I deposited a Check today at Chase from Hyperion Bank in the mid 5 figured.. Usually (and with even larger checks) I have deposited the funds are available the next business day. The receipt states that they have a 7 day hold on funds and also on the receipt "Checks within this deposit may not be paid because of information we've received from the paying bank or due to information we have within our files". No idea if this is something new with Chase.
Maybe Chase considers that a "large" deposit and has a policy it must clear before funds are made available to you. When you call for the reason, post back, let us know.
I have made a few large transfers the past couple of weeks.
But one you do, that you have made other such large deposits in the past few weeks -- they might very well be worried about where the money is coming from, and at the volume of money going through in a short time. Also, they don't necessarily collect on a check as fast as holds often end -- this is why new accounts can have much longer holds, I think even up to 30 days. They see an accumulation coming in in short time, consolidating a lot of money -- it is worrisome. They are allowed to put a hold, graduated, I think it's $200 free first day, either the next or a couple days later, $5,000, and I think a third level, and free by the 7th day.
You got a common hold time. Just that they we generous in the past does not mean you can expect that, especially in the circumstance you mention that I just highlighted. They don't know what this big consolidation is about, it worries them, they put the hold on, just to be safe.
But they state it to you fairly scary. If I got a statement like that, I would have to wonder if I better get across the border while I still can! :)
Some have the authority to bypass the hold but they then are resposible.
Reg CC- - https://www.federalreserve.gov/Pubs/regcc/regcc.htm
None of the funds are available until the 7 day hold is over.
This started years ago when Chase was accused of laundering money for Russian gangs
But when I walked into Navy, the teller told me there would still be the same hold on the check -- that it made NO DIFFERENCE with them if it was a personal check or Cashier's Check.
I don't use Cashier's Checks a lot, but if memory serves, other times in the past that I'd presented a Cashier's Check to a Bank/CU OTHER than Navy where I had an account, there was no hold for a Cashier's Check.
Is my memory faulty, and do other places force a hold even on a Cashier's Check (even for only $8k)? Or is it just Navy being Navy? What's been your experience?
For those dealing with FIs paying low rates and “poof poof” BBB you may need a mid-course change! Banks are NOT processing financial instruments in a commercially reasonable manner (UCC)!
Now ACH transfers are a different story. They put it in a pending review status. Sometimes you will get a text to verify and Sometimes call to verify the ACH and your identity. When you add a new ACH account I find the 1st ACH transfer has to be confirmed.
Only use Chase for checking. Use for signature guarantees and access to ATMs. Also ATMs in NYC are numerous when I visit.
Would like Chase to raise the $7500 limit on mobile deposits.
Edit: The deposit that initiated this thread dis not give me access to the $500 on day of deposit. Just got large check today. Going to deposit at ATM.