Timothy
Valparaiso,#2Consumer Comment
Fri, July 22, 2005
The thing is, Wj, that if the check has cleared, and is then contested in "some other way," Bank One isn't affected. If someone wants to challenge your right to receive those funds after the money has been transferred to Bank One, they will have to take you to court to do so. If they are successful, they will seize whatever funds are left and YOU, not Bank One, will be on the hook for whatever remains. Protecting themselves from funds withdrawn before they have the money is reasonable. But once they have the money they have little or nothing to worry about. At that point, the hold is no longer reasonable in any sense.
Wj
Palatine,#3Consumer Comment
Thu, July 21, 2005
I went through this a few times in the past year, becuase of my mother's death. As did the rest of my family. I deposited an IRA check (I was the benificiary of my mother's IRA account) for over $200,000, which my mother told me in advance that I would split with my siblings. The bank put a 5 business hold on the check, because it was "Inconsistant with (my) history of deposites". Both of my siblings had to put up with the same thing when I wrote them checks for their shares. But we were all always assured, that any overdraft fees incurred while the check was on hold, would be waived once the hold was removed. Yes, of course, we all know that they cleared that check with one phone call, and it is their alibi that they hold it to see if it is contested in any way. If you owned a bank, or any other place of business, wouldn't you want that kind of that protection against fraudulant transactions?
Richard Andrew
Columbus,#4Consumer Suggestion
Sun, April 24, 2005
I curently hold an account with chase, the now "parent" bank of bank once wint they merged july 1, 2004. and being that i live in ohio but opened the account online, my account is considered a ney work opened account. the reason for my post is that all deposits i make into my account, cash, check, ect..... are put on these same holds regardless of type of originating funds or state routing number. sounds like pappa chase made baby bank one adopt the same deposit hold policy when they merged. i would of opened an account at bank one localy but they do not offer a continental airlines debit card, only chase did, and im hoping when the combing of the 2 banks is full and the bank one name disapears that i still will have that card and not be forced to get some outher airlines card.
Cory
San Antonio,#5Consumer Comment
Fri, March 11, 2005
A clear, concise intelligent post about a bank's check holding policies. Here is a post that shows how a bank is ripping people off with supporting documentation. Interesting how the item was paid in one day but not credited to your account for what 8 more days. They may try and wezel out, by saying that it was a cashier's check. I don't take bank one checks because of their terrible business practices. As for an attorney, they will spend millions to fight this because they make billions on NSF and late fees. Read someplace today, where half of some banks income now comes from fees. Let us know how it pays out.