i have deposit a check of $950.00 into my checking account last friday, my chase bank have hold my check eversince, it been 5 days now, i could not use my money, i have call them and ask them when are they going to release my deposit check, thay said they will release it today but i still have a negative balance on my account, usually when i deposit a check i can use it instanely within the next bussiness day, but now i can't use my money and they have not notify me that they are holding my check, then they charge me $100.00 for insufficient fund, i call them and talk but they said i shouldn't check on the deposit split that it writen "further review may result in delayed of this deposit", but i get that message on my receipt everytime i deposit a check, they did not notice me or send me any notification by mail, now they are not giving me back my $100.00, and my deposit check still have not been release!!! please give me and advice of what to do, thankyou very much for all your time
2006-09-21 08:01:07 · 6 answers · asked by Be Yeu 2 in Business & Finance ➔ Other - Business & Finance
i have work hard for my money to support my family but the bank would be so careless, they just took my money out of my hard work
2006-09-21 08:04:49 · update #1
i'm currently with chase bank right now, is there any better bank than this??
2006-09-21 08:11:56 · update #2
The bank does have the right to hold any check for verification purposes. The only way around this is to cash the check and deposit the cash, but if your bank requires you to have the funds in your account to cash checks, you will have to go to the issuing bank to cash it and may need to pay a fee.
You may be able to talk to a bank manager to have them remove the insufficient funds charges, but that would be at their discretion.
Good luck.
2006-09-21 08:10:27 · answer #1 · answered by John J 6 · 0⤊ 0⤋
I deal with this issue quite often on a larger scale. The bank is allowed (and will) place a hold on a check that exceeds the amount of funds in your account. Why? Because if the check bounces they need a place to recover the funds. Therefore if they place a hold on the check they are making sure that the check is good (clears), You don't get the money until the bank does.
How to avoid? Keep a balance in your account that exceeds the amount of checks deposited. The best thing to do is CASH checks at the bank the check is from then deposit the cash. The bank can't place a hold on cash.
If neither of these is possible, then you have to plan around the hold. Remember: You don't have access to the money until the hold is released, therefore you are responsible for any overdraft fees you incounter.
Good Luck
2006-09-21 15:20:35 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Ok wow long question. that sucks I know!! And I'm not sure how banks work. I work for a credit union so we have to tell you when something is on hold. Looks like its been put on a 5 business day hold and thats totally legal. ANY check you deposit is subject to a hold... any check. Especially a larger amount like yours. If their policy is that they dont have to tell you about the hold because of the receipt... than unfortunatly you are liable for that $100 you've been drawn negative. In the future, if they're gonna hold your check and you need it available right away. See where it was drawn off of. Like if its drawn of Wells Fargo... go into the nearest Wells Fargo (if there is one in your area) and see ifyou can cash it. They cannot place a hold on cash so that would be a safer bet. Unfortunatly its one of those live and learn experiences. Good Luck!
2006-09-21 15:07:04 · answer #3 · answered by socalgrrrl05 3 · 0⤊ 0⤋
It sounds strange unless it was written on an out of State bank. First thing is try to get overdraft on the account, some banks call it checking plus, then you can bounce a check, It will also give you instant credit went you depsit a check in the atm.
Dealing with banks is hard, You have to try to get a phone number for the executive office and talk to someone out of the food chain. ITs very frustrating, Ive been there.
Good Luck
2006-09-21 15:07:58 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Whoever wrote you the check, the bank account can't be found so that is why they are holding your check. If you work hard for your check, go to another bank. If a particular bank makes you mad, then you should bank someplace else.
2006-09-21 15:08:39 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Sounds like you need a new bank. My bank only holds checks over $1000. Try a credit union, they are way better.
2006-09-21 15:09:53 · answer #6 · answered by strawbrrybabe 3 · 0⤊ 0⤋