I opened an account with Chase in August 2009 after it took over Washington Mutual branches, mainly because its overwhelming ads claiming good services. My personal experiences, however, proofed the contrary.
I have checking, CD, and investment accounts with Chase. The deposits I have made to my checking account were valued between $15K and $45K each, and were for my CD and investment purchases. Chase put long holding periods on these deposits every time.
When I questioned about the holding time for the first couple of times, the Chase reps stated that it was because I was a new customer and it would be shorter after my account tenure reaches 6 month. I accepted that explanation.
On March 5th, I made another deposit of $37K+ to my checking for transferring into my investment account. When I checked my accounts online on March 13th, the fund was still not available for use. I then called Chase customer service. This time, after being transferred from one department to another, I still couldn't get a reasonable explanation from anyone. All I got was that the "back offices" have their rules, and the fund would become available on March 16th – 12 days after the deposit.
When asked why it took so long, one rep said it really depended on how soon the checks could be cleared, making it sound like the check-issuing party could be the cause. I contacted the issuer of the check, OneWest, and was told the check was cleared on March 8th – so Chase was to keep my money all to itself for a whole 8 days, that is stealing!!!
This really shows that Chase doesn't care whether its customers might miss valuable investment opportunities or have any urgent needs - it's all about making money off its clients, how outrageous!!!
I strongly condemn Chase's unethical practices, and sincerely hope that this kind of dirty tricks can be put to a stop – please protect consumers' rights!!
Product or Service Mentioned: Chase Bank Checking Account.