Complaint Review: Chase Bank - Flower Mound Texas
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- Chase Bank www.chase.com Flower Mound, Texas U.S.A.
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Chase Bank Misc. Debit - Withdrawal to Another Account Flower Mound Texas
*Consumer Comment: He's right
*Consumer Comment: It's not illegal...
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On July 31, 2009 Chase Bank made an illegal withdrawal from my checking account in the amount of $407.71. It was designated as Misc. Debit - Withdrawal to Another Account. I did not find out until August 7, one week later when I received a letter from Chase informing that I had 3 insuffcient fund items. Those 3 items were paid but the acct was now overdrawn $256.33. By that time I had 2 more debits.
I had been a customer of Washinton Mutual for a number of years and Chase has recently acquired the assets of WAMU. My account automatically transfered to Chase.
When I went to a local Chase Bank, the branch manager waived the bank fees so that the acct was overdrawn only $122 +/-. The $407.71 was a collection from a 2005 BancOne account that the branch manager said was Perfectly Legal since Chase had bought BancOne's assets and debts.
I am still searching my home office area for the 2005 records from BancOne.
Legal Stealing??? Surely, J.P. Morgan/Chase has stepped way over the line.
So, do I just go to another bank and open a new acct? Or do I maintain my only bank account at Chase and hope and wait for restitution thru a class action law suit.
Now it is my understanding that to gain access to an account one must have the Pin number for the debit card, or the user name and password for the online acct access. Were my pin number, username and password STOLEN?
It seems perfectly clear that an Organized Crime occured. We can only hope that J.P. Morgan/Chase is held accountable and that wrong-doers are dealt with by the governing bodies and law enforcement branches.
Charles
Flower Mound, Texas
U.S.A.
This report was posted on Ripoff Report on 08/09/2009 10:27 AM and is a permanent record located here: https://www.ripoffreport.com/reports/chase-bank/flower-mound-texas-75028/chase-bank-misc-debit-withdrawal-to-another-account-flower-mound-texas-477847. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#2 Consumer Comment
He's right
AUTHOR: ReactorCore - (Canada)
SUBMITTED: Monday, August 10, 2009
Edgeman nailed it.
I've had this happen a couple of times, and yes, it IS a shock when they do it for the first time, but at least in my case, it saved me from NSF/OD fees on those couple of occasions, and it's not like the money the bank transferred internally was a huge burden in itself, it was just money I was laying aside for an emergency. Well, I guess it served it's purpose, didn't it?
One thing about my bank at the time, is that there was actually the alternative to ''opt out'' of such internal transfers if you wish, although you do so at your own peril if such a condition would arise that you need to cover one account with another again... You have to be watchful and on top of your accounts and know when you have to transfer funds to cover yourself.
The suggestion that banks, especially the really large ones, are engaging in some nefarious and outright illegal activity when it's merely part of the overall policy and how business is done under the terms and conditions is, quite simply, needless hysteria
#1 Consumer Comment
It's not illegal...
AUTHOR: Edgeman - (U.S.A.)
SUBMITTED: Sunday, August 09, 2009
Just addressing a couple of lines from the original report:
"On July 31, 2009 Chase Bank made an illegal withdrawal from my checking account in the amount of $407.71."
And:
"It seems perfectly clear that an Organized Crime occured. We can only hope that J.P. Morgan/Chase is held accountable and that wrong-doers are dealt with by the governing bodies and law enforcement branches."
What you are seeing is a clause that is known as the "Right To Offset" (or some similar language; check your account agreement).
This clause means that if you have a negative balance in one account, the bank can take the money from another account to offset that negative balance. I really hate this clause because people sometimes find themselves overdrawn due to the irresponsibility of a spouse or family member. Your PIN number wasn't stolen, the bank simply transferred the funds internally.
It sucks, no doubt about it but it is certainly legal and the government is okay with it.
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