I was banking at Bank of America for the last few years. I opened an account there because my employer at the time had his payroll checks drafted off of a Bank of America account.
Recently my current employer switched banks to Chase, so I followed and opened a Chase account.
When I used to deposit my payroll checks into a Bank of America ATM machine $300 was made available immediately, and the remainder of the check was available the following day, regardless of what time I put the deposit into the ATM machine, and regardless of if the following day was a weekend or holiday. This includes checks that I deposited that were not drawn on Bank of America accounts.
When I deposit checks into my Chase account using the ATM machine, I need to make the deposit before the end of the banking day for the deposit to count as being deposited on that day, otherwise it is not credited until the following BUSINESS day. Only $100 is immediately made available, and a hold is placed on the remaining amount for several days - INCLUDING my payroll check that is drawn on a Chase account.
This is absolutely unacceptable. On more than one occasion I have had to waste time sitting down with the bank manager, who obviously needs to call some office somewhere to resolve the issue, and clear my funds.
Chase should make more than $100 available immediately upon an ATM deposit, and should NOT place a hold on ANY check drawn from another Chase account - especially not a commercial or business account that is used for payroll.
EDIT: Here is the E-mail that I have sent to the CEO of Chase
Let's see if Chase customer service is as good as BoA was when I had to contact the CEO office of BoA for an issue that I had with them once. I actually received 3 follow up calls from BoA from when I wrote to the CEO over there. I only sent this last night, so I will give them a day or two to review it and provide me with some type of response.
UPDATE 8/5/11 7:40pm
The reply that I received had the standard non-disclosure crap at the end of it, so at the current time I will not post the email, or quotes from the reply, however I will say that the email contradicted my experience. It claims that ATM deposits are treated as same day deposits if made by 9pm, my ATM deposit was made about 6pm and treated as it was deposited the following day. It also falsely claims that after July 17th $200 will be made available immeaditely and not $100. My deposit was made on Aug 1 and only $100 was immediately available.
The email also claims that my funds were made availabe the following business day. They sure were, because I had to sit down with a bank manager and have him call some office somewhere to get the funds released.
Stay tuned, I will be making a reply email back to the CEOs office.
Update: Aug. 27, 2011
I received a letter in the mail from the people who regulate banks in regards to my complaint several days ago that they were looking into my complaint, and just today received a letter from Chase stating that they were reviewing my complaint. Any further information will be updated here as it becomes available.