My renter claims to have gotten a cashier's check for $74,010.00 for an account that BofA closed. She deposited it into her Chase account six business days ago, and claims that Chase would not give her any funds because she is eighteen, and the account has had no activity on it since it was opened. Chase says that they are at the mercy of BofA and it is up to them to release the funds into her Chase account. Shouldn't the cashier's check have cleared the clearinghouse by now?
It appears that Chase is concerned that the BofA cashier's check might not be paid, and your renter should have received a notice to that effect. If the check was actually deposited, Chase should release its hold on the funds by the seventh business day (one week and two days) after the date of deposit. Your tenant's age shouldn't have anything to do with the availability of the deposit, unless Chase wonders whether at such a young age her receipt of a large cashier's check is suspicious.
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It appears that Chase is concerned that the BofA cashier's check might not be paid, and your renter should have received a notice to that effect. If the check was actually deposited, Chase should release its hold on the funds by the seventh business day (one week and two days) after the date of deposit. Your tenant's age shouldn't have anything to do with the availability of the deposit, unless Chase wonders whether at such a young age her receipt of a large cashier's check is suspicious.
