FTP Check on hold by Chase - a couple of questions
 

I saw a thread from a couple of weeks ago about a check that is on hold, but it didn't really address a few questions I have about a situation that I'm having.

I noticed today that a 5k check I deposited from FT this past week is on hold until May 14th. This is the first time this has occurred, I've deposited other checks from FT and Stars without issue in the past. My account is at Chase Bank. I called their customer service, and they said that there was a note that the check was on hold by an internal department (not my branch, where I deposited the check at an ATM, and have before without issue). This note apparently said "on hold because of information provided by paying bank."

No other information was available from customer service, and the holds department is not open until tomorrow, when I will certainly call them.

What's my best line here?

Demand the check back and deposit elsewhere? Demand the hold be taken off? Is it ok to say where the money is from?

IIRC those checks are drawn off of Wells-Fargo Bank. According to Wells-Fargo's website, there's not a branch in Chicago, otherwise I could just take the check there?

Thanks.
-dt

Re: FTP Check on hold by Chase - a couple of questions
 

I would do nothing and answer nothing. Unfortunately, you aren't in a lot of position to demand. You can threaten them to close your account, and go elsewhere, but if you're well established at this bank, it won't be any better (and will be worse) at a brand new bank until they get to know you. In a week it'll clear. If you need the money by then, there are bigger issues than a routine hold by a bank.

If you do need the funds sooner, I would ask for the check back, and see if a check-cashing place will do it for a fee.

You should be able to go to a Wells-Fargo bank as well (although you said there isn't one locally), they may or may not charge a fee.

Re: FTP Check on hold by Chase - a couple of questions
 

Looks like the two closest branches are in Racine, WI if you live in the north suberbs, or a few in Northern Indiana, unfortuanately all are greater than 50 miles from Chicago Center. I would opt for the check cashing services first if it's urgent, the fee would be less than gas and time (and WF might charge a fee anyway).

Re: FTP Check on hold by Chase - a couple of questions
 

I guess I should also mention that I have >5k in this bank, and I've deposited multiple 5k checks from this processor before, so I don't think either of those are the reason for the hold.

I'm not in a hurry to get the money, except for the fact that it's my [censored] money and I'm annoyed.

Re: FTP Check on hold by Chase - a couple of questions
 

Just wait it out, it's a legit check, it will clear just fine.

If you really think your bank is the problem, get a new bank. I'd wait until after the check clears however.

If for some reason it doesn't clear, then you can start in with the threats and such. Until then, threatening to close your account and whatever for money you don't need asap would give the bank no reason to help you out, and more reason for suspicion imo.

Re: FTP Check on hold by Chase - a couple of questions
 

Which is fair. If it was me, I'd ask them (politely) why the trouble with a customer they've never had before. I would tell them you've been loyal to them before, you deserve the same, and if they prefer you not as a customer, then that can be arranged. It would be a semi-bluff on my part, and I'd be annoyed too if I had enough to cover said check in my account. If it turns out bad later, they simply reverse it and take the funds away.

As a long-time customer who has the funds to cover the check, you should be given the benefit of the doubt. This is just my opinion, and I know not all banks work that way, but how mine would work (and I have had a check reversed from poker sites, but they gave me the benefit of the doubt first).

One of the reasons to this day I bank at a small hometown bank, even though it's 60 miles from where I live. Deposits I ATM locally (no fee), and I know I'm treated as a valued customer first and foremost.

The more I think about my initial response (say or do nothing), I would ask them if they really want my business or not (a matter of respect and trust). Of course, I would be polite when doing so.

Re: FTP Check on hold by Chase - a couple of questions
 

The FTP check I got for only a few hundred is on a 14 day hold. It is drawn off a Canadian Bank in U.S. dollars.

The oddest check I have received yet from a site since October. Says in small print U.S. Funds, which looks like I added it myself, not even in the same font size as the rest of the check. Found out this is why my bank has held it, they don't think it is drawn on U.S. funds.

Fcccuk the U.S. Gov and ffffccuk these goofy checks. This is getting old.

-Brendan

Re: FTP Check on hold by Chase - a couple of questions
 

[ QUOTE ]
The FTP check I got for only a few hundred is on a 14 day hold. It is drawn off a Canadian Bank in U.S. dollars.

The oddest check I have received yet from a site since October. Says in small print U.S. Funds, which looks like I added it myself, not even in the same font size as the rest of the check. Found out this is why my bank has held it, they don't think it is drawn on U.S. funds.

Fcccuk the U.S. Gov and ffffccuk these goofy checks. This is getting old.

-Brendan

[/ QUOTE ]

Report that to the site. They don't want shady processors and shady check processing actions making them look shady.

The 14 day hold is SOP. They have to use a collections process to clear a check from a non-US bank, whether or not it's in US funds, and that's about how long it takes to clear it.

Re: FTP Check on hold by Chase - a couple of questions
 

Damn it, I just deposited a check on Saturday into Chase Bank and need the money for Vegas which I'll be flying into on Wednesday. It hasn't cleared yet and I'm worried it might be on hold.

Will they be able to give me the check back tomorrow if I get it another morning to clear? Or would my best bet be to go down there now and see what's up?

PS: Trip report on the outcome of OP's check? Today is 5/14.

Re: FTP Check on hold by Chase - a couple of questions
 

I got one of these kinda shady looking US funds checks from Full Tilt for $600. My bank started questioning it to me and I just told them whatever its legit put it on hold until it clears I dont care. When I got home they put a hold on $150 of the 600??? (I had >600 in my account so thats not the reason). Anyways... the 7 day hold expired today and the rest of the money is there. Kinda a hassle but not a big deal in the long run.