Checking or savings account -- Closing an account -- Complaint #9166107
JPMorgan Chase Fails to Return Funds After Account Closure
Complaint Overview
Complaint ID: 9166107
Company: Jpmorgan Chase & Co.
Product: Checking or savings account
Sub-Product: Checking account
Issue: Closing an account
Sub-Issue: Funds not received from closed account
State: California
ZIP Code: 92882
Date Received: 2024-05-31T12:00:00-05:00
Date Sent to Company: 2024-06-03T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Referral
Risk Assessment
Risk Level: high
The consumer did not receive funds from a closed account, indicating a potential failure in the bank's fund disbursement process or a dispute over the funds.
Consumer Sentiment: negative
Topics: Account Closure, Funds Disbursement, Checking Account
AI Analysis
CFPB complaint 9166107 was filed against JPMORGAN CHASE & CO. regarding Checking or savings account (Checking account), specifically about "Closing an account". A consumer's checking account was closed by JPMorgan Chase, and they did not receive the expected funds. The complaint was received on May 31, 2024 from California. The company responded with "Closed with explanation".
What You Should Do -- Consumer Action Plan
Consumers should meticulously document all communications and transactions related to account closures, especially when funds are expected.
Legal Context & Consumer Protection Laws
This situation may involve regulations concerning account closures, fund transfers, and consumer protection laws related to banking services.
Regulatory Insight
Banks must have clear procedures for handling fund disbursement upon account closure to prevent consumer harm and regulatory scrutiny.
Resolution Likelihood
likely
State-Specific Consumer Protections
The consumer is located in California (CA), which has its own consumer protection laws that may apply.
Industry Comparison
This issue is common across financial institutions where account closures can sometimes lead to delays or disputes over fund availability.
Related Issues
Frequently Asked Questions
What is CFPB complaint 9166107 about?
CFPB complaint 9166107 involves Checking or savings account (Checking account). The consumer reported an issue with "Closing an account", specifically "Funds not received from closed account". This complaint was filed against JPMORGAN CHASE & CO. on May 31, 2024.
Which company is complaint 9166107 filed against?
Complaint 9166107 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 9166107?
JPMORGAN CHASE & CO. responded with "Closed with explanation". The response was marked as timely by the CFPB.
When was complaint 9166107 filed?
Complaint 9166107 was received by the CFPB on May 31, 2024. It was sent to JPMORGAN CHASE & CO. on June 3, 2024.
What state was complaint 9166107 filed from?
Complaint 9166107 was filed from California. You can view all complaints from this state at /state/CA.
Was the consumer satisfied with the resolution of complaint 9166107?
Dispute information is not available for complaint 9166107.
What product category is complaint 9166107 about?
Complaint 9166107 is categorized under "Checking or savings account", specifically "Checking account". This is one of the product categories tracked by the CFPB.
How was complaint 9166107 submitted?
Complaint 9166107 was submitted via Referral. The CFPB accepts complaints through web, phone, mail, email, fax, and referral channels.
What are the consumer's legal options for complaint 9166107?
This situation may involve regulations concerning account closures, fund transfers, and consumer protection laws related to banking services. This relates to a Checking or savings account complaint against JPMORGAN CHASE & CO. involving "Closing an account".
How likely is complaint 9166107 to be resolved?
Resolution likelihood: likely. 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 9166107?
This complaint is rated as high risk. The consumer did not receive funds from a closed account, indicating a potential failure in the bank's fund disbursement process or a dispute over the funds.
What regulatory actions apply to complaint 9166107?
Banks must have clear procedures for handling fund disbursement upon account closure to prevent consumer harm and regulatory scrutiny. 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 9166107?
Consumers should meticulously document all communications and transactions related to account closures, especially when funds are expected.
Are there state-specific protections for complaint 9166107?
The consumer is located in California (CA), which has its own consumer protection laws that may apply. This complaint was filed from California.
How does complaint 9166107 compare to industry norms?
This issue is common across financial institutions where account closures can sometimes lead to delays or disputes over fund availability.
What specific reasons did JPMorgan Chase provide for closing the account and withholding the funds?
The bank's explanation for the closure and fund retention is crucial. It could range from suspected fraudulent activity to account dormancy or a dispute over the balance.
What steps has the consumer taken to recover the funds, and what was the bank's response?
Understanding the consumer's attempts to resolve the issue and the bank's subsequent actions will clarify the extent of the problem and potential avenues for resolution.
Disclaimer
This analysis is AI-generated and does not constitute legal advice.