Banking question and options...?

[WTF]

Alright, with Black Friday right around the corner, I am posed with this question and hopefully some of you banking employees can chime in here.

Here recently with Chase, who we're currently banking with, they've been putting "holds" on our larger deposits, some of which aren't cleared for 6-7 days at a time, which means we don't have instant access to our money.

I have a relatively large check coming on Black Friday, from a State Issued Government Agency (READ: SO it's a legit account, not going to bounce), but I know that Chase will try to hold the deposit for several days, making it unavailable.

Is there a way around this? We will have money in our account anyway to cover black friday, etc, but I would prefer to have this money available for use as well.

I'm not too happy with Chase's banking practices recently. We've been great account holders, and more and more we're getting frustrated lately.

Any thoughts?

[wcantorri]

Re: Banking question and options...?

Deposit it with the teller and see if (s)he can clear the funds instantly because of the source. When we were with BOA they used to do that for things like tax refunds and paychecks from local businesses.

[WTF]

Re: Banking question and options...?

Our local Chase doesn't really seem to customer friendly. I've went in, in my uniform and squad car but they still didn't seem to care. I mean, I'd understand if it was an out of state check, or a personal check, but this is written from a State Governement account. I mean, C'mon.

Reading online, it seems that Chase has more problems with "Holds" than do other banks. Who do you all bank with, and do you have these problems?

[sb24]

Re: Banking question and options...?

Alright, with Black Friday right around the corner, I am posed with this question and hopefully some of you banking employees can chime in here.

Here recently with Chase, who we're currently banking with, they've been putting "holds" on our larger deposits, some of which aren't cleared for 6-7 days at a time, which means we don't have instant access to our money.

I have a relatively large check coming on Black Friday, from a State Issued Government Agency (READ: SO it's a legit account, not going to bounce), but I know that Chase will try to hold the deposit for several days, making it unavailable.

Is there a way around this? We will have money in our account anyway to cover black friday, etc, but I would prefer to have this money available for use as well.

I'm not too happy with Chase's banking practices recently. We've been great account holders, and more and more we're getting frustrated lately.

Any thoughts?

Have you talked to your branch manager? If you are depositing $1000, and have $2000 in your account they shouldnt be placing a hold anyway. Aside from that the hold should be no longer than 2 days since the fed did away with "non-local" checks.

When you ask to talk to the branch manager ask them if they are putting a large check deposit hold. Let them know that you know they can hold the checks up to 9 days but you know that they have consolidated the federal reserve banks and that has limited the amount of time that they can hold checks. I am 90% sure that they can only hold government checks for 2 business days starting the day you deposit the check.

You may want to start looking for a local bank. They are able to make more exceptions and take care of you as a person and not a number. When you sit down with the manager just tell them their hold policy is affecting your feelings toward the bank and you are considering finding a new one. They are going to tell you all banks place holds and then just remind them that the good ones know when to make an exception for customers. They should just add a "note" to your account that you have large deposits and no hold should be placed.

I work at a local bank and I place like one hold a month. Small banks cant afford to piss off customers and the point of a local bank is knowing your customer anyway. Once you establish a relationship of these large deposits, local banks usually wont put holds on. Also depends on the teller you go to as well.

Long story short talk to the manager and tell them you are considering changing banks because of the holds. Their answer will tell you whether to change banks or not.

[WTF]

Re: Banking question and options...?

Good suggestions man. I definitely appreciate that. We had a local bank before we moved, and didn't have these problems, but of course when we just moved, we have no "local" branch within 90 miles.

I'd prefer to not have to switch banks, because we finally have all of our bill-pays, etc set up, and direct deposit. The Government Check they held the other day was only for $1800, and we had more than enough to cover that, but they still held it for 7 days which was highly upsetting.

Good info though. I'll bring it to their attention, because my next check will be a fairly substantial check for nearly 4 years of PTO, Vacation, and Sick Time that I accumulated but didn't take, and even if I had to cash it and deposit it back, which I don't know if the'd let me do.

[King10Sooted]

Re: Banking question and options...?

Your best bet is to find a local bank that is more customer friendly.

[Gotmadskillzson]

Re: Banking question and options...?

It all depends on what kind of checking account you have with Chase, they have about 6 or 7 different kinds of checking accounts, from the basic to the low ballers to the medium ballers to the high rollers. If it is a big amount, I would go to the main branch for your area, not the neighborhood one, but the main one.

You can always tell the difference between the main branch and the local branch. The main branch be 3 times bigger in size and have a platoon size type of security walking around inside of there.

[PVarck31]

Re: Banking question and options...?

If its below 5k Walmart will cash it.

[Gotmadskillzson]

Re: Banking question and options...?

Yeah true but I wouldn't even want to cash that amount of money at Walmart......Seriously the number of low lives and theives that hang throughout Walmart, no way......

I seen too many Walmart money centers get robbed this year alone. And too many people in general get robbed just shopping at that store. One time 2 Army recrutiers were robbed of their government issued cell phones. And this was in a good area.

[z Revis]

Re: Banking question and options...?

Yeah true but I wouldn't even want to cash that amount of money at Walmart......Seriously the number of low lives and theives that hang throughout Walmart, no way......

I seen too many Walmart money centers get robbed this year alone. And too many people in general get robbed just shopping at that store. One time 2 Army recrutiers were robbed of their government issued cell phones. And this was in a good area.

Ah, I knew I could depend on you for a response about Walmart.

I'd cash it in at Walmart if you don't want to switch banks. Unless of course you're worried about getting robbed as the poster above me says. lol

[PVarck31]

Re: Banking question and options...?

Yeah true but I wouldn't even want to cash that amount of money at Walmart......Seriously the number of low lives and theives that hang throughout Walmart, no way......

I seen too many Walmart money centers get robbed this year alone. And too many people in general get robbed just shopping at that store. One time 2 Army recrutiers were robbed of their government issued cell phones. And this was in a good area.

LOL. I think he will be ok if he goes the walmart route.

[TracerBullet]

Re: Banking question and options...?

Our local Chase doesn't really seem to customer friendly. I've went in, in my uniform and squad car but they still didn't seem to care. I mean, I'd understand if it was an out of state check, or a personal check, but this is written from a State Governement account. I mean, C'mon.

Reading online, it seems that Chase has more problems with "Holds" than do other banks. Who do you all bank with, and do you have these problems?

I bank with Chase too, however I'm only a college kid. When I deposited my financial aid check this quarter, it too was placed on hold. I got mine in a couple days after they did that though. I think you may be dealing with a crappy Chase bank. Me and my mom haven't had problems with them up here and they are always friendly to the customers.

[WTF]

Re: Banking question and options...?

Meh, Walmart's not an option, it's still above the $5k limit. I may just try to run downtown to the main chase HQ for Lexington. You all think I'd have better luck there?

And thanks pjv, I don't think I'd have too much trouble with those pesky robbers at Walmart either. And I don't really know which "baller" level we're at with our checking account. We just opened one up rather quickly 3 months ago, and now our financial situation has changed, so perhaps I do need to go talk to someone to upgrade my "baller" level, lol.

[WTF]

Re: Banking question and options...?

To further this, I deposited an $856 State Government Issued Check on Saturday at the local branch, they said it would be available yesterday. I called Chase when yesterday came, and it wasn't available, said that it would be today. Check my account today, they only released part of it, a whopping $296 of it... What?

How ridiculous is that?

[sb24]

Re: Banking question and options...?

To further this, I deposited an $856 State Government Issued Check on Saturday at the local branch, they said it would be available yesterday. I called Chase when yesterday came, and it wasn't available, said that it would be today. Check my account today, they only released part of it, a whopping $296 of it... What?

How ridiculous is that?

Saturday is Mondays business date so the check didnt go through processing until last night. It should be fully available today, if its not, do you have an automatic debit(s) coming out that would total up to the missing 560?

Next point, if you have compensating funds and they still arent making your funds available, I would change banks. I do understand that it can be a pain with automatic deposits/withdrawls, but this situation doesnt sound quite right. That being said I dont have all the details and banking has sooooooooo many grey areas, its hard to get a 100% answer and there is always a part of the story missing. (Everything I say would change if you had a history of overdrafts for example.)