A US bank is now keeping customer’s money on hold from days to weeks with no explanation according to several reports.
Chase users are reporting on Downdetector the bank has been holding their direct deposits anywhere between days to several weeks.
“I’m still waiting on my pay from 11/3 as well,” said one user on Monday.
The bank has been heavily scrutinized recently, especially after an ATM outage prevented customers nationwide from withdrawing money during Labor Day weekend.
“I think it is absolutely ridiculous that Chase can continue to take out money from checking accounts and authorize automatic payments and then charge for overdraft fees but they cant deposit my check from my employer,” says Shelly on Downdetector.
“I have been waiting for my check to get direct deposited in my bank for over a week now and because the funds are not there, automatic monthly payments for bills are being subtracted from my account when funds are not available due to the error and ongoing unresolved delay with deposits which is not the customers fault!”
“Most importantly, who can explain to my kids why we have no money to buy food because of the bank error with direct deposit??
I have called Chase over and over again and I get directed to customer support in India where the inform me that they cannot connect me with someone in the US.”
But Shelly isn’t the only Chase customer experiencing frozen direct deposits.
Many users online have shared their experience of being unable to have access to their money after a direct deposit has been issued.
Other Banking News Today
More massive bank branches in Florida are now closing as more advisories of closures are listed by the OCC.
The following six bank branches are now scheduled to shutter in Florida in the coming weeks:
- Trustco Bank. 1084 Lee Rd, Orlando
- Bank of America. 126 East Olympia Ave, Punta Gorda
- Wells Fargo. 3131 West Hallandale Beach Blvd, Hallandale
- Wells Fargo. 10191 Cleary Blvd, Plantation
- Wells Fargo. 113 South Tennessee Ave, Lakeland
- Wells Fargo. 4901 Tamiami Trail, South Naples
Wells Fargo is also closing additional branches in California soon.
In July, Wells Fargo laid off over 100 employees in the consumer and small business banking division in Orlando.
“Between 2017 and 2021, nine percent of all branches — almost 7,000 locations— shut their doors. Florida had the fourth most closures of any state,” reports Ash Jurberg.
CNBC reports that this trend of bank closures may lead to “banking deserts”, where communities are left without access to a bank or credit union within 10 miles.
“Several studies have shown these communities are more likely to use non-traditional and high-fee lending options such as payday loans and check-cashing services, which increases financial inequities and ends up widening the wealth gap.”
This trend has grown nationwide as traditional banks pivot towards an ever growing digital world.
“Data from S&P Global Market Intelligence shows a total of 1,144 national and regional banks were closed between January 1 and July 31 across 49 states – and firms are pulling out of some areas faster than others,” reports the DailyMail.
“Branches continue to play an important role in the way we serve our customers, and customers continue to value the experiences they have in our branches,” Saul Van Beurden, the bank’s CEO of consumer, small and business banking, said in a statement.
Market News Published Daily 📰
Don’t forget to opt-in for push notifications so you don’t miss a single article!
Also, thank you to all of our blog sponsors. This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.
- Gain access to EXCLUSIVE FrankNez articles you won’t find here.
- Become part of a private and safe Discord community, just for retail investors.
- Get drawn at the end of the year for holiday giveaways.
Recommended For You ✨
- Chase Customers Now Unable to Access Money Through ATMs
- Massive Layoffs in California Now Underway Prior to Holidays
- Wells Fargo is Now Freezing Bank Accounts in New Scandal
- A Massive Bank Now Closes Several Branches in Florida
- California Now Has Massive Departures As Hundreds of Thousands Leave
- A US Company Now Declares An Unexpected Bankruptcy