ED Magedson – Founder
Chase - J.P. Morgan3127 W Main St Frisco, Texas United States of America
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/reports/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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