Last Friday, I deposited a paycheck using mobile deposit, but now the funds won’t be available for another 8 days due to a 10-business-day hold. The bank said the funds haven’t been released by the other bank, which my employer is still confirming. My account was overdrawn by $100, which might be causing the hold, but it’s current now. The bank recommended having my employer void the check and deposit it in person since direct deposit isn’t an option.
What should I do, and is there a way for Chase to verify with my employer’s bank that the funds have been released?
To resolve the issue, have your employer void the check and issue a new one for in-person deposit, as recommended by your bank. Contact Chase to request expedited verification with your employer’s bank, though Chase may have limited ability to directly verify the release of funds. Meanwhile, monitor your account closely and keep it in good standing to prevent further complications. This approach should help in managing the hold and ensuring timely access to your funds.
Get in touch with your company or payroll department to find out if there are any issues on their end and to ensure that the check has been processed. Since they recommended voiding the check, inquire about getting a replacement or look into other ways to make the payment.
When I faced a similar issue with a check deposit and a hold on funds, I found that clear communication with both banks was crucial. I reached out to my bank, which helped expedite the process by verifying with the issuing bank that the funds were indeed released. They also suggested contacting the employer to ensure they confirmed the release of the funds. I then followed up with the employer to discuss alternative options like voiding the check and re-depositing it in person. It’s worth asking Chase if they can directly contact your employer’s bank for verification, as this can sometimes speed up the release of funds. Additionally, keeping track of all communications and getting written confirmations can help resolve the issue more efficiently.