I wrote a balance transfer check from a Citi credit card account and deposited it to my Chase account on April 15 to pay Uncle Sam and unexpected tax bill. To make a long story short, due to a processing error at Citi, the check was returned. Unfortunately, this happened twice more, again a processing error at Citi - each time I was promised (by Citi) the check would post successfully.
Yes, Citi made a mistake but they immediately responded when I explained the action Chase was taken and wrote a letter acknowledging the errors and asking Chase to reverse any negative action taken against me. Chase has accused me of kiting and has frozen my account and is return all outstanding debits.
My funds have been frozen since May 9. NO ONE called me to discuss this with me. I fully understood how bad it looked to my bank to have three deposited checks for returned in a short period of time which is why I took action immediately to correct the situation... Also why Citi took immediate action on my behalf.
I was a banker for more than 20 years, I understand that the system is set up to automatically catch kiting schemes, but the system isn't smart enough to listen to a reasonable explanation or read a letter of explanation. Humans are capable of this however and are capable of reversing system decisions. Chase representatives don't seem to understand that concept. Chase told me that if I had a letter of explanation from Citi, they would reverse the decision. Citi send the letter within 30 minutes of my request. 7 days later (after repeated conversations with representatives that assured me they were working on it) I was informed that the letter wasn't good enough and that my account will be closed on 5/23 at which time my balance will be sent to me via check.in the meantime, all outstanding checks and debits are being returned unpaid even though I have the money in the bank to cover them.
I have incurred more than $500 in fees due to this error and no one can help me. I have been accused and convicted of a fraudulent act and am now being penalized for it. I did nothing wrong. I acted in good faith based on information provided to me by Citi. I have no complaint against Citi. Everyone makes mistakes but a good, reputable company (like Citi) takes action to correct mistakes.
Chase has made a huge mistake in accusing me of something I didn't do and it has caused serious financial strain. I have not been able to touch one cent of my money since May 9. I can't pay bills, I can't use my debit card, I can't withdraw cash... Nothing. I have never been treated so poorly in my life.interestingly, Chase continues to send me all kinds of advertising wanting my business, portraying themselves as a great bank that cares about their clients. What a joke!
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