 CarlPremium
join:2004-07-21
Krotz Springs, LA
1 edit | [Rant] Chase Bank and deposit holds... I always, ALWAYS, always deposit my checks into my local Chase ATM on Monday morning. Every single week, without fail, I am at the ATM making a deposit. I've been doing this for a long time and I've NEVER had a hold or "processing time" on my funds - 100% of the money has been available immediately. I've made deposits in the ATM ranging from $300 to almost $4000, and I've never had a hold. When I use the teller, I have a hold (usually 3 days, sometimes 5) which is why I never deposit via the teller.
Today I deposited a check for exactly $500... Chase made only $209 of the deposit available.
WHAT?!
I called Chase and they basically told me to pound sand.
Keep in mind, I have four checking accounts and two savings accounts with Chase and have never had an issue like this (or any other major account issue) before. I have a FICO of 796 and a Chase credit card (Freedom Visa Signature) with a credit line of $10,500.
...Yet the bank doesn't trust me enough to give me instant access to a measly $500 deposit?
The "supervisor" could see my account history including what she termed as "consistent deposits," yet she wouldn't release the hold.
UGH, Chase pisses me off so much sometimes...
I know banks place deposit holds all the time, but the fact that this comes out of nowhere just blows me away...
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 GbcueAlmost P.E.Premium
join:2001-09-30
Santa Rosa, CA
kudos:8 | Is your budget that tight that you need the $300 right now?
Judging by your credit line and FICO score, you don't.
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My Blog 2.0 |
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 drewPremium
join:2002-07-10
Port Orchard, WA
kudos:6
 ·wavebroadband
| reply to Carl
It sounds like the instrument in question wasn't that good.
I've dealt with situations that you describe at both the teller and managerial levels and it's no fun for either sides of the parties. The hold was legally obligated to be disclosed to you at the time of deposit (check your receipt) you shouldn't have called them, but rather dealt with them in person.
Tellers at banks these days have very little latitude under which to operate. If you got an either new or low-level teller, they are pretty much required to follow the system directions.
Also, making mostly ATM deposits then coming into a branch to make a deposit is a red flag.
There are tons of criteria here and I'd be willing to bet that after paying attention to what the teller was actually saying and then talked to her lead and/or manager, gotten a really good idea of "why the hold."
SteveDrew -- who worked in banking
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 AntBeePremium
join:2002-12-06
Moncton, NB | reply to Gbcue
said by Gbcue:Is your budget that tight that you need the $300 right now? Judging by your credit line and FICO score, you don't. That is not the point! Carl had no holds on his deposits before, and then all of a sudden, he has one placed on a deposit. That is the point.
I've had the same thing happen to me, and I called my bank, too. They said it had always been like that, but I called bullshit on that. I got them to remove the hold and up my limits for ATM card use.
Sorry yours was being such a dick.
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-Poor little Tink Tink-
Kat Williams |
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drewPremium
join:2002-07-10
Port Orchard, WA
kudos:6 Reviews:
·wavebroadband
| Ah, so the point is that regardless of whether or not you need the funds available, a hold is inappropriate.
Remember, just like in investments, past performance doesn't guarantee future results. As an example, the payroll check I could've gotten on the 21st would've bounced, regardless that the last two years went through fine.
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 La LunaSurvived AshrafulPremium
join:2001-07-12
Warwick, NY
kudos:3
1 edit | reply to Carl
Any check deposits I make with Chase are always available the next day, full amount. I always go to a teller, usually the drive up window.
Edit: I've never had a 3-5 day hold on check funds availability. |
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GbcueAlmost P.E.Premium
join:2001-09-30
Santa Rosa, CA
kudos:8 Reviews:
 ·AT&T U-Verse
| reply to drew
said by drew:Ah, so the point is that regardless of whether or not you need the funds available, a hold is inappropriate. Remember, just like in investments, past performance doesn't guarantee future results. As an example, the payroll check I could've gotten on the 21st would've bounced, regardless that the last two years went through fine. Also, there are signs all over my Chase bank that says checks deposited will not be available immediately and that they'll take some time to clear.
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My Blog 2.0 |
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drewPremium
join:2002-07-10
Port Orchard, WA
kudos:6 | reply to La Luna
Instrument as well as a familiarity with the customer goes a long way. |
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 LocoObviously InsanePremium
join:2002-11-09
21 Jump St.
kudos:2 | reply to Carl
The banks are getting tough these days, Carl. |
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 TechnogeezAgape in amazement.Premium
join:2007-01-20
·AT&T U-Verse
·Verizon FiOS
| reply to Carl
Are you a military veteran? If so, consider banking with USAA, who recently opened membership up to all honorably discharged veterans of US military service.
A local newspaper story on the event... »www2.tbo.com/content/2009/nov/05···-vetera/
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Read your contract and TOS before signing anything. |
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1 edit | Chase never holds any check for more than 1 day.
99% of my checks clear the moment I deposit them.
Example
Pending Misc. Credit ATM CREDIT ############ BROOKLYN NY $4860.71
Removed bank address.
My un collected funds
Uncollected funds – Total $0.00
This means even though the deposit is pending the money has cleared into my account. The deposit happened 20 minutes ago.
Just be happy you don't have Capital One. I left them because it would take up to 7 days to clear
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AIM: MikeR35292 |
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 The PigEat MePremium
join:2009-09-11 | reply to Carl
Chase sucks bigtime!
My parents had an account there and they died and chase won't let me close the account unless I go to the branch that the account it in, which is across the country.
I would have to spend around $600 to get $371.
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»www.ip-adress.com/ip_tracer/ |
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 dvd536as Mr. Pink as they comePremium
join:2001-04-27
Phoenix, AZ
kudos:4 | reply to Technogeez
I believe even if you're not a vet, you can have an account for a $50 fee.
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When I gez aju zavateh na nalechoo more new yonooz tonigh molinigh - Ken Lee |
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dvd536as Mr. Pink as they comePremium
join:2001-04-27
Phoenix, AZ
kudos:4 | reply to Carl
said by Carl:I called Chase and they basically told me to pound sand. Sounds like you need to take those 6 accounts elsewhere. oh wait! thats pretty much S.O.P. at every bank these days. its in the funds availability part of the agreement.
usually its something like "we will make the first $100 available on deposits and the rest X business days later"
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I never knew the ATMs didn't have the hold on deposits.
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When I gez aju zavateh na nalechoo more new yonooz tonigh molinigh - Ken Lee |
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TechnogeezAgape in amazement.Premium
join:2007-01-20 Reviews:
·AT&T U-Verse
·Verizon FiOS
1 edit | reply to dvd536
said by dvd536: I believe even if you're not a vet, you can have an account for a $50 fee. From their website... I didn't know anyone could use USAA Fed Savings Bank without being a USAA member. I would suggest that anyone interested in their services give them a call and see if they can open an account.
Other Individuals
USAA's investment products, most checking and savings products, credit cards, life insurance, and shopping and discounts are available to other individuals. While auto and property insurance policies are not available due to membership eligibility requirements, we can still help.
The following products are available to other individuals:
Product Availability
Insurance
Life insurance
Auto insurance not available through USAA. Please call 1-888-870-8096.
Property insurance not available through USAA.
Banking
Checking and Savings
Checking for Teens and College Students
Youth Savings
Certificates of Deposit (CDs)
CD IRAs
Prepaid Card
Credit Cards
Investments All products
Shopping and Discounts All products
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Read your contract and TOS before signing anything. |
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2 edits | reply to Carl
I dont want to flame but sounds like there is more to the story. Also, holds are common across all financial institutions. Many times people have had holds placed and just never noticed because they were never that strapped for cash. Local checks holds are typically only two business days. Out of state are about five days.
Placing a hold is mostly automated. If the teller inside the branch is taking a deposit, they likely would be prompted by their computer to place a hold. They then have an option to override since they see the check itself. If you go to an ATM, the machine cannot tell what kind of check you deposited it and will default to the hold requirement based on your account relationship. Whether you go inside or use an ATM, you will have the first $100 available as required by Reg CC.
The need to place a hold is not necessarily determined only by the check. It also depends on the strength of the account relationship. Because it was good a few months ago it does not mean that it could not have changed recently i.e. NSF checks, NSF Deposit Items, low average balance or little recourse in case the check is returned unpaid. |
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| reply to Carl
I have Chase and the funds are always available next business day, sometimes same day if the deposited checks are from Chase. Cash deposits are available instantly... |
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1 edit | reply to AntBee
I have had similiar situations were someone thought that holds had never been placed. They called BS as you stated. Unlikely given they are mostly automated.
I reviewed the deposits and confirmed that holds had been placed all along. Again, they just never noticed it because funds were not tight. |
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| reply to Gbcue
There are signs in the branches, the deposit slips, the ATM envelopes, placard on the ATM, ATM Receipt, and Disclosures. I have had a few situations in which the holds helped out the depositor because they had unknowingly deposited fraudulent checks. |
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| reply to Carl
Banks sometimes increase hold times for 'high risk' accounts. A low balance could be considered a risk factor, which is unfortunate because someone with a low balance needs funds ASAP. |
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