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Chase Bank seems to suck...


deadshank
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...and they will never attempt to quit.

My company has recently had a series of run-ins with Chase.  We do business with a different bank and will write checks to both employees, vendors and subcontractors.  Over the past year or so, the recipients of the checks that deposit their checks written by us into their Chase account will call us back and say something to the tune of "hey, Chase is not making the funds available in my account and Chase is saying it is because your bank has put a hold on the check."

Huh?  We aren't putting holds on any checks issued.  I go online and check which checks and check amounts have been debited / cleared from our accounts.  Sure enough, the money is gone from our accounts and in possession of Chase.  Chase is flat out lying to their account holders.

Some checks are pretty good sized in amount and others are payroll checks for employees that need their money.  

Why would Chase do this?  Collect a bunch of money and put it in play to make more for themselves?  That is my best guess.  

Anyway, Chase sucks.

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24 minutes ago, Dr. Beeper said:

Who is your bank?  Chase isn’t saying YOU put a hold on it. They are saying YOUR BANK did. 

I suspect this isn’t quite factual though. Rather, this is Chase wanting to ensure the funds are good from your bank, so they don’t have an overdraft. It’s probably a standard 2-day hold. It’s all done to combat fraud. But yes, if no fraud occurs, and the funds are good, it is to Chase’s slight economic benefit to have this policy, because they’ll stay more liquid for that 2-day period.  

Some banks are more stringent than others. For example I’m about to leave Capital One because they won’t let me have access to funds in my business account for 2-5 days after deposited, even when wired into the bank. That is an insane policy. 

My bank is Amegy.  

Chase IS saying that Amegy put a hold on the check(s).  Amegy nor me put a hold on the check(s).  Never have and never  will under normal circumstances. The money is debited out of our accounts and in possession of Chase.  The holds Chase is putting on captured funds is anywhere from 2 days to 2 weeks.  

Imagine, if you will, that you are an employee and I have written you paychecks over the past 5+ years with no problems to speak of and suddenly Chase says "your employer's bank put a 2 week hold on the check issued to you. Sorry, the funds aren't avaiable for you to enjoy."  Employee comes to me and says "WTF?"  I have proof positive that the funds never had a hold placed on them by Amegy nor by me and have exited our account and is in Chase's possession; yet, Chase blames my bank.

Again and for clarity, Chase sucks.

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I've banked with chase for years.  Never had such an issue come up.  Of course payroll and expense reimbursements were all direct deposit.  Very few paper checks, but a few of them were large, and never more than a close of business hold (and even then they made a portion available immediately).

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Where did the they hear that your bank is putting the holds on the funds?  Tellers are often required to put holds on large check when the account doesn’t have a large balance to begin with.  I doubt this is a national Chase policy and more likely something a branch manager told the tellers to say in order to deflect blame from them when they put holds on checks.  I would advise your employee to go to a different branch and see if this continues to happen.  If so, they should consider switching to a local bank or your bank so they can get the funds quicker.

Chase, BOA, and WF all fucking suck, it’s best to avoid them when possible.

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3 minutes ago, TKthunder2 said:

Where did the they hear that your bank is putting the holds on the funds?  Tellers are often required to put holds on large check when the account doesn’t have a large balance to begin with.  I doubt this is a national Chase policy and more likely something a branch manager told the tellers to say in order to deflect blame from them when they put holds on checks.  I would advise your employee to go to a different branch and see if this continues to happen.  If so, they should consider switching to a local bank or your bank so they can get the funds quicker.

Chase, BOA, and WF all fucking suck, it’s best to avoid them when possible.

This sounds like the most likely answer.  And the best advice to leave the big banks.  Never have had any issues with UFCU

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I've had similar issues with Chase.  Recently they upgraded my account because of my veteran status and I haven't had an issue since then.  They held my daughters paycheck for 10 days one time and I had to call and bitch about it and they released the funds.  It's bullshit.

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35 minutes ago, TKthunder2 said:

Where did the they hear that your bank is putting the holds on the funds?  Tellers are often required to put holds on large check when the account doesn’t have a large balance to begin with.  I doubt this is a national Chase policy and more likely something a branch manager told the tellers to say in order to deflect blame from them when they put holds on checks.  I would advise your employee to go to a different branch and see if this continues to happen.  If so, they should consider switching to a local bank or your bank so they can get the funds quicker.

Chase, BOA, and WF all fucking suck, it’s best to avoid them when possible.

Where did  they hear that our bank (Amegy) is putting the hold on the funds, you ask?  Read my first post.  Chase is telling their customers that. 

Chase's customer inquires about the hold with Chase and Chase tells them to call me or Amegy and ask why there is a hold when all along it is Chase that is putting the hold in place. 

This has happened at multiple branches.  It has happened with employee payroll checks, checks cut to subcontractors and checks cut to suppliers. 

Further, a (very wealthy) customer whose house we are remodeling cut us a sizable check from his Chase account at the first of this year.  Chase put a 2 week hold on the check.  Chase also debited the funds out of his account and did not send it to our Amegy account.  Our customer caught wind of the shenanigans and called his officer to inquire.  He told the officer to make the funds immediatley avaiable to us as it had already been debited out of his account.  The officer refused.  Wealthy customer said "fine, I'll be down in the morning to close all my accounts including the multiple business accounts for my 30K employee company."  The funds were released that day.

I'm not making this up.

Now with gusto: Chase sucks.

Edited by deadshank
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I had this happen in the last year with a vendor depositing to Wells Fargo and Wells claiming our bank was holding funds and therefore they were holding funds to the Vendor.

Our bank, regional bank, swore up and down they were not.

I would lean towards it was some issue with WF, because WF, but never got a straight answer.

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Just now, Dr. Beeper said:

I experienced this at a regional bank about the size of Amegy all the time. They do this for their own protection but slight benefit as they have increased liquidity than they otherwise would for longer periods of time. 

You basically need to just do what your wealthy customer did and frankly if you don’t have the chops to pull that (most don’t), simply leave Chase. That’s what I’d tell your employees/vendors. 

Something still quite isn’t adding up in your story to me, but it’s possible that Chase is lying to multiple, disparate people about Amegy. 

Meh, who knows?  I'm reporting the facts as presented.  You can add them any way you see fit.

I feel bad for paycheck to paycheck types that get chingalayed.  

But for the record, Chase sucks.

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I have had a Chase account forever.

My original bank account was at Preston State Bank.  My parents' accounts were at HIllcrest State Bank.  Both banks, previously unrelated, ended up as part of JP Morgan Chase.  The accounts were grandfathered forever and thus feeless and so on.

Once the accounts became part of increasingly larger banks, we expected problems and fee dickage and stuff to increase exponentially.

Thus far, it has not happened.  I have been pretty content with Chase.  They make a portion of deposits immediately available, but hold back the rest I'm not sure how long.  It's never been an issue as I am not a poor.  

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The holds that banks are allowed to place on deposits are provided for under Federal law.  The bank receiving the funds can choose to hold or not old the deposit as long as they do not violate the hold period provided for under the law.  The bank where the funds originate from does not have any say it, unless of course the funds are simply not there.

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Another reason why its important to maintain a decent balance in your accounts.  One of the benefits of ACH is usually faster access to the money. For the employee, I would tell them that you're doing nothing to prevent them from getting their cash but this is a side effect of wanting a paper check.

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It should be an easy conversation with the employee. 

"you know how you  drive to the bank, wait in line and deposit the check in your bank every 2 weeks? That all goes away and the money is waiting in your account and in ATM in the world." Of course, this is probably also someone that writes checks at the grocery store too. You may need to explain debits/ATM cards to them.

I don't even know if a paper check is an option at my current employer. Previous employers would make the process very painful. As in, mailing the check to the homes of the employee.

 

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Big banks suck donkey balls.  I have no idea why anyone uses them.  Chase pulls this shit.  Wells uses customer info to open bogus accounts.  Horror stories from business owners trying to get PPP loans when they bank with the big banks.

If you own a business, banking relationships matter.  Stay far, far away from the big banks.  Unless you're a whale (and you're not, most likely), they DGAF about you.  Regional banks are the way to go, IMO.  Big enough to do the things you need, but small enough that you matter.

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On 11/20/2020 at 1:35 PM, Nice Guy Eddie said:

It should be an easy conversation with the employee. 

"you know how you  drive to the bank, wait in line and deposit the check in your bank every 2 weeks? That all goes away and the money is waiting in your account and in ATM in the world." Of course, this is probably also someone that writes checks at the grocery store too. You may need to explain debits/ATM cards to them.

I don't even know if a paper check is an option at my current employer. Previous employers would make the process very painful. As in, mailing the check to the homes of the employee.

 

I've had employees who take the check to my bank and cash it.  And we're talking professionals, network engineers, software developers, who make good money...more than Rocko.  I don't understand nor do I try to, but there have been more than one in the past 10 years.

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18 hours ago, shakahorn said:

I've had employees who take the check to my bank and cash it.  And we're talking professionals, network engineers, software developers, who make good money...more than Rocko.  I don't understand nor do I try to, but there have been more than one in the past 10 years.

I am gonna guess that some people haven't adjusted to electronic stuff.

Just like the first time I had an ATM card, I blew through the balance incredibly quickly and didn't keep good records for updating my bank balance (and was drunk for most of the withdrawals).  Lesson learned.

Some people never learn the lesson and never "convert."

But there are some, people 30ish and under, that have never known any other system.  Dunno what's up with them.

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1 hour ago, jeevsie said:

I've also heard the reasoning that the wife will know how much they make if they get direct deposit.

Solid relationship there.

Some people live in a different mindset than others.

However to solve that you can usually split a paycheck into multiple accounts, for instance if you want to automatically put some in savings each month. For instance, I auto-pay my mortgage and car payment out of a savings accounts. I have each bi-weekly paycheck deposit 1/2 of each payment into the savings account. It effectively creates the scenario where my paycheck pays those bills instead of running them through my checking account.  I don't even think about the payments.

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I've told this story before, but I'm old so I'm going to repeat myself.  Right out of UT, just married the first ex, just starting my first job in public accounting, and getting ready to close on a townhouse.  I had all of the down payment money in my checking account so I could get a cashier's check to take to the closing.  The day of the closing my first paycheck hit by direct deposit.  Unfortunately, my employer, or the bank (I never could get a straight answer as to what happened), decided to debit my account for my paycheck instead of crediting it.  When I went to the bank to get the cashier's check I was not so politely informed that I didn't have enough funds for a check in the amount that was required for the closing.  That was my first experience with direct deposit.

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On 11/20/2020 at 11:46 AM, Felix said:

I've had similar issues with Chase.  Recently they upgraded my account because of my veteran status and I haven't had an issue since then.  They held my daughters paycheck for 10 days one time and I had to call and bitch about it and they released the funds.  It's bullshit.

Pretty sure you're on a watch list for your stealth negging scheme.

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On 11/23/2020 at 8:37 AM, TwiceHorn said:

I am gonna guess that some people haven't adjusted to electronic stuff.

Just like the first time I had an ATM card, I blew through the balance incredibly quickly and didn't keep good records for updating my bank balance (and was drunk for most of the withdrawals).  Lesson learned.

Some people never learn the lesson and never "convert."

But there are some, people 30ish and under, that have never known any other system.  Dunno what's up with them.

Once we made it past the millennium, it's been worry free.

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8 hours ago, Steel Shank said:

Capitol One credits my credit card balance next day after money leaves my checking account (UFCU).

Chase takes 5-6 business days to do the same. They hold the money before applying to my credit card balance.

When I pay my chase credit card with my chase checking account, I see the checking balance drop immediately. The credit card balance has the payment applied over that business night, or Monday night if paid over a weekend. Now perhaps if you’re paying with checking funds that were just deposited, they hold off applying the payment. That’s my only guess.

I do seem to have a different experience with chase than some of you. Maybe it’s because, via mergers, my account is 25+ years old.  The checking account type or min reqs isn’t much.

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On 11/22/2020 at 3:33 PM, Nice Guy Eddie said:

This was over a decade ago but I had a colleague that refused to allow paycheck direct deposit because you also had to agree to allow our employer the ability to withdrawal any incorrect deposits. He thought our employee would somehow steal his money. Or at least that was his story.

Could it be that he didn't want *anyone* to have access to withdraw funds from his account? I don't draw that line and it's probably not practical, but I get it.

I can't remember how I landed at Chase, precisely but I think it was after I declared jihad on Bank of America. For sending a snail mail notification that I was overdrawing my account (being an idiot and not tracking my spending, purchasing everything I needed in my first apartment). That was fucking expensive. Jihad still active. I've never had a problem with Chase, but I've also never tested them. I was shocked to discover that there are basically no Chase branches in North Carolina, where we've just relocated. If it's any consolation I'll be closing my account.

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36 minutes ago, Celery Man said:

Could it be that he didn't want *anyone* to have access to withdraw funds from his account? I don't draw that line and it's probably not practical, but I get it.

I think that is a likely answer but I think it's also short sighted. Use the banking system for your benefit or convenience.  It's also reeks slightly of paranoia. "HR hates me, they're going to steal my life savings." No, that would be theft if they attempted that.

But I also hate to break to someone but even errors with paper checks can be clawed back whether you agree you to it. If the amount is in error, they can legally stop payment on that check AFTER you deposit and maybe even after you spent the money. So basically they have a few days to take that money out of your account regardless of the deposit method. 

Now if you don't trust your employer with your paycheck deposit, wtf. In my 30 years of working in corp America, I've never known a legit employer to pull paycheck money back UNLESS there was a clerical error and even then the employer communicated to the employee and made good if any fees were incurred.

From what I know, the 2 group that you have to worry about taking money out of your bank account without clear authorizations are bill collectors and the IRS. 

 

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On 11/22/2020 at 2:33 PM, Nice Guy Eddie said:

This was over a decade ago but I had a colleague that refused to allow paycheck direct deposit because you also had to agree to allow our employer the ability to withdrawal any incorrect deposits. He thought our employee would somehow steal his money. Or at least that was his story.

 

I had a friend years ago who was laid off, but given a severance via direct deposit. A couple of days later, the severance was taken back out. The company went bankrupt, and he never got it back.

 

If I had the option, I wouldn't allow direct deposit either. Something about giving someone other than me access to my bank account rubs me wrong.

 

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10 hours ago, TKthunder2 said:

Frost deposits, UFCU loans, and USAA for insurance.

I can't speak for Frost or UFCU, but USAA customer service, for all products, is excellent.

I have homeowner's and auto insurance with them.  Personal credit cards, savings and checking.  Checking refunds ATM fees up to $15 per month from any other bank's ATM.

No experience using them for business purposes, not sure if they even have business products.

Not sure what their military service requirement is any more.

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On 11/20/2020 at 12:07 PM, deadshank said:

Meh, who knows?  I'm reporting the facts as presented.  You can add them any way you see fit.

I feel bad for paycheck to paycheck types that get chingalayed.  

But for the record, Chase sucks.

I've heard and dealt with this when i ran construction companies.  Weekly payroll with printed checks were common.   Dealing with banks and all types of check cashing places also.  I'm no banker but a few years back i came to understand the following.  Chase implemented or adjusted their automated system to increase holding times and release of funds to their own customers based upon their customers risk of bouncing a check. 

My understanding is that every bank being drawn upon sends a date to Chase as to when it will clear.  Most banks provide a 3,5,7 even 14 day hold.  Many banks even Chase however don't abide by that date, takes the risk, and simply clears funds.  The faster the better for better customers.  That said the more the Chase customer has a history of bounced checks (regardless of the bank being drawn upon) the longer Chase will hold the funds of their own customer and then say your bank provided them a hold date of X days.   

They are penalizing their own customers, for their actions, but you get the blame.    My .02.

It became a line item/question in my risk assessment for subs we used.  Not to say that we still didn't use some of those guys but it was better knowing the dog you got going in.   

Edited by RollLeft
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  • 1 month later...
  • 11 months later...

Just in time for Christmas!  
 

Chase up to their chicanery again.  
 

Money debited and gone, baby, gone out of our Amegy accounts for a week now and not credited to supplier, subcontractor or employee accounts. 
 

I am trying to close out the year, prep draw requests  and don’t have the time for this crap.  All the while, I’m getting emails and phone calls left and right wanting to know why WE told our bank to hold the funds as that is the explanation Chase is telling their depositors. 
 

Rage. 

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  • 3 months later...

Just this week I suddenly could not access my Chase account using Edge.  iPhone and Mac worked fine but not Windows 11.  Called customer service.  They were really helpful.  Clear your cookies and cache. I told the person I don't like to do that because I have to reset so many other passwords.  She then offered her gem.  "Get another browser".  

Went in for Notary.  Nope.  Wanted to deposit a Trust Account check less than $50.  Nope because the signature had to say Trustee and I wasn't.  The whole fucking Trust may have had $3k in facts.

 

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Chase and Wells are considerably stronger and better run banks thank BofA and Citi. I would put them in that exact order.

Having said that, I have no idea why anyone banks personally with a money center bank. I banked with a super regional and just moved to a community bank where everyone knows my name. 

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On 3/31/2022 at 2:17 PM, Porterhouse said:

Chase and Wells are considerably stronger and better run banks thank BofA and Citi. I would put them in that exact order.

Having said that, I have no idea why anyone banks personally with a money center bank. I banked with a super regional and just moved to a community bank where everyone knows my name. 

p183897_b_h10_af.jpg?w=960&h=540

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On 12/2/2020 at 7:59 PM, Horn Under a Bad Sign said:

Anybody banked with USAA? Thinking of moving everything there.

USAA and NFCU are my two banks.  

Sometimes I think the only good thing about them is they aren't BofA.  

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Chase and Wells are considerably stronger and better run banks thank BofA and Citi. I would put them in that exact order.
Having said that, I have no idea why anyone banks personally with a money center bank. I banked with a super regional and just moved to a community bank where everyone knows my name. 

To be fair, no one is going to forget your name, Dick Short III.
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