Chase bank hold memo dr?

Hi, I’m a bit confused with this situation. My aunt transferred 7,500 she owed me, from her Chase saving acct. to my Chase checking acct. on Friday. I checked online and the money was there, so I went to the ATM and withdrew $500 to finish some Christmas shopping. But now I look online and the amount is in negative (-350) and right next to it says “hold memo dr.” Is this normal? I thought that online transactions were faster and right away. Why was I able to take money out and now I can’t?


A little unusual. I would bet that their security department has interceded due to the large transfer from one persons savings to anthers checking. Call Case’s 24/7 customer service number on the back of your card, or on your statement.


Hold Memo Dr Chase Account

Deposits are processed at the end of the business day. Therefore, only a memo is placed into your records to show that there is a pending deposit. Since your account balances are so low, the bank isn’t going to release the money to you until the validity of the funds have been verified, including cash deposits. They have to verify that the cash is not counterfeit. They have to verify that the check is good.

I do online transfers all the time.
You STILL have to wait for the transactions to completely clear before you can use the funds.
You may have looked at available balance instead of clear or collected.

It could also be that she made the transfer, but did not have sufficient funds in her account to handle the transfer….

Athena Estudy

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