Complaint Review: Chase Bank JP Morgan

On Wednesday January 2nd, 2008 I made an honest mistake. My last transaction of the day was for $66.40 which over drew my acount by $39. I was ok with this I knew there would be a $35 charge coming my way. However, when I woke up on Thursday January 3rd, 2008 I found out that my account had bounced not just once, like stated on Wednesday, but 10 times.

Why and how could this have happened. I was still only over the $39 so where did all the overdraft come from. Well apparently unknown to me Chase has a special way of ending the day. That is to say that no matter what order you purchase items in, that at end day the largest always gets swapped and posted first. So even though I made the purchase of $66.40 LAST in my day bouncing me only once, they took the liberty of placing it before 10 other smaller transactions which then in turn bounce me 10 times.

This is obviously their mistake, a mistake they are trying to get me to pay $35 in overdraft for each bounce. But wait it gets better, I have automatic withdrawls coming out on Friday and Thrusday is my payday. So once they take took their overdraft fees out I had 5 more items bounce. I promptly called the Bank and asked them why they would process this way and went through all the details. They eventually refunded most of the FIRST overdraft fees. However the refund came in after the other items already bounced. Now with their refund my other 5 transactions SHOULDN'T have bounced as at that point I would've had plenty in my account. They however did not share the same logic, that because the refund came after the bounce they were still going to charge me for the other 5 transactions and refused to give me anymore refunds/credits to my account.

Now I won't know til Monday what I have been charged fully. But to this date I have been charged $172 in fees for a transaction that I should have only been charged $35 dollars for.

Needless to say I am looking for a new bank. This is the most ridiculous thing I have ever seen. Changing a customers account transactions like that and then charging ME for it even though I only made the one mistake and not 10. Utterly maddness that they treat people this way.

John
Swartz Creek, Michigan
U.S.A.