My complaint:
Capital one decided to hold my check for 7 seven days. They sent me an email stating that they were holding my check because they had reason to believe that the check would be returned. But here lies the problem. The check was a tellers check. Being fulfilled by Chase bank. I called customer service and informed them of this, giving them the opportunity to fix it. But the customer service rep said he could not fix it. That I would have to wait. I told him that the email I received stated that you were holding the check because of reasonable info that check would me returned. I told him it’s a tellers check being fulfilled by Chase. So there should not be any reason to doubt the deposit. He put me on hold to talk to security team. He comes back and says our security team has ed there is nothing wrong with the check. That the check is good and they have no concerns that the check will be returned. I said ok sounds good! When will you release the funds? He reply’s oh that Dosent change when the check will be available. We are still holding the check. I said why? You just ed that there is no reason to believe that the check will be returned. He than tells me that’s not why we are holding the check. We are holding it because you had a check bounce. I explained to him and read him the email they sent. It says nothing about that being the reason. It says they had reason to believe the check I cashed would be returned. He says, well that’s not why. Because you had a check bounce in the last 30 days. I explained again that’s not what the email says. He than tells me that email was a mistake. I shouldn’t have got it. I ask, well where is your notice that says your holding for a bounced check? He says there is not one. I tell him well your required to notify with the reason your holding my check that long. He informs me that they don’t have to notify me. They can hold a check whenever they want for whatever reason. I said the federal government says otherwise. I tried to read him where he was in direct violation of federal law. Under the Expedited Funds Availability Act and Check Clearing for the 21st Century Act. Which states I have to be informed and given a reason for holding the check. Specially a tellers check. Which should be treated like a cashiers check, certified check. His ego would not let him understand what I was trying to explain to him. When I asked him if I could speak to someone else. His ego informed me that there was nobody higher than him. Which I found that impossible to believe. Since 1 he had no idea what I was talking about. 2 he kept putting me on hold to speak to someone. When he came back on the phone for the last time, his ego still insisted there was nobody higher than him. Would not let me speak. He was extremely rude and told me he was ending the call. Than hung up. In my opinion, this was all because he couldn’t get past his ego! There is a section in the federal law I mentioned.
Section 229.19(f) Employee Training and Compliance
The Expedited Funds Availability Act requires banks to inform each employee who performs duties subject to the act about its requirements. The act and Regulation CC also require banks to establish and maintain procedures designed to ensure and monitor employee compliance with the requirements.
But there was nobody higher than him!
There are 6 reasons they can hold a check for an extended amount of time.
-new accounts
-deposits in excess of $5000 in any one day.
-checks that have returned unpaid and are being redeposited
-deposits to accounts that have been repeatedly overdrawn
-cases where bank has reasonable cause to believe the check being deposited is uncollectible
-emergency conditions
Than right after those reasons it says.
Although banks may exceed the time frames for availability in these situations, the exceptions generally may not be invoked if the deposit would ordinarily receive next-day availability.
This has been frustrating and ridiculous the customer service rep was rude condescending and unprofessional with no knowledge of the laws that pertain to his exact job!
Suggested solution:
There is no time for them to resolve it. The check will clear tomorrow. Because they didn’t release the funds when they were suppose to they have cost me an additional $70 in late fees on a bill that was due. I’m livid about this. They are also required to make $100 available no matter what. They didn’t even do that. They should quit holding my checks for no reason.
I’ve probably deposited a thousand checks in the last 5 years not one has ever been returned unpaid. Had a payroll check returned maybe 6 years ago. From company I worked for. But that’s it. Third time in 5 years they have held 100% of check for 7 days. I think it’s time to get a new bank. I really loved capital one at one point. But they have caused me nothing but problems lately. SMH
