Checking or savings account -- Managing an account -- Complaint #7873162
Complaint Overview
Complaint ID: 7873162
Company: Jpmorgan Chase & Co.
Product: Checking or savings account
Sub-Product: Checking account
Issue: Managing an account
Sub-Issue: Deposits and withdrawals
State: Tennessee
ZIP Code: 372XX
Date Received: 2023-11-18T12:00:00-05:00
Date Sent to Company: 2023-11-18T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On XX/XX/2023, I opened a Chase Sapphire Banking account and JP Morgan Self Directed investing account. I opened the accounts to consolidate my wealth and deposit a JP Morgan check given to me by a third party. I opened the checking account, and deposited the JP Morgan check, which was put on hold for a significant amount of time. I linked my XXXX XXXX XXXX XXXX XXXX account using the XXXX deposit method. After linked, I attempted to deposit {$100000.00} into my JP Morgan self directed investing account. Shortly after, my account was frozen. I reached out immediately to Chase phone support, who unlocked the account and told me to resubmit the transfer a different way. They told me the initial transaction was declined. I decided the better solution was to initiate the transfer from my previous bank, XXXXXXXX XXXX XXXX instead. I initiated the transfer but the account was locked shortly there after. I went to the nearest Chase branch, who helped unlock the account by calling XXXX to confirm the transaction was valid, as well as validating my ID. My chase account was locked again after purchasing a Treasury bill on XX/XX/XXXX with the newly available funds in the JP Morgan Self Directed Investing account I spent hours on the phone trying to get an answer, who told me the bank initiated a closure. One representative told me to go back to the bank branch to unlock it. I went to the bank branch who were shocked by the developments, and spent several hours trying to get the problem resolved, reducing the investigation from 10 days to XXXX. I reached out to Chase executive relations who promised to investigate as well. I did not hear back any details. I reached out to the branch who were under the impression I knew the account was in the funds disbursement phase of closure and I had been notified. During this time, I have had no access to my savings and the check for {$4000.00} I deposited and a direct deposit was declined. I had to use my small amount of funds remaining in wealthfront to make minimum monthly payments on cards to hold me until my next paycheck, putting a financial burden on me with interest fees I did not intend of accruing. XXXX office case id number # XXXX XXXX
Frequently Asked Questions
What is Complaint #7873162 about?
Complaint #7873162 was filed against Jpmorgan Chase & Co. regarding Checking or savings account specifically about Managing an account. It was received by the CFPB on 2023-11-18T12:00:00-05:00.
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.