Let My Money Go

Consumerist user, Crispin B., is pissed at his bank, Chase.

I’ve been with Chase for a long time. I have money from the dot-com days. I’ve run a lot of that money through them – at one point just over a million dollars following the sale of my home. Did that earn me any respect? No. They treat me just like I was back in college, living from paycheck to paycheck. They’ve nickel-and-dimed me the whole time. Charges for this, charges for that, all the while providing me with piddling interest rates and crap customer service.
On various occasions I’ve deposited large checks issued from out-of-state brokerages, and they’ve held on to them as long as they could, milking, milking, milking. Deposit $60,000 and they’ll let you have $100 the next day. $400 the day after that. Have any of my checks not cleared? No, never. But they want to hold on to them as long as possible.

According to the Federal Reserve Board, the Expedited Funds Availability Act (EFAA), enacted in 1987, addresses the issue of delayed availability of funds by banks. The EFAA requires banks to (1) make funds deposited in transaction accounts available to their customers within specified time frames, (2) pay interest on interest-bearing transaction accounts not later than the day the bank receives credit, and (3) disclose their funds-availability policies to their customers.
Tiffany McKelvey at Chase’s Internet Service Center has this to say about the federal law:

The Expedited Funds Availability Act (Reg CC) is governed by the Federal Government and it is not a bank policy.

About David Burn

Co-founder and editor of AdPulp. I wrote my first ad for a political candidate when I was 17 years old. She won her race and I felt the seductive power of advertising for the first time. I worked for seven agencies in five states before launching my own practice in 2009. Today, I am head of brand strategy and creative at Bonehook in Portland, Oregon.


  1. Abraham Lincoln says:

    Maybe I’m paranoid, but doesn’t “Crispin B.” sound suspicious to you? Maybe a certain agency doing what they do best (using the net to somehow, someway, snag a big account)?

  2. Well, Crispin B. is no more suspicious than Abraham Lincoln. But to the point: if the post’s contents are true, then Chase is acting illegally. Banks already have a bad rap, and this ain’t going to help.