LIVID with Chase…Accounts frozen pending closure

[OmarR]

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@NoMoreDebt wrote:

We bank with them and Wells Fargo but I treat them for what they are, retail banks. They can accept my direct deposits, cash checks or money orders and dispense us some cash in the odd chance we need that but beyond that I do *Not* try nor want to build a relationship with them. The bulk of our money goes to our brokerages in various accounts and not with them.

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100% this.

My cash reserves are with Chase, and my wife's cash reserves are with Fifth Third. But we couldn't care less what our relationship is with them, as long as their Bill Pay keeps working. We also have enough reserves (at either bank) that a 9 day hold would be inconsequential to us, as well as a lock out/freeze out, but I do realize that not everyone can be in that position. But once/if you can get to that point, these nuances rarely affect you. And if they do, than you are very easily empowered to move on and treat them like a number right back.

"Relationships" with a bank are severly overrated, but that is just my opinion.

OP, still sorry that happened to you. I am wondering if the situation would have been different if you had walked back and deposited with the teller again that second time.

[AndySoCal]

@Caught750  Here is a link that describes the banks and holds and availibily of the funds.

https://www.forbes.com/advisor/banking/funds-availability-and-your-bank-account/ 

[northway]

I can't find the direct number anymore, but file a CFPB complaint and it'll get to Chase's executive offices. They're the only ones with the power to re-review and override BSA/AML closure decisions.

[Caught750]

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@northway wrote:

I can't find the direct number anymore, but file a CFPB complaint and it'll get to Chase's executive offices. They're the only ones with the power to re-review and override BSA/AML closure decisions.

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The ONLY reason I haven't is that I'm fairly certain it would kill any chance of keeping my cards

[northway]

Not necessarily. Totally up to you how to proceed.

Also, they may close out the cards in the near future anyway. They have a fun way of doing that stating that "one of our divisions recently decided to stop doing business with you, so we are too".

[Caught750]

UPDATE;

Went into the branch today and spent three hours with the branch manager.  

Most of accounts have been released, all but one, actually.  

The reason for the issue, believe it or not, is that the font of this check is different than the font on other checks they've received.  Certainly a BSA/AML issue.  

To top it off; whatever system Chase uses to find verified numbers (to confirm that checks are legitimate with the writer of the check) does not have a SINGLE verified number for a City Government.  To make it all even better, they will not go outside the box in such circumstances.

The solution;

The check has to be sent back to the issuing bank at which point it can then be re-issued via wire.  Certainly NOT to Chase!

While I understand the BSA/AML issues (better than most) I find it ridiculous that Chase has a system so antiquated and inept that this issue CANNOT be resolved without all of the nonsense.

[Anonymous]

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@Caught750 wrote:

@RobotDR 

Sooo much more to the story that I left out;

It was about 10am on a Tuesday and I was driving a gray Jeep.  It was pretty nice out for February, maybe mid 40s, and the check was on a beige paper...

Oh and I really like strawberry protein shakes after the gym...

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Well, there you are then!  Why did you leave that out.   Know Your Customer Act Clause 79, para a(1)b(iii): Customers who profess to liking soft-berry shakes after exercise are, without exception, extreme fraud risks.

ETA: I see it is mainly resolved

[Caught750]

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@Anonymous wrote:

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@Caught750 wrote:

@RobotDR 

Sooo much more to the story that I left out;

It was about 10am on a Tuesday and I was driving a gray Jeep.  It was pretty nice out for February, maybe mid 40s, and the check was on a beige paper...

Oh and I really like strawberry protein shakes after the gym...

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Well, there you are then!  Why did you leave that out.   Know Your Customer Act Clause 79, para a(1)b(iii): Customers who profess to liking soft-berry shakes after exercise are, without exception, extreme fraud risks.

ETA: I see it is mainly resolved

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Mainly...they made me promise to switch to chocolate...🤣

[AndySoCal]

@Caught750  @northway  BSA/AML is there to protect the bank. No bank or credit union is going to release all funds from a paper check until they receive the payment for it. Once the funds are released they can leave the bank and the bank is out the money if they cannot get it back form the customer.. The customer may disappear after the funds do.   See link below. Any paper check over $5,000 will have a hold  put on it see my earlier link.

https://www.fdic.gov/resources/bankers/bank-secrecy-act/ 

The CFPB would not get involved with this decision. The way CFPB and or the FDIC would get involved is if the bank did not follow their process and procedures. The difference between Wells Fargo and Chase is Wells got a Wire transfer that also has the funds with it.  Chase executive office will not do anything to make an exception.  (not in the policy or procedures)  The banking system has regulations that must followed. These regulations includes protections for consumers and the banks or credit unions

[northway]

You say this, yet I've had a BSA/AML closure overridden by the executive office after another review and they were able to overturn the original decision and reinstate my accounts.