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Is it legal for my bank, Chase, to hold my...

Resolved • Response time 1 minute

21 Oct 2021

Is it legal for my bank, Chase, to hold my deposit for 10 days, when it cleared my employers account four business days ago? My account is 20 years old, I have never been overdrawn or had any issue. Their customer service hold time yesterday was over two hours! I was so angry I had to hang up. Aren't they earning interest on my funds?
JA: What state are you in? It matters because laws vary by location.
Customer: Sure it's California. I'm in San Bernardino county if that has any impact.
JA: What steps have you taken so far?
Customer: I’ve emailed 3 times. Received one canned response to call them. After I spent 2 hours on hold yesterday. I.have been a chase client for 20 years and suddenly I can't teach a human.
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: I would just like to know if this is illegal. I read my deposit account agreement and Dont see where any of the hold requirements apply here.Customer: Chat is completed
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21 Oct 2021

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Lawyer's response
21 Oct 2021
Lawyer Esquire
Lawyer Esquire

Hi. How are you today?
Thank you for your question. I look forward to answering the question for educational purposes only. I will provide legal information, but no attorney-client relationship will be or has been established. Please allow me some time to review the question. I will post the answer in a few minutes.

21 Oct 2021
Customer reply
21 Oct 2021
Ok thank you.
21 Oct 2021
Customer reply
21 Oct 2021
No thank you to the call. If it is illegal and can be escalated then naturally that can change
21 Oct 2021
Lawyer's response
21 Oct 2021
Lawyer Esquire
Lawyer Esquire

That is fine. I will answer the question by text.

21 Oct 2021
Lawyer's response
21 Oct 2021
Lawyer Esquire
Lawyer Esquire

I am sorry to hear about the situation. I know that can be stressful. A bank cannot freeze funds belonging to a customer without a good cause. A bank is generally allowed to hold funds for 10 days for security reasons by the agreement signed with the customer, but the particular agreement must generally be reviewed. A bank can be ordered to release funds by a court order. Also, a complaint filed with the Federal Reserve can often speed up the response: https://www.federalreserve.gov/faqs/credit_12666.htm . In addition, a complaint can be filed with the office of attorney general: https://oag.ca.gov/contact/consumer-complaint-against-business-or-company

21 Oct 2021
Customer reply
21 Oct 2021
Very good! Thank you! This situation makes zero sense. I appreciate your help!
21 Oct 2021
Lawyer's response
21 Oct 2021
Lawyer Esquire
Lawyer Esquire

Thank you for asking the question. Please stay safe and healthy. You can also mark me as a favorite at the bottom of the page and ask additional questions as they arise.

21 Oct 2021
Customer reply
21 Oct 2021
I will thank you! Please also stay safe and healthy out there
21 Oct 2021
Lawyer's response
21 Oct 2021
Lawyer Esquire
Lawyer Esquire

All the best.

Lawyer Esquire
Lawyer Esquire
Avg. question only $36
Attorney at Robert Half Legal
21 Oct 2021
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