Complaint Review: Chase Bank - JP Morgan

I agree with what the others posted..except I will take it a step further.

The bank wants you to overdraft. because if you do...not only will you be subject to a heavy overdraft fee..but they will re-sequence transactions and manipulate the account as to pile on as many ADDITION fees as the creative accounting process will provide. And they would not care less if it wipes you out and leaves you in the street..they would NOT care less.

Now some banks and bank "defenders" will have you believe it is the merchants fault...hogwash. Electronic transactions happen at almost the speed of light. Any time your card is swiped the bank knows about it..and there are no "holds" that the merchants do that the bank is unaware of. Everything the bank is doing is to promote overdrafting...and can you blame them?? They are getting away with fleecing the American consumer out of BILLIONS with these additional fees. Nice way to thank the taxpayers for the bailout..right?

Did you know that it is technically illegal for a bank not to process withdrawals first. But they get around this by having a "2-3 day waiting period" for deposits. Why does this matter? Because of electronic checking. You may not realize it, but when you write a check these days, it doesn't work like it did in the past. The check information is entered into a computer, and is immediately sent to your bank. It doesn't take two or three days for the check to find its way through the bank's "systems" before someone enters the information. By the time you bag your groceries, the bank already has the check in electronic form.

Why does this matter? In the first place, it belies the notion that various transactions come in at different times of day and therefore it's OK that the check you wrote at 9am is processed after the one you wrote at 2pm. In the second, think about what this means. The bank can instantaneously take money out of your account, without running it through a clearing process, but the check that you deposit to the bank, despite being entered into their systems right away, takes "2-3 days to process."

It's frankly a load of bunk. If the bank wanted to it could process the deposit check immediately by electronically sending the check to the bank of whoever wrote it, just like the grocery store does with your check. But, it's not in the bank's best interest to do that, because then your deposit would cover transactions that they could otherwise charge you NSF fees for.

As well..it is alleged that some banks, are in violation of 12 U.S.C. 4303(b)(1) for their failure to disclose that the condition precedent of a pre-existing overdraft could cause the assessment of additional overdraft fees.  Instead, the banks have been lying to consumers that the condition precedent was insufficient funds.

  {The true reason why you were assessed the additional overdraft fees that you did NOT cause is because you actually had a pre-existing overdraft in your account that the bank used to manipulate your account to create additional overdraft fees by a creative accounting practice}.

{The bank then falsely accused you of being at fault for the additional overdrafts you didnt cause by lying to you about having insufficient funds in your account.  In fact, without the pre-existing overdraft(s) in your account (condition precedent), it would have been IMPOSSIBLE for the banks creative accounting practice to have assessed additional overdraft fees against you that you did not create}.

{That is why the bank engages in tactics to make you overdraft your account. For example, the bank will not immediately post your correct available balance or the bank will drop a hold on your account to only apply it later to make you believe you have more available funds in your account then you do. The bank will also split two pre-existing overdrafts created on the same date so it can create additional overdraft fees on two different posting dates instead of one}.

all banks are the same.  Whichever bank you move to - it will happen there as well; if you don't believe that...I personally invite you to check out your next bank on this website.  Chances are...the same thing happened to someone else at that bank.  As far as whether this is legal, there was recently a case (Gutierrez vs. Wells Fargo) which involved the bank delaying the posting of deposits and payments.  The class was decertified by the judge and the case thrown out because the members of the class failed to exercise due diligence.  Accordingly, this is now determined to be legal.

What you should be taking from this is that it has nothing to do with the bank; it has to do with the person responsible for keeping track of your account.  There is no one at the bank who has that responsibility, so that falls on you....

You only have what's in your check register; nobody is going to gift you anything so stop planning on spending extra money you don't have.  Keep an accurate register and never use online services to determine what your account balance is...

If you maintain an accurate check register, that is where you should be looking to see what your account balance is. As we all know, online banking isn't intended to be a substitute for a check register and it isn't accurate enough for that purpose.

What may be happening with your payment is the trip through ACH. For example, my car insurance will be debited on the 31st but I won't see it on my banking page until a few days have gone by. That's because the transaction is going from the insurance company to their bank to the ACH and finally to my bank. As far as the insurance company is concerned, my bill is paid but the bank won't show the transaction until it is processed.

Remember to write all of your transactions down in your check register and you can avoid this situation of thinking you have more money than you really do. Never use online banking as a substitute check register.