Customer opens an account June 3 with a bill payment check from Chase Bank (made payable to our customer but memo says for my wife and a different name, that was caught when we opened the account). We did place a new account hold. After 9 days funds become available. On June 13 we receive 2 wires for our customers totaling $7500 same thing memo says for my wife and a different name then our account holder. This time we catch it and question our customer she states it’s for her daughter from the daughters fiancé for moving expenses. We ask her to bring the daughter with her to the bank she says she can’t cause the daughter is innChicago with the finance. After many attempts June 24th we reach someone with Chase that is hearing our concerns and once she looks at the account at Chase she is concerned with it and opens an investigation. Since then chase has recalled one of the wires and is still investigating the account. My question is how long do we have to hold these funds, we may already be out of compliance but is there a deadline when investigating for fraud or scam purposes?

since it appears all the fraud is coming from Chase payment methods, contact Chase, elevate your levels of concern, ask if they will provide a letter indemnification so you can return the funds. if they do, return the funds and close the account. if they won't, release the funds and close the account.

and if you caught that the names did not match when you opened the account, why was the deposit allowed? Seems there needs to be some training in your branches.