I've had my checking account with chase for 15 years. I recently had the proceeds for a cash-out home refinance wired into my Chase checking account. I proceeded to go online to transfer most of this money (over 100K) into a new high interest bearing account at Everbank. I was heretofore unaware that Chase online arbitrarily limits outgoing EFT transfers to 25K per day. As such, I had to create a series of transfers over 5 days to transfer all the funds.
Well, Chase put a fraud alert on my account. I contacted Chase on 8/2/08 and explained the situation. I canceled the transfers with Chase and transferred the money directly through Everbank. The alert was removed.
On 8/3/08, my internet access was blocked again. I called the fraud dept. and was rudely informed my Joe Chavarria that "As per the customer agreement Chase was closing my account, and that no reason is necessary." I asked to speak to his manager and I was told,"this is the end of the line, case closed."
Chase is now holding over $118,000 in cleared funds for ten business days at which time a check will be supposedly be mailed to me for the proceeds. Meanwhile my direct deposits from Social Security and my pension will bounce. Furthermore, all of my outstanding checks and automatic bill payments will bounce as well.
Note, I have never bounced a check nor deposited a bounced check. My FICO score is over 800. If Chase can do this to me, then they can do this to anyone. Caveat Depositor!
Product or Service Mentioned: Chase Bank Checking Account.