Chase bank needs to verify my tax refund check and are holding my funds in suspense till they're able to verify it.

Question

I deposited my tax refund check to my account at chase bank on April 3 2024. After the check got cashed on April 15 2024 they closed my account and have my funds in suspense. Till this day I have not received anything from my refund check. I've gone multiple times in person and called customer service and they keep giving me the runaround. One person tells me one the thing and the next person tells me the complete opposite. Every time they ask for a different requirement and once I do it they ask for something else. I've faxed them my tax transcripts, I've called the IRS while at the bank a d they talked to a banker. I've called the department of treasury as well and even they don't know why chase has not given me my money.

James L. Arrasmith · Answer

This situation sounds frustrating, and it's concerning that Chase Bank is holding your tax refund funds for such an extended period without clear communication. Here are some steps you might consider taking: 
 
1. Document everything: Keep a detailed record of all your interactions with Chase, including dates, names of representatives, and what was discussed. 
 
2. Escalate within Chase: 
   - Ask to speak with a branch manager or a higher-level customer service representative. 
   - Request a written explanation of why your funds are being held and what specific requirements you need to meet for release. 
 
3. File a formal complaint: 
   - Submit a written complaint to Chase's executive office. 
   - File a complaint with the Consumer Financial Protection Bureau (CFPB) at www.consumerfinance.gov/complaint/. Banks typically respond quickly to CFPB complaints. 
 
4. Contact regulatory bodies: 
   - File a complaint with the Office of the Comptroller of the Currency (OCC), which regulates national banks. 
   - Reach out to the California Department of Financial Protection and Innovation (DFPI) for state-level assistance. 
 
5. Seek legal advice: Consider consulting with a consumer protection attorney who specializes in banking issues. 
 
6. Contact your local elected representatives: Your congressman or senator's office might be able to assist with issues involving federal agencies like the IRS. 
 
7. Consider small claims court: If the amount is within the small claims limit, this could be an option to recover your funds. 
 
Remember, banks are generally allowed to place temporary holds on large or unusual deposits for security reasons, but they should provide clear communication about the hold and its duration. Indefinite holds without proper explanation may violate banking regulations.

Q: Chase bank needs to verify my tax refund check and are holding my funds in suspense till they're able to verify it.