Originally posted by saralee
They they would not let her withdraw over 5,000, new policy they said. They told her its a weekly limit. She had a fit and said I will close my
account(shes a pistal) so the bank manager then said ok i will let you remove 5,000 per day for 1 week. I told her to close the account and get all
her funds in cash. She said they would close her account but give her a cashiers check.
Many low end Checking and Savings Accounts (meaning if you don't have 6 or more zeroes at the end of your Balance, then you're low end) have a Daily
and Weekly Maximum Cap for Withdraws. This is stated by Federal Law in your Terms of Service. In this particular case, Chase isn't doing anything
different than any other Bank.
However, if you close your Account, and there are no outstanding checks and you have a positive Balance, then you can opt for Cash. Chase may attempt
to insist on a Cashier's Check but this is what you do...
1.) Explain Cash is fine. If they start to print a Cashier Check, reiterate that perhaps you weren't clear enough, but you will *ONLY* accept
2.) When they tell you they can't do that, take their Business Card that is at the counter and as you put it in a binder ask them "Do you mind if I
name you first on the lawsuit?"
3.) At this point the Branch Manager should get involved. Now you can negotiate. Do not accept anything less than the full amount owed, in Cash,
within 72 hours (3 Business Days). After an agreement is arranged, ask for it in writing, along with the Branch Manager's Business Card (and if you
conveniently mentioned that your lawyer asked you to get their Business Card, they are more likely to honor their written agreement).
4.) By law, they can take up to 72 hours to request the Cash from the nearest Regional Depository. Most Bank Branches have less than $40,000 in Cash
in their Vaults, with the exception of the 1st, 5th, 15th, and 20th of each month. They will have to request a Funds Transfer from a Bank Depository
in their Region that does have the Cash Reserves to handle the Account Closure. You also must show up to the Bank prior to 3 p.m. on the day that they
have told you (in writing that they would have your cash) or they may make you wait until the next business day.
5.) Document everything! Because you may have to take it to Court...the reason being is that Chase is a Fee Based Bank. The majority of their profit
comes entirely from Fees. They will *NOT*
close your account permanently. They will use any excuse to reactivate your account to charge you
more Fees and Penalties. At the time of closing the Account, demand a Statement showing that the Account is "CLOSED" and has a ZERO Balance.
6.) Do *NOT*
, I repeat, do *NOT*
deal with Chase Customer Service by phone or Chase Dispute Resolution. Only deal with a person at your
Bank Branch. The reasons being is that people are less likely to blow you off and lie to you right to your face than they are on the phone and also
because both Customer Service and Dispute Resolution at Chase are trained in how to be evasive and give you the Run-Around so that you can continue to
accrue Fees and Penalties on your Account. They also will not give you their name or their supervisor. If for some reason you *MUST*
someone on the phone, alert them that this call is being recorded as per the request of legal counsel.
7.) If they do not provide you with Cash then contact your local Federal Reserve Branch or go to
to file a complaint with the
Federal Reserve. They will do the preliminary investigation and turn it over to the appropriate Governmental Agency who Federally Regulates them,
which in the case of J.P. Morgan Chase, it would be the Office of the Comptroller of the Currency. Investigations can take up to 60 calendar days.
8.) While you are waiting to hear back from the Federal Reserve and the Office of the Comptroller of the Currency, shop for a lawyer for a Civil Suit.
You can probably find a Class Action Lawyer who will take the case for a percentage of the awards in a ruling. When taking on the Banks, you don't
have to have lots of money to hire a Lawyer. Lawyers are like sharks and can smell a bleeding Bank from miles away.
Hopefully it will never get that far, and your mother can walk away content as a clam by Step 4. Best of luck to you both.
[edit on 25-8-2009 by fraterormus]