I have had accounts with this bank for over a decade. I have never bounced a check, nor have any checks I deposited ever bounced.
The vast majority of checks over $5,000 that I have deposited over the years are held for 7 business days (9 calendar days). On several occasions, funds were held for 9 business days, which computes to 13 calendar days. Almost all my check deposits are held for the stated reason of *... information received from paying bank or due to information within our system.* This is Chase's cryptic way of saying that the maker's account (check writer's account) is so low and unstable that the check I just deposited will likely bounce.
I sat down with a Banker by the name of Vicky Sharrar to inquire on the reason for the holds. Specifically, what is it about EVERY SINGLE PERSON or ENTITY that I do business with that makes Chase think that their checks will bounce? I receive checks from different people and entities who don't know each other. It is statistically improbable that every single one of these people and entities is always the verge of bouncing the check they just wrote. It is also statistically improbable that 10 out of 10 checks that were on the verge of being bounced at the time of deposit somehow magically cleared 9 calendar days later. It is statistically improbable that this happens to be the case, repeatedly, for years and years and years.
Ms. Sharrar was condescending as she explained Regulation CC under the Expedited Funds Availability Act. I told her that was a good answer, but it was an answer to a question I did not ask. I asked her provide specific details on the vaguely-written reason, details which banks are required to disclose under Regulation CC. I didn't ask to be taught a 5th grade lesson the EFAA/Regulation CC, which I am thoroughly familiar with and have been for the past 30 years since I became an adult.
Ms. Sharrar told me that if it's that important to me, then I should have asked Makers to issue cashier's checks rather than personal checks. I told her it's important because I shouldn't have to lend my company 9-13 day loans for operations while I'm waiting for my deposits to clear. She said that I'm not entitled to those funds anyway, because as a Contractor, I shouldn't be taking people's money up front for operations. I should have been solvent enough to finance my operations first, and then seek payment after I am done.
This person's responses left me horrified to the point of speechlessness. To add insult to injury, she repeatedly said "I'm trying to help you.... let me set an appointment for you with a Business Banker, who can show you products and services that would help with your cash flow."
To summarize:
1. They hold my funds 9 days EVERY SINGLE TIME
2. They fail to comply with notice and disclosure requirements under Regulation C of the EFAA in regards to those holds.
3. They tell me it's actually my fault for receiving checks as a form of payment, and if I were smarter, I would be demanding cashiers checks or cash as forms of payments.
4. They tell me I'm not entitled to the funds anyway, because payment schedules under my agreements with people are artificially front-heavy.
5. They want me to come back and listen to their sales pitch on lines of credit, payroll services, and other mickey mouse gimmicks. read more
