Consumer complaint received 2018-11-13
Company: JPMORGAN CHASE & CO.
State: TX
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
My employer pays my wages via business check that is physically deposited to my bank by another employee. My employer and I bank with the same bank ( Chase ). I've received my wages on four other occasions in the past and upon deposit of my payroll, the funds have been made available very soon after. The last deposit was made just last Saturday however, the funds were never made available the same day, like it has for the past several deposits. I called the bank and they informed me that the check can not be cleared until the next business day which in this case, is Tuesday ( XX/XX/XXXX ) because Chase is closed on Sunday and they are closed on Monday in observance of Veterans Day. I explained to the bank that both my employer and myself both bank with Chase and that all the other deposits were cleared the same day the checks were deposited. Nevertheless, the bank informed me that the check will not be processed until Wednesday, Tuesday at the earliest because it may take one whole business day for the check to be processed. I then called my employer to explain what Chase had explained to me and he assured me that there should be no hold on the check because he can see on his end that the amount had already been taken out of his business account. 

My complaint is this : I feel that Chase is purposely " Kiting '' my deposit by not making the amount of the deposit available for my use. If the amount of the check had been taken out of my employers business account, but not available in my account ... .WHERE IS THE MONEY?. Its not in my employers account ... .its not in my account ... ..so the only other explanation as to where the money can be is with Chase! I truly believe that there was no coincidence whatsoever that Chase put a hold on my deposit the business day right before a long three day weekend. I can imagine this happening to several thousands of other depositors with Chase. This is Chase 's " Funds Availability '' policy taken off their own website : Funds Availability Policy For all accounts other than Chase Analysis Business Checking ( with or without Interest ) : Wire transfers, electronic direct deposits and cash deposits will be available on the day we receive your deposit. Except as described later in this policy, when you make other deposits, the funds are available on the first business day after the day we receive your deposit. 

In most cases when you deposit checks drawn on a Chase account : At a teller station, funds from these deposits made with an employee will be available on the same day we receive your deposit ; At an ATM, some or all funds from these deposits will be available on the same day we receive your deposit. 
Once funds are available, you may withdraw them or use them to pay checks and other items. 

My deposit was made in person and with a teller at a XXXX branch at XXXX on Saturday. 

I feel that Chase is " holding on '' to people 's money and keeping it in their hands to earn interest even for three days. When you multiply my case with thousands of other customers, I am sure that it will generate enough interest to pay for someone's bonus. I hope and pray that the CFPB will investigate this practice and punish Chase for such unfair and disgusting practices. Here is another example of what Chase does to its customers : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Thank You

Company response to consumer: Closed with explanation