Chase has taken over Washington Mutual’s banking accounts, but is apparently not too swift itself in posting deposits to the right accounts.
The other day I prepared a deposit slip and endorsed company checks all for account #1. However, when the deposit envelope was put into the ATM, I accidentally used a personal account #2 ATM card.
Chase deposited the checks into account #2 – even though the deposit slip, account number endorsed on the back of the checks, and the PAYEE for the checks were all for a different company name and with bank account #1.
I guess it doesn’t matter who the payee of a check is, how the check is endorsed, or what bank issued deposit slip you use. All irrelevant. All that matters is whose ATM card is used to make the deposit. Scary.
Sure, it was my ATM mistake. But it highlights an easy way a thief could steal your checks and deposit them into their Chase account.