Chase-good Example Of Bad Banking

Several months ago I started up an account with Chase, aka BankOne. All I wanted was a savings account but I let them talk me into getting both savings and checking since they said it came with overdraft protection which would send money from one account to another if needed. I questioned them on it and read the contract carefully to make sure I wasn't getting tricked. I signed up and they gave me an envelope on account info which I never got around to opening.

I ended up writing 3 checks. The first passed. The second didn't have enough money by a few dollars and they charged a $30 overdraft fee. Long story short, I ended up having a $6 negative balance in the checking account and though there was over $60 in the savings they wouldn't transfer any over to cover it and kept charging $5 a day for the checking. Apparently they don't have to tell you that overdraft doesn't cover fees, only original checks for sending money over. And the info wasn't in anything I signed or was told, it was in that rotten envelope I was given, which apparently is legal.

Because of that $6 negative amount in the checking (even though I had $60 in the savings and put in another $40 to the savings) it spiraled into a $300 debt that wiped out my savings and put me in debt. Then I had to pay off the debt, plus they refused to close the account for a few days until verifying it was closed, during which they continued to charge me $5 a day and a closing account fee.

Because of this, I probably won't even try banking for a while, and when I do, will stick only to savings accounts. In my time trying to submit an article to the Chicago Tribune on it I came across other articles by people angry at Chase as well.

My advice to you - Stay As Far Away As Possible From Chase/BankOne As You Can.

Also, be leery of anything offering you overdraft protection. It could be simple scam material.

i have a chase acount and have no problems with it ever. sounds to me it's YOUR mistake and not theirs. and sounds to me that you need to stop writing bad checks no matter WHAT they told you. don't ever write anything eover what you have in your account so you don't have to blame others for your own mistakes. be responsible and this would not have been an issue

now as a side note, i would have talked to them rational. i've dealt with this situation before with other people and the bank is usually willing to offest half the costs that occured over a misunderstanding in order to keep your business....probably hoping you write more bad checks so they can charge you an extra $200 but i woulda been professional about it and acted stupid and talked to a supervisor to view your whole month transactions and credit you rather than act overly emotional where they would rather not work with you

your post is overly emotional and subjective. again, i have a chase account and been making my payments on time and i have never run in to a problem like this. stop giving businesses a bad name because of your own mistakes

My "bad check" missed only by a few dollars. I don't think you know me very well though. Just because I write "emotional" in no way means I act it In fact, I'm one of the most rational, calm and collected people you'll ever meet, a guarantee I feel quite safe in making. I simply presented the matter and closed my account out, determining never to go there again, simple. Maybe I do have a problem of blaming and I'll look to it, but I'd kindly suggest you examine your own motivations for writing up that post.

Still, if you don't want to listen to me about the bank, that's fine with me. People always tend to learn hard lessons the best when it's personal experience for some reason.

Response to Joshua
Chase-good Example Of Bad Banking

You are very judgemental and now it is my turn to judge you. First, learn to spell! Secondly, learn to listen to what others are saying. Lastly, learn to see a different side than your own.

 

I personally feel that your are an uneducated moron! 

-reply by Brent

That's it.Just stick to a no frills savings account and make as few transactions
as possible. You'd be be better off hiding your money under a rock really.
The banks obviously can't be trusted and will jump on your mistakes
with glee.
Your mistakes are money to them and end up costing you.
They want you to make mistakes.

This is correct, Chase is just terrable. I overdrew by 3 dollars, knowingly when the last banker had set up my savings to be oberdraft protection. What that banker had failed to mention was it only works in $50 incraments. So the 3 dollars I overdrew wasnt covered and I got a $35 overdraft fee. Chase also has a way of keeping you in debt even after you climb out. If you'r accunt gets back into the positives for a day or so don't expect it to stay that way, expect a $25 "extended" overdraft fee in addition to the original fee that will some a few days after your in the positives. And what really kills me is the next banker I talked to said just put $20 in to get back into the positives, I did and the next day, without spending anything, I was back into negatives. Chase's fees are rediculous and their banker either lie or are totally incompitent. Funny thing is, this all started with an overdraft of $3, $3 turned into over $100 in fines when they had told me I had overdraft protection. -reply by K-slice

 

well, a couple years after i wrote a response about chase, i had a bad experience with them. my account with them has always been credit related(never savings or checking). i have had a chase credit card for about 5 years in good standing until they decided to raise my interest rates. now at first though, it almost looks like the crap they pulled with the over draft fees....and if anyone knows anything about banks, that's how they make their money. but they raised my interest from 7.99% to 23%! first of all, i feel that was totally unethical when i was making my payments ontime. secondly, they were not only charging that high rate on future purchases, but on my remaining balance which i had already spent thinking i was paying 7.99%

when i saw a bill come with the interest rate increase on my old balance, i called them up directly. turns out i had some negative item on my credit report they didn't like even though i was in good standing with them for 5 years. they said this negative report caused the interest rate increase. funny thing was that that negative item was on my account when they approved me for the card in the first place. i tried explaining things to them. usually banks are willing to give leeway and work with ya. chase NEVER gave an opening for any sort of compromise or understanding. i think it was a b.s. excuse they gave to raise interest rates. needless to say, i am a person of principles and after being on the phone with them for an hour, i decided to tell them to cancel my card and told them they aren't seeing another payment from me on a balance that was supposed to be 7.99%....EVER.....and just hung up. well. they are idiots. after being on the phone with them and explaining my intentions, they kept sending me emails wondering why i haven't made a payment. i told them i explained everything on the phone already. i wonder why they didn't have that information. anyway, i spent up the card, never made a payment, they eventually closed my account and i got some toys for my time. i figured....if i'm gonna have bad credit with them anyway, i might as well make my time with them running me around like an idiot worth while.

anyway, screw chase bank. they are an unethical company that tried to scam me out of money. what would have been fair would have been to charge me an increased interest rate on any FUTURE purchases. therefore, i would have the choice to cancel my account at that time knowing i would NEVER pay over 10% interest on ANY credit card or loan. don't do business with chase bank if you can help it. i have had better experiences with other banks. and funny thing is, the smaller the bank, the better. when you are dealing with the bigger franchise banks, you are dealing with strict franchise rules and regulations. smaller banks are actually VERY willing to work with you.

I have nothing really good or bad to say about Chase, and this is just a personal anecdote, but when I tried to apply for a checking account three years ago with them, they seriously refused me on the grounds that I had no credit. Mind you, this was with 1,500 dollars cash in hand... I was led to a desk where one of the bank managers gave me a formal interview(??) and then proceeded with a credit check which he then told me was insufficient to open an account with them... Like what was that?

I have never had that sort of issue at any other bank; opening a checking account is just a matter of talking with the teller and little more. I can't imagine why anyone would require "credit" to utilize a simple account that pulls on their money alone, but what do I know? Chase as a business was swallowed up by the competitor banks where I lived at the time, so maybe it just had to do with that particular region.

In any case, I can wholly recommend credit unions as I've never had problems with them issuing overdraft fees or even allowing an overdraft to occur in the first place. Unlike Chase and other banks, they sometimes have fines for leaving a low balance (usually underneath 50 or so), but otherwise they give you exceptional treatment and terms of service.

chase to expensive for my budget!
Chase-good Example Of Bad Banking

I too am on your side. I too have been greatly dissastified with Chase/Bank one. The lure for me was get 100.00's free opening an acct. With chase. STOP BANKING AT CHASE BANK! ALIAS BANK ONE.

Well that 100.00 has been the most plaqued thing I've ever done! The exhorbant amount of overdraft fees for, just as you said being overdrawn by a coulple bucks! Then when I took the time to personally go in and talk with a banker "they're hands were tied". They can't do a thing about the chase credit card acct. (chase freedon) I have to separtley talk to them.  Interestingly I could open my saving acct and open a credit line for over draft protection right there with them! Ok try and call the chase freedom acct. I dare you! Not surprising "they're hands are tied also".  Chase has no regards to being personable to their customers.  They hid behind their written policies...No different that the Pharises of Jesus day!

I will pay my accts with them and never again bank with them.  Small town banks are the way to go...Customers still matter and their panics and imperfect mistakes are forgiven and people will be loyal to that treatment.  I hope everyone will pull their money out of chase bank!  Then let them see who really keeps their business going.  I say hurt them where it counts!Stop banking at CHASE BANK/BANK ONE,  THE MACHINE MADE OF METAL LACKING ANY HUMAN EMOTION.

-reply by sheila

overdraft fee
Chase-good Example Of Bad Banking

While on vacation, Chase lowered my  credit limit to less than I had already charged.  I received a letter dated July 15, 2009 (on 7/23) and on July 16th there was an overdraft fee of $39.00 in my account.

No way you can convince me they are in financial trouble...They have access to all kinds of money acting like this.

-reply by Patricia Dillon