Consumer complaint received 2024-01-03
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: JPMORGAN CHASE & CO. (CA)

On XXXX, XX/XX/XXXX I deposited two checks into my Chase checking account. I made the deposits at a Chase ATM at my local Chase branch. Each check was for {$15000.00}. One was from my mother and the other was from my father. They were XXXX gifts. 

Chase put holds on the full amount of both checks and said the holds would last until XX/XX/XXXX. 

I have since researched whether they can legally do that that and I found information about the Expedited Funds Availability Act of 1987. The information I found says that banks can only place holds for XXXX specific reasons. The first reason is if the check is for more than {$5500.00}, which these checks were. But holds for that reason are only allowed for the amounts over {$5500.00}. In my case, holds were put on for the full amounts of both checks and I was told none of the money would be available until XX/XX/XXXX. 

Reason 2 of the XXXX is for redposited checks. In my case, the checks were made out to me, so this does not apply. 

Reason 3 of the XXXX is for checks from funds that are repeatedly overdrawn. My parents are very financially responsible and I'm confident that isn't the case with their accounts, so that does not apply in my case. 

Reason 4 is " doubtful collectability ''. I have no reason to believe this applies in my case. I've had this account for 30 years, first with another bank that was eventually bought by Chase. My parents have been financially very responsible their entire lives and they are now retired. 

Reason 5 is for emergency conditions, which clearly does not apply in this case -- I deposited the funds in XXXX, California, which is not in any sort of emergency condition that would interfere with a bank 's ability to quickly clear checks. 

Reason 6 is for new customers -- accounts open for less than 30 days. I've had my account open for about 30 years, so this clearly does not apply in this case. 

So, it seems to me Chase violated the XXXX in my case. 

I called Chase on Wednesday, XX/XX/XXXX to explain why it seemed to me that they had violated the XXXX and give them a chance to tell me a reason for the hold that would be consistent with the XXXX. The person I talked to gave me no coherent answer, and didn't seem to even understand what I was saying about the XXXX. 

After being transferred to another person, then another person on the same phone call, I spoke to someone at Chase who looked into it and released the holds on both checks. 

However, before that happened, I was notified that my rent auto-payment had overdrawn my account and then several more auto-payments didn't go through, causing me a great deal of hassle to clear up. 

Since the holds have now been removed, this particular case is now resolved. But it seems to me Chase violated the law. The holds seem to have been placed automatically. There's nothing I can see that's exceptional in my case, so it seems to me that it's likely that Chase has hold policies in place to routinely violate the XXXX. I would like to see enforcement action taken to stop the current policies from continuing to violate the law, and negative consequences for Chase to discourage Chase and others from instituting policies in the future that violate the law. 

Thank you for your consideration.