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Chase Bank / withholding funds

1 Brooklyn, NY, United States Review updated:
Contact information:

I don't care much about the inconvenience. Nor do I really care about the overdraft fee very much. what I do care about is being lied o repeatedly and the holding of funds for no reason.
I have been through quite a bit with this bank:
First they told me funds were available and then they held them without warning. I gave someone a check thinking that the funds were available. Only to find on Tuesday that were held. The reason I was given was that they were unable to verify the amount with the bank that issued the check. I was told this was a fabrication by the lawyer who issued the check. I found out he was right because when I called this morning (11/18), I was told that the only time someone tried to verify the funds was last night. Therefore Chase held the funds without cause. I also have a little slip of paper telling me that the funds would be available and only a certain amount would be held until 11/16. There is a disclaimer on the bottom that says further review may cause the funds to be held for an additional 7 days. To whit I refer to the above statement that no attempt was made by anyone to actually verify the funds as per the notes that the OH so rude telephone person told me. I am now on the phone with someone who is nice enough to look in to the matter. I will see if I can get my $34 overdraft fee back.
Here's the story as it unfolded if you are interested in reading the entire thing:

Emailed to them: I was told by the assistant branch manager on Avenue J in Brooklyn, NY that even though I was told that my funds were available, I would still have overdraft charges. I was lied to by the assistant branch manager who when she asked me if I made out the checks the day I deposited the funds, I told her no. She said yes you did. I said no, I deposited them on Friday and made out the checks on Monday. She said that I made the deposit on Monday 11/15/2010. You can check the deposit which I am printing out for my records that I made the deposit on Friday. How do you employ such liars and thieves?
I have had no reason to complain until now!
You held the funds for no reason. I was told some imbecilic reason which is not true. The funds can be verified by the check issuing bank. It obviously an attempt to hold the money longer. I was told that NO they would not refund me the overdraft fees even though I have a receipt which clearly shows that the funds were available.

Their Response:
Thank you for contacting Chase.

We apologize for any inconvenience you may have
experienced due to the deposit hold.

Our records show that a hold was placed for the deposit in
the amount of $****** on November 15, 2010. This will
be available for use on November 23, 2010.

Federal Banking Regulation CC allows us to hold
substantial deposits. The Rules and Regulations of your
account disclose this information. Holds help protect you
and the bank from unnecessary losses if a deposited item
is returned unpaid. Further more, holds can help you
avoid incurring fees if the issuing bank does not honor a
deposited item. Any negotiable instrument can have a stop
placed on it (including money orders and cashier's
checks), which can cause a returned item situations.

There are numerous things that could trigger a hold. The
most common is any high dollar amount. Another condition
that can trigger a hold is an amount that does not fall in
to your deposit pattern, or in other words, you do not
usually deposit items in that amount range. Holds are
placed for your protection and ours.

The Expedited Funds Availability Act ensures prompt
availability of deposited funds and governs the length of
time a bank may "hold" funds from checks deposited into
transaction accounts:

Time Limit

Holds are determined on a case-by-case situation. For
items up to $4, 900 a hold may be placed for 2 to 5
business days for local and non-local items and for items
over $5, 000 a hold may be placed for 7 business days for
local items and 11 business days for non-local items.

Any checks or items that are presented to your account
while a deposit hold is in place should be paid. If any
fees are assessed to your account due to a deposit hold
they will be absorbed by the bank as long as the deposit
was not returned.

Again, please accept our apology for any inconvenience
this has caused you.

If you require further assistance, please e-mail us via
the Secure Message Center or contact Chase By Phone at
[protected] (BTW this is the wrong number to call). Chase By Phone representatives are
available to assist you 7:00 AM - 9:00 PM, seven days a
week with automated account information available 24-hours
a day.

Thank you,

Keithly Jane Marges
Internet Service Center

My response: The representative I spoke with on the phone last night lied and told me the put notes on the account. Then the person today was extremely rude and told me that the only time someone tried to verify the funds was last night. Therefore you held the funds for no reason.

You are being untruthful...
Just a side note: I was told that I should not deposit over a certain amount into a checking account. Meaning that they know they do this.

Sort by: UpDate | Rating


  • We
      18th of Nov, 2010

    Gabriella was a big help on the phone and she should be applauded for assisting a customer the right way :)

    0 Votes
  • We
      18th of Nov, 2010

    @TheLoveFist II Because they lied to me. Like I said at the top: " don't care much about the inconvenience. Nor do I really care about the overdraft fee very much. what I do care about is being lied o repeatedly and the holding of funds for no reason." How would your customers like it if you did that to them?

    0 Votes
  • Sl
      9th of Dec, 2010

    Same situation but on a much much larger scale. I am fortunate to have had a loving grandparent who left me a trust that is was to be dispuresd on my 40th birthday. I deposited the check into Chase and was told at first it would take 15 days to clear. On the 15th business day I was told the funds would be available on the 30th business day. Chase has refused to release my money as of the present. I ve had lawyers send letters and orders for chase to release the funds with no avail. How is this leagal? Im assuming the longer my money stays with Chase the more interest Chase can collect for Chase, if not then why keep holding my money hostage? What was ment to be the best day of my life as turned tragic. Chase bank one of the worlds most richest banks and most corrupt. A Chase representative did say if I was to leave my money with them then I was to receive quartaly dispersments. Why would I want to continue doing business with a bank that best interest is them?
    Thank You for this Blog, I thought I was the only one.

    0 Votes

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