Q: Can chase hold your funds for 1 year or more
Chase bank hold my funds of $422,140.91 and they have said the need verification From the send they have reached out to the send and reached out the senders bank which tpg it’s almost one year now and they said they are still investigating and when I called tpg they said they funds had been sent and they can’t do anything they can’t also recall the funds it’s going to be 1 year next month and haven’t gotten a good response from chase
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A:
Chase can sometimes hold funds if there are concerns about verification, suspicious activity, or compliance with banking regulations, but holding funds for almost a year is uncommon. It sounds like they are having difficulty verifying the transaction with the sender and the sender’s bank, which is causing this prolonged delay.
Given that both Chase and TPG have been contacted but no resolution has been reached, it may be time to escalate the matter. You can request a formal, written explanation from Chase outlining why the investigation is taking so long. You might also consider filing a complaint with the Consumer Financial Protection Bureau (CFPB) or another relevant banking authority to push for a resolution.
In parallel, you could consult legal counsel to explore additional options. A formal inquiry from a third-party authority or legal professional could help speed up the investigation or provide clarity on what can be done. It’s important to act now, especially as the year mark is approaching.
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