Chase = Use Convenience Check = Review and CL Decrease

[maestro]

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@Watchmann wrote:

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@Anonymous wrote:

Used a 3.99 for life of amount convenience check from Chase -- which they have been mailing me constantly. When the checks are presented to Chase by the bank on behalf of the person you wrote it to they THEN review your account and decide whether to cash it -- you cannot get an advance assurance of their acceptance.  So, you use the check for something time-sensitive, they decline your check and reduce your credit limit out of the blue when presented with it, and you are screwed.   

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I think you are wrong to assume ALL convenience checks are in limbo until Chase does a review of your account after you use one.  They may be extra cautious now, but normal procedure is the checks will be honored if your account is in good standing.  It sounds like Chase flagged your account for some reason.  I've used convenience checks on occasion (incl Chase) when the interest rate is low for an extended period of time and never had any problem.  Did Chase actually tell you that they review your account before deciding to honor it? 

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+1

[ocheosa]

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@Watchmann wrote:

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@Anonymous wrote:

Used a 3.99 for life of amount convenience check from Chase -- which they have been mailing me constantly. When the checks are presented to Chase by the bank on behalf of the person you wrote it to they THEN review your account and decide whether to cash it -- you cannot get an advance assurance of their acceptance.  So, you use the check for something time-sensitive, they decline your check and reduce your credit limit out of the blue when presented with it, and you are screwed.   

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I think you are wrong to assume ALL convenience checks are in limbo until Chase does a review of your account after you use one.  They may be extra cautious now, but normal procedure is the checks will be honored if your account is in good standing.  It sounds like Chase flagged your account for some reason.  I've used convenience checks on occasion (incl Chase) when the interest rate is low for an extended period of time and never had any problem.  Did Chase actually tell you that they review your account before deciding to honor it? 

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I agree with Watchmann. I used one of the convenience checks last year. The only issue I had was chase gave me a courtesy to confirm I sent the check and the name of the payee (which actually made me feel better about them). There was no problem on the other end, the receiving bank cleared the check promptly. What I like best about chase is their conv checks and balance transfers both have a $50 cap on transfer fee. YMMV.

Message Edited by ocheosa on 05-27-2009 04:37 PM

[Itsmeagain]

With all due respect to Watchman and Ocheosa:

As I said:

"Not sure about Chase but BoA told me the use of a convenience check is only tacit approval.  As you said, if your acct. is in good standing there will be no problem.  They don't pull a CR (not even a soft).  But if something looks suspicious, they can deny the payment".

And, Ocheosa;  Do you suppose that when they confirmed the payee that someone was not physically looking at the transaction?  If there was a problem with your account, they would have denied it?  If you doubt this, why not call them and confirm? . . . . . I did.

[ocheosa]

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@Itsmeagain wrote:

With all due respect to Watchman and Ocheosa:

As I said:

"Not sure about Chase but BoA told me the use of a convenience check is only tacit approval.  As you said, if your acct. is in good standing there will be no problem.  They don't pull a CR (not even a soft).  But if something looks suspicious, they can deny the payment".

And, Ocheosa;  Do you suppose that when they confirmed the payee that someone was not physically looking at the transaction?  If there was a problem with your account, they would have denied it?  If you doubt this, why not call them and confirm? . . . . . I did.

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Hello Itsmeagain,

If I am misunderstanding your question I apologize...

To confirm the check/payee was through an automated system. By the timing of the call to confirm and the clearing date, the check would have been paid had I not called in. I did in fact follow up the next day to inquire, and talked to the fraud department. Since this was my first time using one of the checks they just wanted to be sure it was me. I guess if there had been some issue, the payment would have been reversed out of the payees bank account. (Not sure how all this works.)

In all fairness this is a credit account, so in my opinion in it only makes sense for them to have to approve a balance transfer / convenience check request. Every purchase we make goes through an approval process. Now if this was my bank looking over every check that I write or having to wait 2 hours before my money will withdraw from an ATM machine; that would be a problem! :-)

Message Edited by ocheosa on 05-27-2009 10:26 PM

[athensguy]

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@Itsmeagain wrote:
Not sure about Chase but BoA told me the use of a convenience check is only tacit approval.  As you said, if your acct. is in good standing there will be no problem.  They don't pull a CR (not even a soft).  But if something looks suspicious, they can deny the payment.

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I got a hard one time from using a BoA promo check.

[Itsmeagain]

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@athensguy wrote:
I got a hard one time from using a BoA promo check.

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I believe this is an exception, rather than the rule.  However, when presented with a convenience check, BoA can use whatever resources at it's disposal to review the transaction.  In most cases this is not an issue but it should be a consideration when deciding to use one.

JMHO