Reader Michael D. saw the post yesterday about Chase’s deposit weirdness, where they hold onto your money from big deposits for days and then eke it out bit by bit unless you fill out special forms. Michael decided to ask Chase why they were so retarded, and if their parents really told them paint chips were wall candy.

See Michael’s great letter and Chase’s quick response (three hours!) after the jump. They blame the government for making them actually give you your deposited money. Fuckin’ government.

Dear Chase,

In your online pages concerning check cashing and clearance policy, Chase maintains that for non-local checks first $100 is available on the first day, $400 after that, then $7400 on the 4th business day etc.

I am curious about this procedure as it would seem that by the 2nd business day, given that all transactions are electronic, all funds should be confirmed by this time. Is this correct? Or perhaps there are couriers hand delivering each note accompanied by a secret handshake. What say you?

Furthermore, why the staggering amounts? If you can clear $100, then $400 etc. from the opposing party’s checking account, then the money can be shown to exist, so why not make it all available?

This is important to me because if I want to deposit $50,000 from an out-of-state vendor of mine for a down payment on a new house, I may lose out on the purchase of the house if not made within a certain time frame.

Can you clarify your policy and perhaps explain the company rationale behind it?

Much appreciated. I look forward to hearing from you shortly.

Michael

Chase responds:

Dear Michael:

Thank you for contacting Chase.

The Expedited Funds Availability Act (Reg CC) is governed by the Federal Government and it is not a bank policy.

The Expedited Funds Availability Act ensures prompt availability of deposited funds and governs the length of time a bank may “hold” funds from checks deposited into transaction accounts (usually checking accounts). Banks place holds on checks to protect you and the bank from any unnecessary losses due to checks being returned unpaid.

The amounts that are distributed each day while the check is going through the Reg CC was decided by the financial institution.

As an option, please confirm if the $50,000.00 that you will be receiving can be electronically transferee to your account. When funds are electronically transferee, there is no waiting period for the funds to be available. Your
funds will be available for you to use immediately.

If you have any questions or require further assistance, please e-mail us or contact our Internet Service Center at 1-877-242-7372.

Thank you, Tiffany McKelvey
Internet Service Center

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