Posted on 07/09/2009 10:01:30 AM PDT by Danae
A funny thing happened at the bank on Wednesday (June 8th). CHASE bank in Newberg Oregon refused to honor two corporate checks totaling over 6 thousand dollars. Despite the fact that the funds were available from the account holder in question, CHASE refused to honor the checks and cash them. Upon demanding that Chase honor the checks written on its bank, I was told that if I wanted the funds, that I would have to open a business account with them in which case they would hold the checks until they cleared the account they were written on, in the same bank, which “would not happen immediately”.
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They’re probably just out of money.
All of the banks are just sitting on stacks of cash laughing their asses off.
Sue them!
They must be waiting for the 2nd stimulation to come from DC.
New Jersey just arrested a bunch of gang members for a corporate check forging scheme. They paid people getting legitimate paychecks to lend them the checks so they could forge them, and then they wrote counterfeit checks for about 800k, IIRC.
They’re probably just out of money.
Or their latest TARP check isn’t being cashed by the Fed.
LOL Yea, I will get right on that. Think any lawyer will take that on for free? I am a student and husband is unemployed.
I think that legally, they must honor the check (you know how it is with a “demand” account) or suspend business, provided the presenter has adequate identification and the account has sufficient funds. Take it to a different branch.
No, this is not good at all.
I have an account with Aetna, I better cash it out.
...apparently they just wanted a business account rather than a personal one.
Offhand I can’t think of any bank more deserving of a bank run. Here’s to you, Chase.
Chase charged me $5 to cash a $140 reimbursement check from my mother, who has her account at Chase and had the money.
I don’t have an account there and never will.
This is nothing new. It’s a policy that a lot of banks have of *not cashing* business to business checks.
What you’re supposed to do is deposit the business to business check and then write a check out to yourself, on your business account and cash that.
It’s been that way for as long as I can remember...
Banks are under Big Brother’s eye when it comes to cashing checks written to a business. It scares the devil out of them, because Big Brother, aka the devil, wants his due!
I had a situation where a client of mine appreciated some gratis work I did for him so much that he sent me a few hundred bucks even though I never billed him for it. I tried to cash the check rather than deposit, and my own bank wouldn’t do it. They said that not too long ago it wouldn’t have been a big deal, but that the government is breathing down their backs to not allow any business money escape detection.
I would bet it’s something to do with the amount of the checks. His past check was $2000. These totalled $12,000. The banks probably have secret government-imposed reporting issues and procedures when amounts go over $10,000. Not agreeing with it, just pointing out that is probably what it’s about and why the banks did not give a good explanation as to WHY they couldn’t do it.
As I recall, to get a check cashed immediately, one has to do so at the same branch the check was written on.
Your state has a Banking Commission. (They all do.) It’s time to call that office and request an investigation. The bank is in pretty clear violation of the UCC as I understand it. (I do not play a lawyer on TV, or in real life; but I do have a small company.)
The Banking Commission can work wonders.
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