I just recently found out the truth my local bank manager pulled me aside and told me that since I quickly withdraw the money when it clears my account that is why they have started holding my money and labeling fraud protection. Their explanation was to protect me from fraud. I kept asking them why? I had never had a check that I deposited returned to me in all the time I had been banking with them. Then six months ago the started slapping me with ridiculous holds on my account! They would hold a local check for 11 business days, and money Zelled to me for 7 business days. I have banked at Chase for over 10 years, and until the last 6 months never had any problems. We closed our checking/savings/retirement accts we had with them and taken our sizable business to a more customer oriented institution. We immediately paid the mortgage off and swore NEVER to do business with these snakes again. Chase opened an investigation and after we explained what had happened, they refused to remove the 'late payment' from our report. When we next saw our credit report, it indicated a late payment. They corrected the year and payment went through. We directed them to the online payment which still showed pending since the it had the wrong year. Chase sent us a letter threatening foreclosure if the payment wasn't made within a short number of days. We didn't know of the error until about 20 days after payment was due. One month, the year was set to the incorrect but in the call Chase confirmed they saw the transaction and all was fine. Back in those days, we manually paid monthly online and my wife would always call Chase to confirm they saw the pending payment and all was fine. We had a chase accts so we were OK with their purchase of our mortgage. We purchased our home about 20 years ago - the company we had our mortgage through sold it to Chase.
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