CHASE WAMU FEE for going over withdrawal "limit" for MY savings account. Internet

..due to the new regulations. The bottom line is many do not understand that a bank is a for profit "business", and assume that they are in some way on our side.

Now correct, if the purpose of a bank is fair lending, backed and insured by the FDIC, is able to receive tax payer bailouts in the form of tarp funds, that one would assume they are to be held to higher standards then a TV infomercial.

But they are not idiots, quite the contrary. Only problem for them is that they skated the line too long, eventually crossed the line, and got caught.

The "big"banks have been fleecing their designated predatory targets (the very young, financially struggling during a recession with some of the highest unemployment statistics in recorded history,  elderly, servicemen and woman, veterans, the disabled and others on fixed incomes etc) to the tune of 40 billion dollars in 09 alone according to the FDIC report. These are all due to fees that involve overdrafting the account with a check card.. (aka) debit card.

In effect what they did, is encourage customer to sign up for direct deposit, and to depend on online banking as a great way to manage the account. They used antiquated policies designed to "protect" large CHECK payments such as a mortgage payment, and applied them to customers who are using this debit card, with the banks encouragement, for everyday purchases like gas and lunch and groceries etc.

Then, they use these same antiquated policies designed to "protect" large CHECK transactions such as a mortgage, and use these policies in a way that causes excessive fees to be applied, even to transactions that has the funds during the time if the transaction (aka the proverbial $35.00 cup of coffee), and used these policies as justification to charge $35.00 for a cup of coffee purchase even though it is in no way possible to assume this is a mortgage payment, nor anyway to assume or justify the customer would have wanted this transaction approved even if it were to be the mortgage payment was only a buck fifty..since regardless..they covered ALL the transactions alike, smaller or larger.

And how they "cinched" this process or "scam" is by automatically enrolling EVERY SINGLE customer into overdraft protection on the debit card, whether they wanted it or not. One of the regulations in effect, is that it now prevent any bank or financial institution from automatically enrolling every customer into this type of overdraft coverage (essentially was a short term loan at thousands of percent interest rate), unless the customer knowingly and willingly signs up for it, and all terms are ethically, fairly disclosed.

How the banks are combating this, is by sending notices stating like a "warning" that debit card transactions will now be declined. I noticed the other day after I made a deposit, that on the bottom of the deposit receipt is printed and I quote verbatim "AVOID HAVING YOUR DEBIT CARD DECLINED...Speak with a banker today".

When I read this at first my heart dropped, I though I had overdrafted or my card was declined for something i was unaware of..but then it hit me..this is EXACTLY what these low life SCUMBAGS are resorting to...scare tactics. YES...these EVIL greedy scumbags are now trying with EVIL INTENT (malice), to SCARE customers into signing up for overdraft coverage on their debit cards.

And why would they RESORT to this? 40 BILLION reason perhaps? Look at the FDIC report and statistics. Ask yourself why have these fees increased 100% in just a few short years. What has changed? Have after HUNDREDS of years, maybe thousands of years of banking, customers suddenly decided to be irresponsible in the last 4-5 years and overdraft..and not want to pay the fees...or did something else change? What does COMMON sense and observation really expose here? Need I have to explain more? What they will do next now that these regulations WILL hurt them where it counts, and judging by this report...it seems obvious..they have fleeced this sector as much as they could...are trying to find ways including scare tactics to "legally" continue this..and are NOW going to attack SAVINGS account holders as well, and as is quite apparent by this, and other similar recent reports.

I am amazed in the unmitigated arrogance of the reply of the bank representative! I started with a card that had a good motivation behind it - that credit I used would then go to a cause that I agreed to be important. I also wanted to take away the debt of a higher interest credit card. I was only offered a $500 credit possibility. Then the bank changed as did the terms of credit and the rate shot up to near 30%, and during this time I had some debt issues to battle. During this time I contacted the bank and kept up with my payments. At the end of the year I reviewed my records and found that CHASE had taken $250 in fees for a $500 credit loan! I was able to pay something each month even though the bank may not have thought it was enough, yet it was all I could afford. I did catch up and closed the account ASAP. This is not a bank this is another part of the EVIL EMPIRE that wishes to not just make a profit on OUR money, but to also tread on our faces when we are down and out. In the film MAXED OUT it is demonstrated that this attack of the weakest and most poor to not only be intentional but the banks greatest source of income. I wonder what happened with the idea that banks must offer something to its customers and give back to the community?  They deny money to those that allow the bank to exist in the first place. My suggestion is to contact a small and struggling bank in your area and then withdraw all money from these jerks. The small banks will be hit hard by the new regulations and this bank will not be affected too much SMALL PEOPLE UNITE AND WITDRAW YOUR MONEY FROM THIS CASH COW!!!!

with any of the publicly held banks in America, correct?

dig around online and find the terms that have allowed or made it easy for the bank to rip you off.

Reg d only says if you exceed the number of these ach transactions using your savings account that the transaction can be declined, or the bank will switch you to a checking account.

I can understand that without digging around online for a regulation that was put into place well before everyone had internet access and conducted online banking, but any fees due to this was a calculated decision of the banks..and seems banks have different "rules" or ways they deal with the regulation..not so black and white.

Some follow reg d to the letter, decline transactions and convert to checking. Some limit the transactions to 3 or 4 where reg d limits to 6. again, this is just ANOTHER way the banks are exploiting regulations, and their customers. Nothing new but good to expose it so others don't get screwed as well.

So Edgeman is correct that the Feds put the rule in place, but was the intent of this rule really supposed to be an INTENTIONAL device for the banks to collect more fees? I think not. Just like with the debit card auto enroll/re-sequence/statement manipulation game, this is another way to do the same with a savings account..thrive off the fact that many do not understand the implications or read the contract and fully understand the terms and all federal regulations when joining the bank, and errors. Taking advantage of everything these banks, are they that desperate? Do you remember when you signed up with the bank if they suggested you review the contract with a lawyer before signing?

Perhaps the banks are well aware of the chance they could lose a few billion if a percentage of their customers were not deceived in some way?

Read this page for details:

http://www.ehow.com/facts_5114778_regulation-savings-account-fees.html

..who lodged the similar report. Except on this report, we get the truth that it was the BANK charging this fee and not the Feds.

I also see you live in NoHo,,so do I..you using the Chase by Magnolia and Vineland? That is my branch if so.

I only use that bank for a checking account, and ONLY use the debit card..checks are antiquated and evil, I don't go near them. Any they send me are destroyed.

I guess you were with them back when they were Wamu? I joined them just as they changed over and I remember all the complaints because Chases debit card policies sucked compared to Wamus. So Chase decided to stop auto enrolling and re-sequencing debit card transactions even before the law forced them to, and before the current lawsuits prove these banks were conducting criminal activity. And now this??? Whats will they come up with next? Guess they want new lawsuits before the current ones are concluded?

Are you the same person? I am starting to wonder if this is a new rip off by the banks to make up for the fact that they can no longer automatically enroll customers in overdraft coverage on their debit cards (ACH excluded). This law change is going to cost them a hefty sum of potential profit.

So...this may be part of the new plan..attack the savings accounts. Seems that way if this report is accurate.

Here is your way around this. Screw the bank. STOP using your savings account for everyday purchases. Get a checking account debit card, make sure not to sign up for overdraft coverage. Then as long as you do not bounce any checks or electronic payments, a mistake will not cost you a dime..the transaction will simply be declined at POS or an ATM withdrawal and the account will also be better protected from unknown unauthorized holds and charges.

I have had one gas station hold 75 dollars overnight, a rent a car place charge 300 bucks 28 days early, and a restaurant hold 50 dollars for a week..all this was done without my knowledge, or consent. If you are not opted in to OD protection..these types of transactions will not go through if the account can not cover it, and if they do at least you are safe from fees. If the card is overdrafting the transactions will be declined giving you ample time to figure out why without it costing you a week or 2 of paychecks from bank fees, and then having the bank either tell you it's all your fault, or tell you there is nothing they can do. And that is how the banks have been handling this, which is why the laws NEEDED to be changed.

See page 5 of your account agreement. Here's a link:

https://apply.chase.com/oao/DisclosureRetriever.aspx?DI=aHR0cDovL2FwcGNvbnRlbnQuYmFua29uZS5uZXQvUlNJL0RlcG9zaXQvU1dfUlJfRU5HLmZkZg==

It plainly states that you are limited to 6 withdrawals per month from your savings account.

"Neither Chase or any other bank or the private corporation know as the "Federal" Reserve have a right to tell me how many times I can access my account"

If you want a bank account then you abide by their terms and conditions. If you find the conditions to be unacceptable, you don't open the account.

"or for that matter DIP into my account and STEAL my money."

You have effectively donated the money.

"This has got to stop. You're next"

You can stop playing by their rules at any time by not having a bank account. What do you mean by "you're next"? Every single one of us with bank accounts in the United States are already bound by the same regulation.

As for not using your checking account for purchases, you can avoid overdrafts by simply staying within your available balance or by not using Chase's overdraft protection program. You now have to opt in to that service which means you can use your account without bothering to keep track of your balance and they will deny (in most instances) transactions that will result in a negative balance.