Is this a Chase thing or?

Submitted by Kawaiisampler t3_11drxvc in personalfinance

Hello all, I am hoping somebody can shine some light on this.

I work for a very wealthy geotech company, my first paycheck about 7 months ago got held when I deposited it saying “We don’t think this company who wrote the check can pay it” (paraphrased of course) it was backed by Paylocity but ok, waited about a week and it was fine.

I was getting direct deposits for about 7 months just fine, all coming on time.

I requested to change banks on payroll (chase wouldn’t let me pay my rent through Zelle, kept thinking it was fraudulent then locking my account) so they sent me a paper check while I was switching banks and the next one is going to be direct deposit. But when I went to cash the check, they said that their system wouldn’t let me and would only let me do deposit, ok then deposit it, she deposits it and again I’ve got to wait until the 8th now for it to go in because they think it’s going to bounce, even though the first one went fine and I’ve been getting direct deposits just fine..

Just trying to see if this is a chase thing or if my company (or Paylocity) actually has a history of bouncing checks…

Chase gave me a number to call tomorrow since I kinda need the money to pay bills and rent that is due on the 1st..

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Comments

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BouncyEgg t1_jaafo3q wrote

It is not abnormal nor illegal for financial institutions to impose a waiting period on deposited checks.

In general, this should actually be your expectation moving forward. Institutions that allow you access to funds earlier tend to be the exception rather than the norm.

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Kawaiisampler OP t1_jaag874 wrote

Hmm, ok so maybe it’s just a chase thing. My buddy who banks with a local CU says when he deposited his check it only took 1 day for it to process.

The weird thing is I’ve deposited a big check at chase before but was fine?

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BouncyEgg t1_jaagjax wrote

> Hmm, ok so maybe it’s just a chase thing.

Not "just a chase" thing.

But now I'm just repeating myself.

> My buddy who banks with a local CU says when he deposited his check it only took 1 day for it to process.

Then it sounds like if you want what your friend has, you should consider moving to the CU.

> The weird thing is I’ve deposited a big check at chase before but was fine?

Different financial institutions, different policies, different rules, different quirks.

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Kawaiisampler OP t1_jaagvma wrote

Gotcha, I’ll just try to give them a call tomorrow about it. Worst case I know it will post anyway.

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DjinnV t1_jaaiofs wrote

Seems like CU credits your friend for the amount, while Chase bank waits for it to clear.

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Kawaiisampler OP t1_jaaituj wrote

Yeah, I’m just gonna call the number the teller gave me. Worst case it’s just this check that I’ve got to wait on since my next will be direct deposited to my new account.

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ahj3939 t1_jaamhkj wrote

It could be the check itself or the type of account they are using, etc.

You may find you have the issue with other banks if they use similar systems to try to reduce check fraud.

I assume the message is something along the lines of "we have private info suggesting this check might not clear"

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vicman86 t1_jaah90c wrote

Chase knows things about your employer that your friends CU is oblivious to.

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Werewolfdad t1_jaafodb wrote

Yes holds on large checks are normal and typically backed up by big data from other depositors or institutions.

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vettewiz t1_jaahsob wrote

Whether a bank will cash a check is also dependent on how much you have in that bank. They’re unlikely to immediately cash it if you don’t have at least that much in the account.

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