JP Morgan Chase Bank
Deposits Held Until Friday Causing Overdraft Fees on Business Account

I have suspected it for quite some time, but this month I was really paying close attention to my account. I have a business account with Chase for several years. I noticed that at the beginning of every month I began to have overdrafts happening when I knew the money should have been in my account. I have automatic ACH withdrawals at the beginning of every month.

When I close my batch at the end of a night it usually hits my bank within 2 business days, if the charges are Visa and M/C. (Discover and AmEx take 4-5 days, typically).

I closed my batch last Friday night, knowing that this batch would be included in the following Monday's business, which would then post to my account on Wednesday. Wednesday and Thursday all of my automatic charges were to come out of my account, and they did, as usual. But Chase held onto my deposit and it did not post to my account till Friday. Seven days after I closed my batch. This is what they have been doing to me for about a year now. To the tune of about $3,000.00 total in insufficient funds fees. Quite a little scam they have going.

I went on the internet and have found hundreds of complaints of the same kind. I believe that an investigation should be done into Chase Bank's unethical business practices. Surely this kind of thing is illegal.

Company: JP Morgan Chase Bank
Country: USA
State: Michigan
City: Clinton Township
Phone: 5862865525

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