QUESTION
Can the bank hold my money for as long as they want?
Asked on Sep 19th, 2012 on Business Litigation - New York
More details to this question:
I received a transfer from one of my clients via Chase Quick Pay and Chase immediately ceased and closed the account, but they are still holding the money from the transfer and what was in the account. It's been over 2 months now. They requested that the person who sent the money to me has to verify that it was her she has sent them every piece of ID and document she has identifying herself, they are still wouldnt release the money. They even had her travel over 200 miles to go to the US Consulate with her ID's and call them from the Consulate. When she got to the Consulate, they didn't want to have anything to do with it, it was a wasted trip. Last but not least, they have sent me emails saying that the money is being released, and the check has been mailed (all lies, just to get me off their backs about my money for a while!). Is there anything I can do about this? Can I take them to court for all the inconveniences they have caused? How long can they hold my money?
1 ANSWER
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Anti-fraud and anti-money-laundering procedures of major banks have become a huge headache for many honest people. Unfortunately, the banks' rights with respect to such tools as Quick Pay are governed by a one-sided agreement drafted by the bank to which you agreed before first using the service. You need to read that agreement because it completely controls your rights under these circumstances. The bottom line is that the bank cannot keep the money -- it must either give it to you or return it to the remitter. It could take you months or years to establish which is the right result if you go to court. You should consider asking the remitter to cancel the remittance and re-send by check, PayPal or other means.
Answered on Sep 20th, 2012 at 12:22 AM