Don’t try depositing a foreign check with Chase
A reader just sent this story to us. Each time I hear a story like this I just keep thinking “aren’t banks supposed to be good at this stuff?” I guess Chase doesn’t consider this to be a core competency.
My branch that I’ve banked at for over 3 1/2 years broke two federal regulations on foreign checks that I deposited. The assistant manager admitted that this was a “colossal failure” on the branch’s part. The VP of the branch was extremely mean to me and my wife and suggested that if I didn’t like Chase’s policies I should leave the bank. He was even dumb enough to put this in writing. For the record, I’m a university professor with a PhD and older than this branch manager.
The VP of the branch also said that my wife and I should be more understanding with his branch even though they broke two federal regulations. As he put it, “It’s not every day that we deal with foreign checks so you can’t expect us to get it right every time!” (I’ve got this saved on a voice mail).
Because of my branch’s “colossal failure” my deposit of a Canadian check is now being sent to collections where it could remain for six weeks. After that, the funds will be returned to my account and I will be charged a $45 dollar fee for their mistake.
I talked to a competitor about this process and they said, “It should only take one week!”
For the record, the assistant manager told me and my wife that had the transaction been done correctly and the right paperwork been filed we would’ve received the funds in one week without a fee.
My last phone call with the VP ended with him saying, “I don’t want to discuss this anymore with you! Don’t call me again!”
Unbelievable!
Ineptitude | admin December 21, 2010
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By Jack Chasebankhater, December 25, 2010 @ 12:14 am
I’m both not surprised and disgusted. I see this kind blatant acts of arrogance all the time, not only with their policies, not only with their bank staff, but with almost every aspect of how they do business (even their commercials suck). I can’t stand how they intentionally delay everything thing so they can either charge late fees or blame you for doing something wrong even if it’s their fault. Best advice, close the bank account, go with someone else. Every single person that comes to this site should close their account and go to a bank with at least some morals. Since I don’t make a ton of money they think its acceptable to lose my business but I’m not dumb, I tell two friends and they tell two friends, and so on and so on… Their big clients will keep them afloat, so just leave them now while you still have some money left.