• Report: #146380

Complaint Review: Bank One ( Now Chase )

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  • Submitted: Thu, June 16, 2005
  • Updated: Wed, June 22, 2005

  • Reported By:Farmington Hills Michigan
Bank One ( Now Chase )
Farmington Hills, Michigan U.S.A.
  • Phone:
  • Web:
  • Category: Banks

Bank One ( Now Chase ) non posting of $ 5500.00 deposit in timely fashion,deposited money on 6/10 at 5:30 PM, sum did not show in my account balance until 6/15 in the am this is not the first time Farmington Hills Michigan

*Consumer Comment: Funds Availability

*Consumer Comment: They sure make this "mistake" an awful lot

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it is not unusual for Bank One to not post deposits into my checking accounts in a legal ( timely ) fashion thereby them playing with my money which is to no cost to them by not acknowleding the deposit.But god help me if I were to be 3 days late on something I owe them ! ! ! This is totally unacceptable and must be against the law .Upon questioning them about it they stated that they made a mistake and that they are sorry.

Heinz
Farmington Hills, Michigan
U.S.A.

This report was posted on Ripoff Report on 06/16/2005 04:17 AM and is a permanent record located here: http://www.ripoffreport.com/r/Bank-One-Now-Chase-/Farmington-Hills-Michigan-48331/Bank-One-Now-Chase-non-posting-of-550000-deposit-in-timely-fashiondeposited-money-146380. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

Funds Availability

AUTHOR: Richard A - (U.S.A.)

I have had the same problem a few years ago before the whole merger and check 21 thing, i actualy had like an 10,000 insurance check from met life that i had deposited IN PERSON, not atm, night drop. and the funds were held fdor almost 2 weeks. so i would love to join you in a class action sute if you ever did persue one.

fyi, i have a chase account now that i opened online, and thus is considered a ny state account for some reason that every single deposit i make, even in cash they put a few day hold on
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#2 Consumer Comment

They sure make this "mistake" an awful lot

AUTHOR: Timothy - (U.S.A.)

They seem to make these "mistakes" an awful lot, don't they?

Whether it's against the law depends on the individual circumstances. Important factors are the amount of the instrument and where the drawee bank is located. Generally, the larger the check, and the greater the distance between your bank and the bank that the check came from, the longer your bank can place a "hold."

If your check was drawn on a local bank, your bank can't place much more than a two day hold on it, or at least has to make a certain amount available within two days.

If your check was drawn on a bank from somewhere across the country, your bank can place a pretty significant hold on it (the max may be 5 business days, but I could be wrong).

The real B.S. part of this is that now, with Check 21, the banks actually clear your check within a day. That means that, when you deposit your check at Bank One, the funds are guarunteed in most cases within 24 hours. Bank One will actually receive the funds (even from a distant bank) ususally within two days.

But you bet they'll keep that hold on your funds as long as they legally can and, in some cases, even longer. This past march I was given a large check drawn on a bank in South Dakota (I'm in Indiana). Bank One told me they would hold the funds for at least five days. I found a local branch of the drawee bank and traded the check for a cashier's check. I then deposited the cashier's check, drawn on a bank only 20 miles away, in my Bank One.

According to regulation cc, Bank One was required to make ALL of my funds available within three days. After five days had gone by and they only released SOME of my funds I called the drawee bank. They paid out on the check the day after I deposited it. That means that Bank One HAD THE MONEY two days after my deposit.

Well, I ended up visiting Bank One on that fifth day and expressed my displeasure. I also informed the manager that this debacle represented three separate violations of regulation cc, each of which provides for $1000 in statutory damages. He apologized for the "mistake" and quickly made my funds available.

I'm still pondering whether I want to file suit. There aren't really enough damages there to even pay off a lawyer. I may just write them a demand letter and see if they'll settle out of court for a couple grand. If they don't, I may just put my two years (three by the time this ever goes to trial) of law school to work and put them to the test.

I'm not really a big fan of class action suits, but it seems that there may be one here. I'm working in a law firm right now. I'll ask around about the feasibility of such an action. I'll let you know what I find out.

Anybody else with such tales, feel free to share them (you should file your own report).
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