I deposited a check for $3000 on January 2 into the Chase Bank ATM on Route 29, Middlesex, NJ. Chase bank did not make that money available to me until Janaury 13th and caused immense hardship to me as I had no other source of money to eat and pay for commuting to office. So I had to borrow from my friends. Thus they vilated the 'Expedited Funds Availability Act' and are liable for punishment and compnesate me for the inconvenience.
They created "Float" because they took money from the bank (BNY Mellon in this case) on which check was drawn, but they did not make money available to me. Thus they did the accounting fraud be creating excess supply of money. The money supply which they showed in their assets and liabilities side to Federal Reserve, was actually not the true money supply.
They do with all customers, hence a class action can be taken of paying interest for such illegal holds. I am a finance person, hence can estimate that the total interest due to millions of account holders will add up to billions of dollars. The held my mone, but put that money into overnight lendings and thus got interest on that. Legally that interest should be paid to me.
They charge $35 fee for one day delay of payment to their credit cards or overdrafts. Hence they should pay $35 to me or to all customers with whom they do. Thus a very good case can be made against them and I will help your lawyers with financial implications and I need their help on legal matters. Together we will win a lot of money from them. It will be a Federal Case.
Additionally in Bill payments, they deduct the money from the checking account of customers immediately, but don't pay money to the receipients until 5 working days. Thus they create 'Float' money, and get interest free cash on those funds. The interest earned will amount to billions.
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