America’s biggest bank is being sued for allegedly terminating several accounts and failing to ensure more than a million dollars was returned to its rightful owners.
Rui Wang and Hengchen Qu, mother and son, have filed a lawsuit against JPMorgan Chase Bank for alleged unjust enrichment and breach of contract related to certificates of deposit (CDs), reports Think Advisor.
They purchased three automatically renewable nine-month CDs totaling $1.16 million at a Chase branch in Arcadia, California in 2019.
The complaint says that when the customers arrived back in California after being in China, they visited their Chase branch to discover that the bank had closed their accounts. The bank said it had mailed checks back to Wang and Qu for reimbursement.
But the pair says they never received the checks and don’t even know where the money was supposed to be sent.
States the complaint,
“The staff stated that the CD accounts had been closed and three checks, each representing the fund therein, had been mailed to the address provided by plaintiffs, which were not received by, or even known to, plaintiffs.”
CDs are financial products that offer a fixed amount of yield for a deposit which is typically only withdrawable after a predetermined length of time.
After requesting that the checks be reissued, an assistant vice president reportedly asked the two customers to provide the numbers of the checks. However, the plaintiffs say that’s impossible for them to do.
The suit requests Chase return the funds, and says that Wang and Qu “have suffered financial losses for their failure to access the funds they needed.”
A Chase spokesperson says the bank has no comment on the lawsuit.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://dailyhodl.com/2023/10/21/jpmorgan-chase-sued-for-allegedly-terminating-accounts-failing-to-return-1160000-report/
