• Report: #507772

Complaint Review: CHASE

  • Submitted: Sun, October 11, 2009
  • Updated: Sun, October 18, 2009

  • Reported By: Ben — Somewhere Georgia U.S.A.
CHASE
1250 Tech Dr # 400 Norcross, Georgia United States of America
  • Phone:
  • Web:
  • Category: Banks

CHASE Washington Mutual, Overdraft fees forced me to close my business and personal checking accounts, Norcross, Georgia

*Author of original report: Clarification and Response

*Consumer Comment: I used to have an account with them

*Consumer Comment: Overdrafting is NOT stealing...period.

*Consumer Comment: Overdrafting is NOT stealing...period.

*General Comment: Why do you think that you are so special...?

*Consumer Comment: When the Federal Reserve & the Treasury demand $700 BILLION in TAXPAYER'S money it isn't considered 'stealing', right? But when a customer 'OVERDRAFTS', it's considered by some to be....

*General Comment: Ben, you should not run a business, you cannot overdraft, that is stealing

*Consumer Comment: you're in the wrong

*Consumer Comment: Good...

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I opened a personal checking account with Chase when it was still Washington Mutual.  I also opened a business checking account.  Recently I overdrew my account by less than $3 and they hit me with a $34.00 overdraft fee.  I went to the branch and spoke with the manager, who said he would remove the fee out of his own "courtesy."  I told him I didn't care why he removed it, just that I wanted it gone.  He removed the fee.  A couple weeks later, my account overdrew again by a whopping $1.52.  Again, I got hit with a $34.00 fee.  I read an article in the NY Times that Chase was going to stop charging overdraft fees in Q1 2010.  I emailed Chase asking why they didn't just go ahead and stop charging the fees now, seeing as they obviously know it's costing them customers.  I got the standard copy and paste answer.  Below is the email chain, where you can tell that the responses are copied and pasted:

---
"Thank you for contacting Chase.

We apologize for any inconvenience that you may be
experiencing due to the insufficient funds fees assessed
to your account.

Our records indicate that your beginning day balance on
10/01/2009 was $58.71. The following transactions were
presented on this date:

WM Supercenter in the amount of $38.22, x in
the amount of $19.98, and x in the amount of $2.03.

At the end of the business day, your account was overdrawn
by $1.52. Your direct deposit in the amount of $3.74 was
not credited to your account until 10/02/2009. As a
result, your account incurred an insufficient funds fee in
the amount of $34.00.

Please keep in mind, when a transaction overdraws your
account, you must make a cash deposit, direct deposit or
electronic funds transfer on the same business day and
before the cut-off time to prevent insufficient fund fees.


We understand your frustration regarding the assessment of
insufficient funds fees to your account. Regrettably, as
previous courtesy adjustments exist in your account we are
unable to absorb the fee. Please accept our apology for
any inconvenience this matter has caused.

We offer many tools to help you manage your account
including; personalized alerts, a large ATM network for
balance inquiries, Chase Mobile text messages, 24
automated telephone phone and Chase.com.

If you require further assistance, please e-mail us via
the Secure Message Center or contact Chase By Phone at
1-800-935-9935. Chase By Phone representatives are
available to assist you 7:00 AM - 9:00 PM, seven days a
week with automated account information available 24-hours
a day.

Thank you,


Gemmelyne Elid
Internet Service Center
"
---

I then told them I would be closing my accounts if they didn't remove the fee.  Here is the reply:

---
Thank you for contacting Chase.

The changes on Chase's overdraft policies will not be
implemented until the first quarter of 2010. As of this
time, we still follow the one time courtesy refund policy
that Chase is implementing.

We understand that insufficient funds fees are
inconvenient and difficult to deal with; however, our
records show that previous courtesy refunds have already
provided in the last twelve months and we are unable to
absorb anymore at this time. You are eligible for a
courtesy refund once every 12-month rolling period.

In order to avoid negative balances in the future, you
might be interested in setting up an overdraft protection.
For overdraft protection, you can use a savings account,
credit card or a line of credit. Whenever your checking
account will be overdrawn, there will be an automatic
transfer of funds to your checking in an increment of
$50.00 to cover the overdraft. If the balance in the
protection account is less than $50.00, the transfer will
still occur to cover as many transactions as possible.
There is no monthly fee for overdraft protection; however,
there is a transfer fee of $10.00 one time per day each
day an automatic transfer is made.

We also encourage you to take advantage of the solutions
we offer for managing your accounts. We have provided
details below for you:

FREE CHASE MOBILE - Gives you instant access to your
balance. If you are not sure if you have enough money to
make a purchase, just text us and we will text you back
your available balance. Simply text BAL to CHASE (24273).
Enroll right now at Chase.com/Mobile.

FREE ALERTS- If your account dips below your cushion we
automatically call you or send you an e-mail. Enroll in
Chase Alerts at Chase.com/freealerts.

Your relationship means a lot to us, and we hope these
options will be helpful. We promise to keep looking for
ways to make things better and easier for you.

We are sorry you have decided to close your account with
us. Chase offers many account options and we may have one
that will better meet your needs. You can find more
information on the variety of accounts we offer by
visiting our website at www.Chase.com, visiting a Chase
branch, or calling a Telephone Representative.

If you require further assistance, please e-mail us via
the Secure Message Center or contact Chase By Phone at
1-800-935-9935. Chase By Phone representatives are
available to assist you 7:00 AM - 9:00 PM, seven days a
week with automated account information available 24-hours
a day.

Thank you,


Mark Jason O Rivera
Internet Service Center"
---

I will no longer do business with any banks that take such a stubborn policy on removing overdraft fees.  Unfortunately for Chase, I will no longer be their customer by the time they get around to changing their policy.

This report was posted on Ripoff Report on 10/11/2009 06:11 PM and is a permanent record located here: http://www.ripoffreport.com/r/CHASE/Norcross-Georgia-/CHASE-Washington-Mutual-Overdraft-fees-forced-me-to-close-my-business-and-personal-checki-507772. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
1Author 8Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

Clarification and Response

AUTHOR: B - (U.S.A.)

I wanted to respond to some of the comments here and also clarify a few things.

First, the account I overdrafted is NOT a business account.  It is a personal checking account.  I do have a business checking account with Chase which has funds and has never been overdrawn.

Second, I did NOT continue to make charges on the account after the balance went negative.  I had planned to deposit more into the account to cover the original transaction ($1.52) which caused the first overdraft.  But when I saw that Chase hit me with a $34.00 fee, I quickly changed my mind.

Finally, Chase continued to allow transactions to be presented for payment even though the account was negative.  Rather than declining the transactions as they should have, they instead honored them and hit me with a ridiculous $34.00 fee.

Certainly Chase has the right to charge whatever fees they want for whatever reasons they want, but I also have the right not do business with them.

By the way, Chase has never been my primary bank.  I have been doing business with another bank for years and they have been fantastic.  I just decided to try out Chase to see if they were any good.  I got my answer: they are terrible, and now I'm done with them for good.
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#2 Consumer Comment

I used to have an account with them

AUTHOR: Steph - (USA)

I used to have a checking account with them when they were WAMU but when chase took them over I had nothing but problems with them. I got tired of the BS so I closed my account with them and went to Regions. I never had a problem with Regions but if they have branches were you are @ I would recommend them .

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#3 Consumer Comment

Overdrafting is NOT stealing...period.

AUTHOR: Ronny g - (USA)

And anyone who states that or believes it..is more ignorant then a customer who overdrafted twice.

Now I can not come to the defense of a bank customer who overdrafted twice..unless it was done without malice or intent..but if anyone thinks an overdraft caused by a customer is stealing or a crime..is directing the charge to the wrong party..and I will explain briefly..

I think just about every bank out there automatically enrolls every single customer in a "service" they provide so deceptively called "courtesy overdraft protection". A few banks actually make the service mandatory..the customer has no choice to opt out (that will be changing very soon with most, if not all banks). In it's very name..it implies that not only are overdrafts permitted (the bank technically considers overdrafts as "pre-authorized" if the customer is enrolled in the service). but as a "courtesy" the bank will cover an overdraft..and accordingly charge a fee. They can not by law call it a loan..because then they would have to post the interest rate..which generally ranges from 1000% to above 3000% depending on the amount, and time in which a deposit is made to cover the overdraft. But in every other sense of the word..it IS a short term loan..otherwise they would not cover the overdraft..how can you "lend" someone money they don't have..charge a fee for it..and not consider it a loan? Remember..that there is a FEE..it is not a fine or penalty for a crime. It is a fee paid for a service provided..plain and simple..no debate or rebut necessary...live and learn.

Now.. on the other hand, IF overdrafting was considered stealing..and stealing is a crime..would this not make the bank an accessory to a crime if they encourage and permit it? I think I made my point regarding this topic, how could even the best bank defender rebut that? Try if you are up to the challenge..but you can't deny everything I stated is obvious fact..and any rebuttal or debate will be expeditiously and effortlessly debunked.

It's one thing to come here to post a rebuttal..or offer any suggestions to help the customer..but the nastiness of some of these replies makes me sick. What kind of sadists come here just to kick someone when they are down? Just because you are so perfect and know more then anyone else about banking..and never make a mistake..or were mislead or deceived by a policy you did not understand..does not mean you should belittle others.

Someone comes here to post a report because they feel they were ripped off. They are already upset and at a financial loss. and most likely angry. So what good is it doing to call the poster names and to belittle them? What good does it do?  Some of you seem to derive pleasure out of making others feel bad..there must be a name for that type of person..but I can only assume they were bullied or picked on as a child..or had mean abusive parents or a lousy upbringing so they come here to deal with their inferiority complex by kicking someone when they are down, And hide behind their computer screen..wow what courage, conviction and honor there is in that...
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#4 Consumer Comment

Overdrafting is NOT stealing...period.

AUTHOR: Ronny g - (USA)

And anyone who states that or believes it..is more ignorant then a customer who overdrafted twice.

Now I can not come to the defense of a bank customer who overdrafted twice..unless it was done without malice or intent..but if anyone thinks an overdraft caused by a customer is stealing or a crime..is directing the charge to the wrong party..and I will explain briefly..

I think just about every bank out there automatically enrolls every single customer in a "service" they provide so deceptively called "courtesy overdraft protection". A few banks actually make the service mandatory..the customer has no choice to opt out (that will be changing very soon with most, if not all banks). In it's very name..it implies that not only are overdrafts permitted (the bank technically considers overdrafts as "pre-authorized" if the customer is enrolled in the service). but as a "courtesy" the bank will cover an overdraft..and accordingly charge a fee. They can not by law call it a loan..because then they would have to post the interest rate..which generally ranges from 1000% to above 3000% depending on the amount, and time in which a deposit is made to cover the overdraft. But in every other sense of the word..it IS a short term loan..otherwise they would not cover the overdraft..how can you "lend" someone money they don't have..charge a fee for it..and not consider it a loan? Remember..that there is a FEE..it is not a fine or penalty for a crime. It is a fee paid for a service provided..plain and simple..no debate or rebut necessary...live and learn.

Now..if on the other hand an overdrafting was considered stealing..and stealing is a crime..would this not make the bank an accessory to a crime if they encourage and permit it?

It's one thing to come here to post a rebuttal..or offer any suggestions to help the customer..but the nastiness of some of these replies makes me sick. What kind of sadists come here just to kick someone when they are down? Just because you are so perfect and know more then anyone else about banking..and never make a mistake..or were mislead or deceived by a policy you did not understand..does not mean you should belittle others.

Someone comes here to post a report because they feel they were ripped off. They are already upset and at a financial loss. and most likely angry. So what good is it doing to call the poster names and to belittle them? What good does it do?  Some of you seem to derive pleasure out of making others feel bad..there must be a name for that type of person..but I can only assume they were bullied or picked on as a child..or had mean abusive parents or a lousy upbringing so they come here to deal with their inferiority complex by kicking someone when they are down, And hide behind their computer screen..wow what courage, conviction and honor there is in that...
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#5 General Comment

Why do you think that you are so special...?

AUTHOR: Edgeman - (U.S.A.)

Let me get this straight:

You overdraft your account and they charge you a single overdraft fee per the agreement that you signed. You go in there with an attitude as evidenced by this line:

I told him I didn't care why he removed it, just that I wanted it gone.


The manager removes the fee and you go and overdraft your account again. When the bank charges you an overdraft fee per the agreement that you signed, you get another attitude and expect the fee to be removed. When the bank does not comply, you want to go to a new bank which is akin to a little boy taking his ball and going home when he isn't winning the game.

Why do you feel that you shouldn't be charged an overdraft fee when you overdraft your account? If you feel that a $34 overdraft fee is too much, then why did you sign the account agreement? Somehow, I doubt that Chase will miss you and I think that you'll continue to have problems with your new bank(s).
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"STEALING", right?


'Google' this- INSIDE THE MELTDOWN, and watch that Frontline documentary on the web. It's interesting that well over $100 BILLION in TAXPAYER'S money went into AIG alone, correct? Now 'Google' this- FIVE FORMER INSURANCE EXECS FOUND GUILTY OF FRAUD, and read about which Insurance Comapny was named in that article! Pay attention to the DATE of that article too. I'll give everyone a hint which Insurance Company is was. It starts with- "A"



WELCOME TO AMERICA- IN FRAUD WE TRUST!
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#7 General Comment

Ben, you should not run a business, you cannot overdraft, that is stealing

AUTHOR: IamGood - (USA)

Ben:

First, you overdrew your account, not once, but twice.  Why are you not able to better manage your affairs?  Second, i read where you had a direct deposit of 3.42? 

Is your business not doing well? 

I would close your business, and go back to working for someone else!!!!

 

 

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#8 Consumer Comment

you're in the wrong

AUTHOR: Lilybelle - (U.S.A.)

You overdrew once and they removed the fee. You did it again, and this time they didn't remove it. They did you a favor the first time, not re-write the rules for you. No rip-off here.
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#9 Consumer Comment

Good...

AUTHOR: Robert - (U.S.A.)

You don't like the policy of a bank you did what everyone should do..move your account.  However, don't think that other banks would treat you any differently.  Sure you may find a few that would have removed the fee the second time, maybe even a 3rd time.  But it does not matter what bank(or credit union) you go to eventually they will put a stop to the "courtesy" of removing the overdraft fee.

You didn't say how you overdrafted so I will just figure that you are keeping track of your spending through something such as a register and made some sort of "mistake".  Also, don't use the "they are going to stop OD fees" as an excuse because that was only on balances under $5(or $10??).  So if you "think" you have that extra money to play with don't fall into the pattern of thinking you can overdraft.  Because if you made a mistake and went negative by a few dollars.  It is just as easy to make the same mistake and go negative by $10-$20 if you "think" you have a few dollars to "play" with.

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