• Report: #551627

Complaint Review: Chase - J.P. Morgan

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  • Submitted: Sat, January 09, 2010
  • Updated: Thu, January 21, 2010

  • Reported By: Al — FRISCO Texas United States of America
Chase - J.P. Morgan
3127 W Main St Frisco, Texas United States of America
  • Phone: 972 377 1928
  • Web:
  • Category: Banks

Chase - J.P. Morgan Accepted a deposited CASHIER check and would not credit deposit to account for 11 days Frisco, Texas

*General Comment: Reg CC

*Consumer Comment: The bank was correct...

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On December 30, 2009 a deposit of a CASHIERS check in the amount of $17,000.00 (drawn from my account with Citibank) was deposited in my account with the Chase Bank branch located at 3127 Main St, Frisco, TX 75034. At the time of deposit my wife (making the deposit) was advised that the funds in excess of $5,000 would not be available for withdrawal until Jan 11, 2010. My wife pointed out that this was not a personal check but a Bank guaranteed payment CHASIERS check. She spoke to an assistant manager concerning the issue but received no satisfaction. On January 8, 2010, I checked on line and determined that the balance had NOT been credited at that time and that a check I had written on the account for $16,500.00 for the purchase of a new automobile had been returned for Insufficient Funds and a charge of $25 had been placed against the account. 

I immediately called the Auto Dealer and explained the circumstances, resulting in great embarrassment on my part. I proceeded to the Bank to discuss this issue, requesting to speak to the Branch Manager but was not allowed to do so and was shuffled off to a Ms. Denise A. Donoghue, Licensed Banker for Consumer Banking. I explained the situation to Ms. Donoghue and asked why Chase had not cleared the funds as required by Regulation CC ? Her response was that with modern technology a counterfeiter can easily produce what appears to be a Cashiers Check and so it was Chase Bank policy to treat Cashiers checks the same as Personal checks. I asked her then what was the value of using Cashiers checks? and she replied, basically there is none. At that point I advised her that it was my intention to file a complaint with both the Federal Reserve and the Better Business Bureau. She appeared unimpressed, however I note when checking my account on line today that the balance of $17,000 now appears on my statement with the date of the original deposit, but with the $25 charge still present.

I recommend that you avoid doing business with this Bank and I am closing this account


This report was posted on Ripoff Report on 01/09/2010 03:13 PM and is a permanent record located here: http://www.ripoffreport.com/r/Chase-JP-Morgan/Frisco-Texas-75034/Chase-JP-Morgan-Accepted-a-deposited-CASHIER-check-and-would-not-credit-deposit-to-a-551627. 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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REBUTTALS & REPLIES:
0Author 2Consumer 0Employee/Owner
Updates & Rebuttals

#1 General Comment

Reg CC

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

Reg CC states that they must tell you if an item is going to be held, and it also states that a hold period can be no longer than 7 business days.  Key word is Business days.  Jan 11 would be the 7th business day.  I have worked in the banking industry for almost 3 years, I do not work for this bank, but I have seen many counterfeit cashier's checks. 
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#2 Consumer Comment

The bank was correct...

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

Just read the dozens of RipOff reports on people cashing a "Cashiers Check" only to find out that it is counterfeit or stolen, and you will see where the bank is coming from.   Is it unfortunate that you got lumped in with frauds..yes.  But it is legal and something that a lot of banks are going to do with that amount of money.  I also hope that this fact makes you very leary about accepting a Cashiers Check in the future or you may have this confirmed the hard way.

By the releasing the first $5,000 when they did, it appears that they were following Regulation CC.  However, they were also following it by holding the rest.  Because there is another type of hold known as an "Exception Hold".  This is where they are allowed to hold the remaining funds(above $5,000) if the feel the check could be fraudulent.  As they explained since it is pretty simple to counterfeit checks.  Unfortunately for you they had would have what could be considered a valid reason.

There are ways you could have avoided this.  One would have been to avoid the middle bank(Chase), and just write the check from Citibank to the dealer, or give the dealer the Cashiers check.  The other would have been a Wire Transfer between the two banks.  Yes this would have cost you a few dollars, but it also would have had the funds available almost immediately.

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