Chase got me really good

[thing]

I have/had an overdraft of $1000 I can access through the ATM at chase, so what i usually do is take 1000 from the atm buy 2 boxes from wells fargo then dump the rejects back on chase, as long as I get the money back same day I am not charged any fees.

Unfortunately, my account was subject of a periodic review and this behavior was deemed to risky by chase so they just shut down my account. That normally wouldn't hurt too much but I just put 1400 in the account to pay some other bills, and now chase I saying that they will mail me a check for the funds remaining in the account in 4 weeks, now that doesn't seem fair and a little vengeful.

Does anyone here have any experience with this kind of event, I doubt I am the first person here this has happoned to.
Any advice would be welcomed
PS this really put a damper on my hunting activities, chase is so common in los angeles and it has the best weekend hours.
I got black listed from bofa for abusing their keep the change promotion by buying 1c stamps 1c at a time to the tune of 3000 over 2 years(i don't feel bad about that at all, but the chase thing that really hurts)

 

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[thing]

Very interesting responses indeed. Yet this threat has gotten away from my original intent, excluding the moral or "illegal" behavior, has anyone had a checking account closed by the bank and if so what did you do about it as far as the bank holding on to your money to long before giving it back?

 

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[Bigheed]

Thing -

That was addressed by someone earlier, they hold the money to make sure there no outstanding checks etc coming and then they will mail you a cashier's check or certified check or something along those lines which you can cash or deposit at any other bank you have account with ..... (still)

I doubt it will take the maximum time they quoted you, but you never know.

Good Luck!
Bigheed

 

[ivan salis]

with you doing what they deem as "risky" bussiness dealings by playing around with "their" funds * they are holding the cash to be sure that any and all checks that you might be "floating / kiting' have a chance to clear before giving you back your funds(which they are legal entitled to do) -- you were basicaly too "slick" for your own good ,please note * banks and "offical" type folks do not like "slick folks" -- so you can expect your cash to be "freed up" at the last possible legal second and not one min earlier --

you started it because you liked to 'play games" with the banks money --now the bank is playing "games" with your money in return -- by the way thats how the tit for tat money "game" is played.

first you abuse me , then I abuse you --funny how that works out in the end .

 

[Dozer D]

Overdraft protection is meant what is says, "PROTECTION", not to be used as float money. Don't risk it. Don't play the game if you can't pay the time. I side with Chase.

 

[snakeyes]

I wasn't exactly sure what checking kiting was, so I looked it up. It sure dosen't sound like it was to me.


Check kiting or "flagging" is when someone cashes checks against other bad checks or phony deposits. For an example if you went to the ATM and said you deposited $200 into the machine but actually inserted an empty envelope into it, your bank would probably give you credit for the $200 cash deposit. Theoretically you cuould pull out as much as $200 even if your bank balance was actually zero. This is not a good practice as you can be barred from ever having a checking account anywhere if you ever got caught doing this which is really easy to catch you doing it. Most "kiters" or "flagger's" obviously work out much more complicated schemes involving fake ID's and large initial deposits to establish ghost accounts and often may use lines of credit associated with those accounts to commit major fraud.

 

[ivan salis]

kiting or flagging main illegal theme --is "drawing" against funds that are not there * one big differance is "kiters / flaggers" normally never "repay" anything ever until they are caught and any assets they have seized .- in this case the money is returned within 24 hours -- ( but the basic "kiting' ideal is being used --to float a withdraw knowing full well that you do not have the funds in the bank to cover it *-- ( basically your "forcing" the bank to issue you a "interest free' 1000 dollar interest free loan) --thus you are using the banks money for your own personal gain * as you CRH -- then after culling any silver and cash out the silver profiet --you skim the differance and redeposit the clad coins and whatever amount of silver you found at "face value" to make up the $1000 you "force borrowed" * by replacing it within 24 hours * no fees are charged to your "overdrafted" account --THUS ITS A 24 HOUR "FREE OF CHARGE $1000 LOAN BASICALLY" because of the "accidental overdraft protection" ******* the bank offers**** the key word here is "accidental" THUS THIS IS NOT TO OCCUR WEEKLY BASIS ALL THE TIME -- its not for "on purpose" weekly overdrafts by people who know for a fact that they do not have funds to cover their overdraft that they are doing on purpose weekly , just so they can use the banks money "for free" for CRHing for their own personal gain.

 

[snakeyes]

would you feel better if he actually had a 1000 in the bank, then wrote a check for the 1K and redeposited it with in 24 hours. As far as I'm concerened the banks are the crooks, I have 10K in checking account and at the end of the month I get 24 cents in interest. Now If I would move that money everyday who would pay for the processing As far as I'm concerned we are the one being abused

 

[ivan salis]

oh banls abuse "we the people" I totally agree with you snakeyes and the return we get on the funds deposited with them that they then loan out at high rates --is totally out of line with what they charge , they pay next to nothing to the "investors" (those that have funds on deposit with them ) yet reap high rates for loaning out others money .-- oh for sure their crooks * but abusing the sysytem is only going to hurt you iin the end -- trust me its a "rigged game" --but as they say well why do you play a "rigged game" ? -- answer cause its the only game in town.

 

[snakeyes]

Ok Ivan I'LL agree with you on that but I don't like it

 

[namster]

would you feel better if he actually had a 1000 in the bank, then wrote a check for the 1K and redeposited it with in 24 hours. As far as I'm concerened the banks are the crooks, I have 10K in checking account and at the end of the month I get 24 cents in interest. Now If I would move that money everyday who would pay for the processing As far as I'm concerned we are the one being abused

I alluded to this earlier in the thread, and I agree.

 

[thing]

I just got my money back today. turns out that since the money that was in the account was the result of an ach deposit, chase wasn't allowed to hold the funds for as long as they threatened.

 

[ivan salis]

WELL LESSON LEARNED -- trying to be overly "slick" and playing games with 'other peoples money " --can get you in deep hot water legally speaking --its a very thin line you tread --be very very careful you do not slip up -- jail time is not fun .

 

[Farchaus2k]

Do they allow CRH in lockup??