Chase is the grinch

I cannot believe my bank right now . I bank with chase with the military appreciation checking account (basic checking account w/ no monthly fee) . I’ve always deposited random personal checks because I’m a handyman . I had $325 in my account and a brought in a check for $1600 of which I cashed $800 and deposited $800. My customer check bounces tho. I pay the $12 fee and that puts me at -$470 . I get a new check written from my customer and an additional 2 checks for $5600,$1600, and $230 as well as $475 cash to bring out of negative . So 5 days goes by and bring in another $500 check to deposit assuming by now the checks are all cleared and I have a nice available balance . I ask the teller before about my balance and she says $200…… I explain the situation and ask why it’s not fixed yet and she says my account is under restriction now. I sit with a teller at a desk now who puts me on a phone with a lady who after 30 min tells me they have to call the 2 customers the checks were from. They get ahold of the customer that wrote $7000 of the checks and the same customer who wrote the bad check . They said however they cannot call the customer with the $230 check because her number doesn’t match their records even tho it’s the number printed on the check. So because they won’t call the check number they will not release any of the money in my account and she rudely said she could close the account and mail me my balance 10 business days later . Christmas is in 2 days….. no one at the branch can help at all. Everyone has been rude with me and everyone has given contradicting information. I really feel like the bank is trying to steal my money .chase sucks .

 

ANSWER 1

It sounds like they put a hold on the checks. This is normal practice especially since you said some of the checks were from the same character who wrote you a bad check. You should have recieved some sort of hold form stating when the funds would be available. If you ever have doubts about a customer or one has written a bad check before then tell them you need cash, a cashier’s check, or a money order. This way you know the funds are guaranteed and your bank is far less likely to hold it and they can generally have an easier time verifying it.

Setup a business bank account instead. Keep it separate from your personal. All money flows into the business account (fewer issues with checks) then you pay yourself from that account as an owners draw.

It helps keep bookkeeping clean too.

You deposited a bad check for a decent amount, then followed that deposit with several other large personal check deposits. That alone will raise red flags. Check fraud is so high right now that you’re lucky they didn’t close your account out after the first check was bad.

Not to mention that OP is using a personal account for business purposes.

I’ve always been amused at the feeling that for some reason, the time of the year somehow has an impact on how lax or not a bank should be with policy and regulation.

 

ANSWER 2

 

It’s a hold for your protection and theirs and not only is it very legal to do it can be required by regulations based on bank size. Open a business account instead of trying to run everything through a personal account. I think that would help. Smaller banks may not have service fees on accounts. We are a small bank and do not charge a service fee for our basic checking or savings accounts. I have accounts at US Bank that I opened before I started working where I am now and they have put holds on my checks before because it was an out of state check for a large sum of money from my in laws. But if I would have went in and cashed it and then it would’ve come back for some reason then I would’ve had to pay the money back, or the bank would’ve had to eat it if I couldn’t pay it. Can’t blame them for that. Even as a small bank in a small town it’s insane how much fraud we see, intentional or not.

 

For your records regulations CC governs the funds availability of check deposits. In it it states that checks deposited in one business day that totals over $5, 525 is subject to an extended hold. this is a standard practice and is not surprising that it was implemented when you recently had a large check deposit returned as unpaid.

 

ANSWER 2

 

Well it appears I may be a bit uneducated in banking practices it seems. Thanks everyone for the information and input. Chase definitely did say there was a miscommunication and by this point it should have been available to me and they released my funds and lifted the restriction today before closing down for the holidays . I may have complained a bit early but it was throw somthing on Reddit about how pissed I was at chase or scream at bank tellers that probably can’t help me with my problem. Lol. And again thanks a lot for the info I love how knowledgeable people on here are at times I had no idea that holding checks that long are actually a common thing .

It’s still so weird to me that banks charge a fee for basic checking accounts. Also were the checks from chase? Why couldn’t they just withdraw them and make them available right away. If they’re not chase customers it’s super weird to me they’re calling those people. You can write anything info you want on the top of a check and you wouldn’t know who you’re speaking to. Also I’d think that would break customer privacy if you’re telling someone where OP banks. I understand them placing holds but that should’ve been communicated with you at the time of the deposit. My suggestion is to bank local at a mutual bank or credit union. Smaller banks are way better because they have to be.

Chase doesn’t want/need your broke money so don’t go thinking they’re trying to steal it. For the future, I would look into learning how checks and deposits work and what banks do to prevent fraud. Be more cautious next time!.

 

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