JPMorgan Chase Abruptly Freezes Customer’s Bank Account, Refuses To Release $65,000 for Nine Months: Report
A Chase Bank customer, Sean May, faced a nine-month freeze on his $65,000 IRS check due to suspected fraud. Despite providing IRS verification, Chase refused to release the funds, contributing to May's business bankruptcy. After media inquiries, the bank decided to release the money, informing May to expect the check soon. Chase Bank, part of JPMorgan Chase since 2000, manages $3.7 trillion in assets.
A Chase Bank customer has reportedly been cut off for nine months after trying to cash a $65,000 check issued to him by the US government.
Miami-based business owner Sean May says Chase Bank blocked him from accessing his funds due to suspicion of fraud, reportsNBC-affiliate WFLA News.
May says the lender abruptly froze his account despite the fact that the check came directly from the Internal Revenue Service (IRS).
He says he even obtained a letter from the IRS that verified the validity of the check, but Chase stood its ground.
May, who previously ran a software development firm, says the decision to keep his tax refund money out of reach is one of the reasons his business went bankrupt.
WFLA News touched base with the lender to learn more about May’s concerns. Within days after reaching out to the bank, Chase Bank abruptly decided to release May’s money.
May says that the bank gave him a call to let him know to expect the check this week.
Chase Bank was acquired by JPMorgan in 2000 and now operates under the JPMorgan Chase brand, managing $3.7 trillion in assets.