Re: 'Us small guys need some help': Oklahoma woman deposited $13.5K into her account, but the money didn't show up - leaving her scrambling to pay the bills.

[Chase Bank Thievery]

On 28 Feb 2022, Lefty Lundquist <lefty_l...@ggmail.com> posted some
news:svjm91$4q3$2...@dont-email.me:

> Chase Bank does not care about you at all once they have your money.

Nothing quite stirs a small business owner’s financial anxiety like
money vanishing into thin air.

Just ask Carla Garling — a physical therapist with a private practice in
Norman, Oklahoma — who says her $13,500 check deposit failed to show up
in her Chase bank account in January, leaving her scrambling to pay her
employees and bills.

“I’m trying to be patient, I’m trying to be kind about it, but I’ve got
bills to pay,” she told KFOR Oklahoma’s News 4, who stepped in to
investigate the missing cash. “For a small business like mine, it can be
detrimental really quickly.”

Bank staff allegedly told Garling they didn’t know if or when the money
would land in her account — even though she had a deposit slip showing
proof of the transaction.

When News 4 stepped in on her behalf, it got the ball rolling and the
bank promised to credit Garland’s account and post her money that same
week.

“I just appreciate you all coming out and giving me a hand,” she said.
“Us small guys need some help.”

Here’s how bank deposits should work and what you can do if your money
doesn’t materialize in your account.

How bank deposits (normally) work
Under the federal Regulation CC, banks and credit unions are legally
required to make your deposited funds available within a specific time
frame — but it’s not always a perfect science, as Garland’s experience
indicates.

Generally, if you deposit cash or checks for $200 or less in person to a
bank employee, you should be able to access the full amount the next
business day, according to the Consumer Finance Protection Bureau. If
you deposit funds over $200, you should be able to access $200 the next
business day, and the rest of the money the second business day. If you
deposit your funds through an ATM at your bank, you should be able to
withdraw or use that money on the second business day.

Sometimes banks or credit unions may make your money available quicker
than the law requires — especially if they’re hyper-focused on customer
service — and some may do so for an extra fee. If you’re not sure when
to expect your funds, you can ask your bank or credit union for their
deposit policy.

Remember, different banks may have different cut-off times for what they
consider to be the end of the business day. If you make your deposit
after the cut-off time, your bank could treat your deposit as if you
made it the next business day.

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When banks are allowed to delay funds availability
Under certain circumstances, Regulation CC does allow financial
institutions to delay the availability of funds for a “reasonable period
of time.”

A “reasonable” time period is generally defined as one additional
business day (making a total of two business days) for checks, and five
additional business days (total of seven) for nonlocal checks — these
are checks deposited in a different check processing region than the
paying bank.

That delay may occur if:

You make a deposit over $5,000

Your account has been overdrawn too many times in the past six months

You made the deposit at an ATM owned by someone other than your bank or
credit union

Your bank or credit union has cause to doubt the collectability of your
check (e.g. if the check is dated more than six months earlier)

You or your bank redeposit a check that has been returned unpaid.

Chase did not confirm the cause of the delay in Garland’s case.

What you can do if a problem arises
Garland’s stressful encounter serves as a reminder to always keep your
deposit slips until your money has landed in your account.

If your money is delayed, you should contact your bank and use this
deposit receipt as proof of your transaction. If your slip contains an
error or the associated amount of cash or checks don’t match, banks have
policies and procedures in place to reconcile any discrepancies.

In the circumstance that your bank does not honor your deposit receipt
or check evidence, you may need to seek legal assistance to resolve the
issue, according to HelpWithMyBank, an official website of the U.S.
government.

Sometimes, deposit problems are caused by external factors. Late last
year, multiple U.S. banks were hit by deposit delays after an error at a
payment processing network.

At the time, Bank of America told its customers: “Your accounts remain
secure, and your balance will be updated as soon as the deposit is
received. You do not need to take any action.”

In instances such as these, follow the instructions of your bank — but
still keep hold of your deposit receipt or check information in case you
need to contest any issues with your bank in the future.

https://finance.yahoo.com/news/us-small-guys-help-oklahoma-131300351.html