Checking or savings account -- Managing an account -- Complaint #5626938

Complaint Overview

Complaint ID: 5626938

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: XXXXX

Date Received: 2022-06-02T12:00:00-05:00

Date Sent to Company: 2022-06-02T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

On XX/XX/2022 a non-negotiable draft # XXXX drawn out of XXXX XXXX XXXX. was deposited in the amount of {$21000.00} to JP Morgan Chase Bank, XXXX checking account belonging to XXXX XXXX XXXX XXXX XXXX XXXX. The check deposit was made at a physical branch located in XXXX XXXX, FL. The check deposited cleared on XX/XX/2022, evidence can be found by looking at the online banking activity. After reviewing the available balance through Chase online banking on XX/XX/2022, an authorized signer initiated an online domestic wire transfer around XXXX in the amount of {$210000.00}. At the time of making the wire transfer the available funds were greater than $ XXXX. Later in the evening, ( around XXXX, XX/XX/2022 ) a text message notice sent by Chase XXXX there was a negative balance on the Chase checking account. The bank ( Chase Bank ) decided to put an " unreasonable special hold '' in the amount of {$20000.00} for a period of XXXX business days, same as XX/XX/2022. The Chase checking account ( " XXXX Account '' ) has been in " good standing '' since it was opened more than XXXX years ago. The account has never over drafted, there has never been any fraudulent checks issued, no fraud has ever been associated with the account whatsoever. The negotiable draft # XXXX is a non-local instrument which at XXXX would incur a XXXX business day hold. Let 's establish XXXX fact, the funds for check # XXXX in the amount of $ XXXX have cleared since the payee provided me with a detailed bank statement on XX/XX/2022 when a Chase customer service rep made me aware the funds were not available after talking to XXXX Bank. After speaking with a Chase customer service supervisor, " XXXX XXXX ''. XXXX XXXX explained the hold on my the account is due to the funds from the check deposit amount ( large sum ) funds which have not been collected. I tried reasoning with 2 customer service reps and XXXX XXXX but they failed to establish a reason to issue an unreasonable special hold wait period of 9 days. The Chase employees said the issuing bank XXXX XXXX XXXX ) could not verify if the check had cleared on their end. This entire scenario has been blown out of proportion. It is the beginning of the month and the account can have automatic payment deductions for my debt obligations. Chase bank is placing my credit score at risk of endangerment if I can not meet these debt obligations. Furthermore, under XXXX " XXXX '', the bank has failed to provide me with a notice for an extended special hold and their reasoning for placing a 7 business day hold on funds which have already been cleared by the issuing bank. This alone is non compliance of XXXX " XXXX ''.

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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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