Small business owner fighting bank for months to release money in his closed account

Published: Jul. 8, 2022 at 7:44 PM CDT
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JACKSON, Miss. (WLBT) - Imagine being unable to get the money you deposited into a bank account after that account was closed. One Madison small business owner claims he’s been fighting Chase Bank for months to return his funds. The thousands being held hostage are preventing him from getting a good night’s sleep.

“We’re sleeping on air mattresses because they’re holding my money,” said Marquette Young.

He left Chase Bank Friday without the $1,600.00 deposited in February. The small business owner purchased a new home and opened a checking and saving account with two checks from Luckett Land Title and Germantown Construction.

The deposits were funds from earnest money and refunds for appliances. The checks cleared, but he says the bank closed the account three days later because they could not verify them.

“I called the corporate office; nothing they can do. They said they can’t do nothing until the people who wrote the check come to them,” said Young, “And I told them I said ‘Them people don’t work for y’all. Why wouldn’t y’all send somebody over there.”

According to the recycling business owner, he chose Chase because it had a kids account that he’d use to teach his children to manage money. The remainder would be used to furnish their new home. July 5, on his daughter’s birthday, he tried again to get the funds to no avail. Five months after opening the Chase accounts, Young remains frustrated and feels his money is being held hostage.

“Right now, the people in the back office in this building right here go home [and] get in a king-size bed,” said Young. “We’re getting on air mattresses because they got my money.”

Justin Page, with Chase Bank Regional Communications, said the branch team and escalations teams are looking into this. Meanwhile, Young said the continued delay is impacting his business and home life.

“I’m seeking legal counsel. I’m not gonna just quit,” added the Canton homeowner.

While funds from the checking account weren’t released, Young was refunded the money from the savings account Friday.

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