Chase bank said only 5,000 a week limit

My 73 year old mothers CD came due the bank would not give her any cash on it so recieved a cashiers check from that bank then she deposited it into her long time bank now chase bank.
They they would not let her withdraw over 5,000, new policy they said. They told her its a weekly limit. She had a fit and said I will close my account(shes a pistal) so the bank manager then said ok i will let you remove 5,000 per day for 1 week. I told her to close the account and get all her funds in cash. She said they would close her account but give her a cashiers check. Is this chase issue in every state? This bank is in Los Angeles. I would think this would go over like a turd in a punch bowl.
What good is that then you open another account and they do the same thing, sooner or later we will all end up with cashiers checks and no banks.

What are are rights? Its are money.

edited because I am so darn tired, mistakes happen


[edit on 25-8-2009 by saralee]

reply to post by saralee


A lot of banks have a limit you can take out at ATMs. Something like 300 cash a day. I'm not sure the policy is where you go to the bank in person to make a withdraw.

Seems like it wouldn't matter how much a person takes out if they are making a person to person with draw at the bank. If she goes to the bank to make withdraws she should be able to take out as much as she wants each day.

That's how they're staving off bank runs, limiting withdrawls.

I hope she doesn't give up on it. It's her money, after all, and their refusal to hand it over is essentially robbery, plain and simple.

Not a good sign of things to come - banks don't want to give up the loot to their rightful owners.

Dark days are coming.

That is a sure sign that things are definitely not yet on the mend as MSM keep reporting.

Legally, I don't think they have any right to retain funds, it's not their money.

Even in the UK when we had the run on banks a couple of years ago, they never brought in such rules to prevent a collapse. And there shouldn't be any. It's a capitalist market after all, the strong survive and the weak fail, its economic natural selection.

Or, at least that's how it should be.

There are lots of ways banks are stinging people and messing with their money.

Santander (Abbey, among others) has frozen my account three times in as many months for "suspicious activity". One regular payment or another will go out and they'll flag it as suspicious, and then hold everything until I call them and spend half an hour going through it on the phone with them.

I've been told they're doing this to thousands of customers at various times as a method of holding funds for profit. But I can't prove it.

They've also added an "International transaction fee", basically if you pay anything to a company outside the UK they charge a %.

Yeah, I'm closing my current account soon and moving to another bank!

My Credit Union has a $1,000 per day cash limit. My bank has a $5,000 per day cash limit. I found out it's a per day per branch limit, so you can take out the limit from multiple branches each day, and also take an additional $500 from the ATM each day. So if you have two branches in town, take the max from the two branches, and another $500 from the ATM.

Either institution will give you a cashiers check for the total, but the catch is the receiving bank will treat it as a personal check and hold it for 10 days. I found out by visiting a credit union that had another credit union inside their branch (yes that's odd). I had two managers, one from each credit union, in the branch telling me that a cashiers check from another branch would have to be on hold for 10 days just like a personal check.

reply to post by detachedindividual


Legally speaking a CD is a loan to a bank for one year... after that year they are obligated to furnish the total amount in a check or cash. Unless otherwise stated in a contract or it is not really a CD...

I don't even know who you would complain to though honestly... and if this is becoming the norm, people better start withdrawing cd's like madd... honestly the interest on a CD is such garbage you won't loose much by withdrawing after maturity.

Great post, star and flag.

I agree, don't give up. The bank sure wouldn't let your mom get away with that if the shoe were on the other foot. There should be laws against this but these are the new laws and they are against us.
This makes me furious

Please keep us updated.

Originally posted by saralee
They they would not let her withdraw over 5,000, new policy they said. They told her its a weekly limit. She had a fit and said I will close my account(shes a pistal) so the bank manager then said ok i will let you remove 5,000 per day for 1 week. I told her to close the account and get all her funds in cash. She said they would close her account but give her a cashiers check.

Many low end Checking and Savings Accounts (meaning if you don't have 6 or more zeroes at the end of your Balance, then you're low end) have a Daily and Weekly Maximum Cap for Withdraws. This is stated by Federal Law in your Terms of Service. In this particular case, Chase isn't doing anything different than any other Bank.

However, if you close your Account, and there are no outstanding checks and you have a positive Balance, then you can opt for Cash. Chase may attempt to insist on a Cashier's Check but this is what you do...

1.) Explain Cash is fine. If they start to print a Cashier Check, reiterate that perhaps you weren't clear enough, but you will *ONLY* accept Cash.

2.) When they tell you they can't do that, take their Business Card that is at the counter and as you put it in a binder ask them "Do you mind if I name you first on the lawsuit?"

3.) At this point the Branch Manager should get involved. Now you can negotiate. Do not accept anything less than the full amount owed, in Cash, within 72 hours (3 Business Days). After an agreement is arranged, ask for it in writing, along with the Branch Manager's Business Card (and if you conveniently mentioned that your lawyer asked you to get their Business Card, they are more likely to honor their written agreement).

4.) By law, they can take up to 72 hours to request the Cash from the nearest Regional Depository. Most Bank Branches have less than $40,000 in Cash in their Vaults, with the exception of the 1st, 5th, 15th, and 20th of each month. They will have to request a Funds Transfer from a Bank Depository in their Region that does have the Cash Reserves to handle the Account Closure. You also must show up to the Bank prior to 3 p.m. on the day that they have told you (in writing that they would have your cash) or they may make you wait until the next business day.

5.) Document everything! Because you may have to take it to Court...the reason being is that Chase is a Fee Based Bank. The majority of their profit comes entirely from Fees. They will *NOT* close your account permanently. They will use any excuse to reactivate your account to charge you more Fees and Penalties. At the time of closing the Account, demand a Statement showing that the Account is "CLOSED" and has a ZERO Balance.

6.) Do *NOT*, I repeat, do *NOT* deal with Chase Customer Service by phone or Chase Dispute Resolution. Only deal with a person at your Bank Branch. The reasons being is that people are less likely to blow you off and lie to you right to your face than they are on the phone and also because both Customer Service and Dispute Resolution at Chase are trained in how to be evasive and give you the Run-Around so that you can continue to accrue Fees and Penalties on your Account. They also will not give you their name or their supervisor. If for some reason you *MUST* speak to someone on the phone, alert them that this call is being recorded as per the request of legal counsel.

7.) If they do not provide you with Cash then contact your local Federal Reserve Branch or go to www.federalreserveconsumerhelp.gov... to file a complaint with the Federal Reserve. They will do the preliminary investigation and turn it over to the appropriate Governmental Agency who Federally Regulates them, which in the case of J.P. Morgan Chase, it would be the Office of the Comptroller of the Currency. Investigations can take up to 60 calendar days.

8.) While you are waiting to hear back from the Federal Reserve and the Office of the Comptroller of the Currency, shop for a lawyer for a Civil Suit. You can probably find a Class Action Lawyer who will take the case for a percentage of the awards in a ruling. When taking on the Banks, you don't have to have lots of money to hire a Lawyer. Lawyers are like sharks and can smell a bleeding Bank from miles away.

Hopefully it will never get that far, and your mother can walk away content as a clam by Step 4. Best of luck to you both.

[edit on 25-8-2009 by fraterormus]

This discussion makes me wonder how exactly we got to this stage where another private company has the power over our finances.

I mean, any one of us should be able to go into a bank and reclaim what is rightfully and legally ours, they should have absolutely no right to retain, control, invest, distribute, move or otherwise use our own money for anything without express permission to do so.

I assume we do give permission in the small print, but why is there seemingly no other alternative out there?

I should be able to go to a bank right now and demand my money, all of it, in whatever form I prefer. And they should have no right to say no or otherwise make things difficult.

Originally posted by detachedindividual
Even in the UK when we had the run on banks a couple of years ago, they never brought in such rules to prevent a collapse. And there shouldn't be any. It's a capitalist market after all, the strong survive and the weak fail, its economic natural selection.

What? have yo u been living under a rock? True capitalism died last year.

The bank, Chase or any other, should be allowed a 7 day advance warning for a large withdrawal. The branches do not keep cash on hand in large amounts, and will need to request it.

Also, any cash withdrawal at or over $10K will require, by law, that you fill out a Currency Transaction Report, a copy of which is forwarded to the Department of Homeland Security.

The banks often send out notices that have updates to the terms and conditions of any accounts, esp. interest bearing accts, and in that very fine print, these terms are usually listed.

I would schedule an appointment with the Branch Manager, no one else, and sit down with them and tell them that I wish to close the account, will it be 7 working days or 7 calendar days before my cash is ready for withdrawal?

Sign as many forms as are necessary right then and there with the Branch Manager, for the .gov and for closing your account.

Originally posted by orderedchaos
That's how they're staving off bank runs, limiting withdrawls.

I hope she doesn't give up on it. It's her money, after all, and their refusal to hand it over is essentially robbery, plain and simple.

Not a good sign of things to come - banks don't want to give up the loot to their rightful owners.

Dark days are coming.

Also keep in mind, like it happens in over 25+ other countries,
inflation is on the way.

You want to get your money in a currency that will endure the
collapse of the dollar, most will be effected.

Per this video silver will do the best they are projecting.

3 part video - explaining the coming hyperinflation

Good Luck to you all !

reply to post by saralee

Well there is not much cash in existence.

Only 3% of the federal reserve money supply exists as paper or coin.

97% is just numbers in a computer ( per Zeitgeist addendum )

They want to move us to a paperless RFID money society.

NAU and RFID monetary system

Where all your purchases are on RFID based cards at first, then
move to implanted chips.

OK, I called all my friends and asked them to check on there banks.They are all reporting 1,000 caps per day. Walmart is not cashing anything but government checks and the other day my friend was refused to use his b of a credit card at walmart.

I have been removing funds for a year now and am rural but i am going to drive in and try my bank.

Bank ATMs have always had a daily withdrawal limit, their excuse is possible fraud, etc.
But I have had a lot of money in 1 bank, and i have been able to walk in and ask for 10-25 thousand when i wanted it.
Of course that was awhile ago, but still, when you enter the bank you were always entitled to whatever amount your little heart desired. Of course, they would rather give it to you in the way of a certified check.

Banks just dont have any money right now and so they feel they have the right to ration it.

Of course my money is gone, so.......

Interesting thread to be sure and one to keep track of.

For me, I went to our local bank to withdraw $5k last week. (personal reasons - not closing the account though) I was given the cash requested, but it was suspicious eyes all around from behind the counter while doing so. I was also passed off to two other tellers in order to get my cash. Apparently, only certain tellers are authorized to dispense such "high" amounts of cash.

Good luck to the OP.

Many banks also report and/or record large withdrawls, even if it is under the limit of currency exchange laws. The Cap1 bank near my does this though they do not disclose the exact amount that causes this action.