Checking or savings account -- Closing an account -- Complaint #5295175
Complaint Overview
Complaint ID: 5295175
Company: Jpmorgan Chase & Co.
Product: Checking or savings account
Sub-Product: Checking account
Issue: Closing an account
Sub-Issue: Company closed your account
State: Illinois
ZIP Code: 61108
Date Received: 2022-03-07T12:00:00-05:00
Date Sent to Company: 2022-03-07T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On Thursday, XX/XX/2022 I stopped by my JP Morgan Chase Bank and was informed that my account was being closed and that I needed to find another bank. When I asked why this was happening the teller only said that their notes show suspected fraud as being the reason and that a letter had been sent six months earlier. No letter was ever sent. I asked for a better explanation and none was given. I have had this account for years and the only unusual activity this past year and a half have been the COVID pandemic relief that was enacted by Congress and which I was eligible for. I am a sole proprietor that files my self-employment income under Schedule C on my personal IRS Form 1040. I received two PPP ( Paycheck Protection Program ) loans and a EIDL loan through the SBA ( Small Business Administration ). In all these loans the calculation for how much I was qualified for was strictly based on my returns filed with the IRS. In the case of the EIDL loan I had an phone interview with an underwriter. Every pandemic loan I have received have been based on verifiable tax return filings and I have submitted all documents requested in a timely manner. No one at the federal level is questioning these loans. My concern is that Chase has a fraud department that is either untrained or are indiscriminately targeting account holder who may fit a profile for fraud based on their ethnic origin. This is yet another example of a racially discriminatory practice by a U.S. based bank. It is interesting that I found out about my account being closed the same week that President Biden announced a new DOJ task force to look into pandemic relief fraud. I report my self-employment income using my social security number I do not have a separate FEIN number. This is accepted by the IRS as business income and I have been filing this way for years. The various COVID19 relief acts passed by Congress did not discriminate between businesses that have FEIN versus income reported using SSNs.
Frequently Asked Questions
What is Complaint #5295175 about?
Complaint #5295175 was filed against Jpmorgan Chase & Co. regarding Checking or savings account specifically about Closing an account. It was received by the CFPB on 2022-03-07T12:00:00-05:00.
How did Jpmorgan Chase & Co. respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Checking or savings account) and describe your issue in detail.
Can I see other complaints against Jpmorgan Chase & Co.?
Yes, visit the Jpmorgan Chase & Co. company profile at readthecomplaint.com/company/jpmorgan-chase-co to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.