Crispin B writes:

I’ve been with Chase for a long time. I have money from the dot-com days. I’ve run a lot of that money through them – at one point just over a million dollars following the sale of my home. Did that earn me any respect? No. They treat me just like I was back in college, living from paycheck to paycheck. They’ve nickel-and-dimed me the whole time. Charges for this, charges for that, all the while providing me with piddling interest rates and crap customer service.

On various occasions I’ve deposited large checks issued from out-of-state brokerages, and they’ve held on to them as long as they could, milking, milking, milking. Deposit $60,000 and they’ll let you have $100 the next day. $400 the day after that. Have any of my checks not cleared? No, never. But they want to hold on to them as long as possible. Meanwhile with Check 21, they’re happy to withdraw funds from my account instantly. Serious bullshit, but I’ve dealt with it.

But, this week I decided that I wanted to expedite things. On Monday I deposited a CASHIER’S check for $20,000. It was made out to me. It was from a bank down the street. Did they credit me immediately? Of course not. Did they credit me after midnight? No. They let me have $100. And $400 on Wednesday… I inquired – where’s the money? I mean – cashier’s check, local bank, made out to me, reliable customer with a good history who regularly deposits checks… No deal. Chase just wants to hold on to my money. Robot customer no-service says I should have filled out a “special deposit slip” if I want to get my money faster. Milking, milking, milking.

Here is Chase’s reply—the one that has prompted Crispin to find a new bank.

Chase writes:

“Thank you for taking time out of your busy schedule to contact us. Delivering quality service to our clients is among the highest priorities here at Chase.

Our records indicate that the funds from your 12/12/05 deposit in the amount of $20,000.00 are currently on hold for verification and therefore these funds are not fully available. Federal Regulation CC prevents deposited drafts (i.e. checks and money orders) from becoming available before the funds are verified. Funds verification may take between 1-6 business days.

A check will be made available for cash withdrawal and for paying items presented against your account according to the routing number located on the bottom of a check, which is used to determine if a check is local or non-local. A check is considered local if the routing number starts with the digits 02, 22.

In the case of a non-local check, the procedure is as follows: the first $100 is available for cash withdrawal and to pay checks on the next business day. An additional amount up to $400 is available for cash withdrawal or an additional amount up to $7,400 is available to pay checks on the 4th business day. An additional amount up to $7,000 is available for cash withdrawal or any amount over $7,500 is available to pay checks on the 5th business day. Any amount over $7,500 is fully available on the 6th business day after the day of deposit.

You can receive Next Day funds availability for cashier’s checks, certified checks, teller checks and official checks, if the check is made payable to you, deposited in person to a Chase representative and added to your Chase account, and the deposit is made using a “special deposit slip.” A special deposit slip is available to you upon request at any Chase branch.

Other items eligible for Next Day funds availability include:

– Chase checks drawn on local accounts, U.S. Treasury checks, Federal Reserve Bank checks, Federal Home Loan Bank checks and U.S. postal money orders payable to you and deposited into your account. – State/city/and local municipality checks which are deposited into an account within the same region the check is drawn on (i.e., New York check deposited into a New York account), when the check is payable to you, deposited in person to a Chase representative into your account, and a special deposit slip is used. – Cash, ACH and wire transfers not processed on the day of deposit.

These funds are generally available the next Business Day after the item is deposited. If you opened your account within the last 30 days, there may be a delay on Next Day Items.

I sincerely apologize for any inconvenience the funds availability of this deposit may have caused for you.

If you require further assistance, please e-mail us via the secure Message Center or contact Chase By Phone. Chase By Phone representatives are available to assist you 7:00 AM – 9:00 PM, seven days a week with automated account information available 24-hours a day. Customers in the 212, 516, 585, 716, 718, and 914 area code regions may call 935-9935. Customers in all other area code regions except Texas may call 1-800-935-9935. Texas customers may call 1-800-235-8522.

We really appreciate the banking relationship you have with Chase. Have a wonderful day!

Thank you, Virginia Internet Service Center”

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