Checking or savings account -- Managing an account -- Complaint #5140018

Complaint Overview

Complaint ID: 5140018

Company: Jpmorgan Chase & Co.

Product: Checking or savings account

Sub-Product: Checking account

Issue: Managing an account

Sub-Issue: Deposits and withdrawals

State: Florida

ZIP Code: 32258

Date Received: 2022-01-23T12:00:00-05:00

Date Sent to Company: 2022-01-23T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

We have been banking with Chase for approximately 14 months now. We opened a business checking and savings account. We are a general contracting company. We deposit large checks over {$10000.00} from time to time. We recently deposited a check for roughly {$10000.00} through Chase Bank 's mobile app. The deposit was made on XX/XX/2022 which was a XXXX XXXX. The following day the funds were made available and the bank cleared 3 or 4 transactions. Some hours later my husband attempted to withdraw {$200.00} and the transaction was declined. I logged into my online banking and saw a negative balance of {$3400.00}. in our account. My husband went into the branch to inquire and was initially told that because the check was made out to him personally they placed a hold on the funds. When we advised them that we were told when we opened the account that that would not be a problem they changed the reason to well you haven't made a large deposit like this in a while. We asked how we could facilitate getting the hold released and were told to get proof from our customer 's bank that the check had cleared. We complied with their request and the following day presented proof that the check had cleared. XXXX XXXX XXXX, the branch manager/vice president still refused to release the hold stating that the copy provided was not legible enough and to get a better copy. By placing a hold on all but a couple hundred dollars the bank caused our account to become overdrawn by {$3400.00}. I went into the bank the next day to speak with XXXX XXXX and he refused to answer any of my questions stating he had discussed the matter with my husband and would not discuss it again with me. I went to another branch where I normally go and provided them with the same documents. They went online and requested that the hold be released stating that I had provided proof the funds had cleared. Regardless, the bank did not release the hold. I spent XXXX XXXX hours on hold after being transferred twice and nobody ever answered the phone. I believe that the bank failed to comply with Regulation CC which requires notification of any hold be provided to the customer in writing, which was never done and, for deposits over {$10000.00}, that at least half the money be made available within 2 business days. I have made complaints with the Federal Reserve and OCC and am contemplating a lawsuit for conversion, intentional misrepresentation and emotional distress. Chase Bank has unreasonably shut down our business by preventing access to our money. We have never bounced a check nor have we ever deposited a check that was returned. There is simply no legitimate reason for the bank to have done what they did. I believe Chase has a pattern and practice of placing unreasonable holds on their clients funds in order to make money off those funds for their own gain.

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This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.

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