronic Fund Transfer Act (EFTA) protect consumers from unauthorized electronic transactions.
Regulatory Insight
Banks are required to investigate unauthorized transaction claims and provide timely resolutions to consumers.
Resolution Likelihood
mixed
State-Specific Consumer Protections
New York consumers are subject to state and federal regulations regarding banking and financial services.
Industry Comparison
This issue is common across financial institutions, as unauthorized transactions can occur on various account types.
Related Issues
Frequently Asked Questions
What is CFPB complaint 11346172 about?
CFPB complaint 11346172 involves Checking or savings account (Savings account). The consumer reported an issue with "Problem with a lender or other company charging your account", specifically "Transaction was not authorized". This complaint was filed against JPMORGAN CHASE & CO. on December 31, 2024.
Which company is complaint 11346172 filed against?
Complaint 11346172 was filed against JPMORGAN CHASE & CO.. You can view all complaints against this company on their profile page at /company/jpmorgan-chase-co.
What was the company's response to complaint 11346172?
JPMORGAN CHASE & CO. responded with "Closed with explanation". The response was marked as timely by the CFPB.
When was complaint 11346172 filed?
Complaint 11346172 was received by the CFPB on December 31, 2024. It was sent to JPMORGAN CHASE & CO. on December 31, 2024.
What state was complaint 11346172 filed from?
Complaint 11346172 was filed from New York. You can view all complaints from this state at /state/NY.
Was the consumer satisfied with the resolution of complaint 11346172?
Dispute information is not available for complaint 11346172.
What product category is complaint 11346172 about?
Complaint 11346172 is categorized under "Checking or savings account", specifically "Savings account". This is one of the product categories tracked by the CFPB.
How was complaint 11346172 submitted?
Complaint 11346172 was submitted via Web. The CFPB accepts complaints through web, phone, mail, email, fax, and referral channels.
What are the consumer's legal options for complaint 11346172?
Federal laws like the Electronic Fund Transfer Act (EFTA) protect consumers from unauthorized electronic transactions. This relates to a Checking or savings account complaint against JPMORGAN CHASE & CO. involving "Problem with a lender or other company charging your account".
How likely is complaint 11346172 to be resolved?
Resolution likelihood: mixed. The company's current response is "Closed with explanation". The company did respond in a timely manner, which is a positive indicator.
What does the risk level mean for complaint 11346172?
This complaint is rated as medium risk. Unauthorized transactions can lead to account closures and potential financial loss if not resolved promptly.
What regulatory actions apply to complaint 11346172?
Banks are required to investigate unauthorized transaction claims and provide timely resolutions to consumers. The CFPB tracks complaints like this one to identify patterns of misconduct across the Checking or savings account industry.
What should the consumer do about complaint 11346172?
Consumers should immediately report any unauthorized transactions to their bank and monitor their accounts regularly.
Are there state-specific protections for complaint 11346172?
New York consumers are subject to state and federal regulations regarding banking and financial services. This complaint was filed from New York.
How does complaint 11346172 compare to industry norms?
This issue is common across financial institutions, as unauthorized transactions can occur on various account types.
What steps should a consumer take if they discover an unauthorized transaction on their savings account?
Contact the financial institution immediately to report the transaction and inquire about their dispute resolution process. Keep records of all communication.
What are a consumer's rights regarding unauthorized electronic fund transfers?
Under the Electronic Fund Transfer Act (EFTA), consumers have rights to dispute unauthorized transactions and may have limited liability if reported promptly.
Disclaimer
This analysis is AI-generated and does not constitute legal advice.