Chase Payment Processing's reason for freezing $54,462.89 of my company's clients and customers' fiduciary funds:"We terminated your merchant services account ending in 5924 for contract violation under Subsection7.1B of the agreement we provided you when you opened the account.We have placed funds totaling $54,462.89 in reserve due to the account termination. These funds willremain in reserve until the 180-day post-termination period has passed, to cover any exposure to the firm.We may require a reserve to protect us against risks from your use of the service, including chargebacks,refunds, and card network liabilities, or to protect our ability to collect and recover amounts you owe us,as described above. We will notify you of the amount of any required reserve, which we will determine ingood faith. We will hold and control any required reserve.When we determine that the reserve is no longer needed, we will return all unused reserve funds to you.Our right to require a reserve will survive termination of this Agreement. This means this section willremain in effect even if you or we terminate the Agreement."The Consumer Financial Protection Bureaus report:The complaint process is complete, and your complaint is now closed.We have taken the following additional actions on your complaint: We added your complaint to the CFPB’s Consumer Complaint Database. Your feedback, and feedback from others, helps us understand how companies are addressing concerns raised by consumers in their complaints. We will also share your feedback with the company. We have also shared your complaint with the Federal Trade Commission, which will add your complaint to its database for state and federal law enforcement agencies.We appreciate your participation in the complaint process and your feedback on the company’s response. Both are important to us and consumers who may have similar issues and concerns."If you value your company and its reputation and resources, you will not use Chase Payments Merchant Services.
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JP Morgan Chase Bank, NA, doing business as Chase Bank, is a national bank headquartered in Manhattan, New York City, that constitutes the consumer and commercial banking subsidiary of the US multinational banking and financial services holding company...
