Direct deposit held for days

[Bustin]

I set up a temporary checking account with Chase to get a $150 cash bonus.The account costs me nothing, but I have to keep the account open for six months to keep the $150. I plan on ditching them the day my six months is up , but in the meantime, I have a direct deposit set up for my bi-weekly paycheck, through Chase.

Now, I had heard about Chase and their B.S. scams , but wanted to make a quick $150 off them.Call it a rebate on my tax dollars that were recently used to prop these crooks up, whatever. One of the things I'd heard is that they delay posting deposits for as long as possible , no doubt hoping to bait people into overdrafting their accounts and racking up the associated fines and fees.

Well , I can confirm that they most certainly do sit on deposits! On average about 4-5 business days, which can end up being 6-8 actual calendar days. Now , this is total crap in my case, because my company is direct depositing funds into my account. It's not some sketchy check that has to clear a bank on the other side of the country, it's a direct electronic credit, good as hard cash . Chase has my funds secured in their coffers seconds after my company initiates the transfer , and it can't be reversed or returned,or "bounce", like a paper check. My old bank typically posted my direct deposit the same day it was wired over, or at the worst the next calender day , even on a weekend. My co-workers have confirmed that their various banks usually do the same , and none of them wait for a week to see funds posted. Except of course, those of us unfortunate enough to use Chase. I tried a little experiment , and deposited a good, old fashioned, non-counterfeit $20 bill into my account on a Wednesday afternoon. The funds posted the following Tuesday morning....that's total B.S. !!

This scam has one true intended purpose : To dupe customers into overdrafting their accounts. A person who deposits money into their account on Monday figures they are good to go on Tuesday . For sure, they are golden on Thursday , right ? So they whip out the debit card and go shopping all weekend , unknowingly racking up hundreds in overdraft fees , while Chase has their deposit already earning interest,but not posted to the intended account . Chase makes millions a month off this predatory scam .....just peruse this forum for awhile , and see how many rants revolve around overdraft fees and involve a delay in posting a deposit. You will find many. I personally haven't overdrawn my account or paid any fees, but I am totally diligent when dealing with these scammers and have pledged to myself that I won't let them nail me, they way they do so many others.

For sure ,"Caveat Emptor" is a standing policy in our society, and people should be diligent enough to verify their funds have posted before spending them, no doubt. That doesn't change the fact that Chase is working a huge scam here , once again at the expense of their "customers" ....oh wait, Chase doesn't have customers....only victims !


A horrible bank that symbolizes everything that is wrong with our cancerous, crooked banking system. I can't wait to finish my six month deal I made with these devils, and say goodbye to these shysters for good !

[cb.reallysucks.net]

One week for a *cash* deposit to clear?
That is insane. So insane I wonder if it is illegal or not... I think some research about maximum clearing times is in order.
-cbrs

[Bustin]

One week for a *cash* deposit to clear?
That is insane. So insane I wonder if it is illegal or not... I think some research about maximum clearing times is in order.
-cbrs

The rules for posting deposits are very murky , and favor the banks. They basically have a full business week for cash deposits, and can extend that out even further on checks and other non-cash deposits.

In other words, I'm hardly waiting for the FTC to swoop in on these guys and shut them down.....lol.

Remember, the Feds already determined that Chase was "too big to fail " .