Complaint Review: JP morgan Chase Bank

From Ronny's recent post:

"....will be answered by a terms pamphlet since the questions were not addressed to a terms pamphlet....the questions are for the OP to answer."

Well, consider these questions that you asked:

"Were you aware that the account could still be used if funds were unavailable?"

"Did the bank manipulate any other transactions that did have the funds clear at the time of the transactions in order to compound fees and financially pillage you?"

As you know, the terms and conditions from Chase plainly state that if a transaction will result in a negative balance the bank may choose to pay or decline it at their discretion. Chase is also very clear that they may process transactions in a different order than their chronological dates. They even mention that they will probably process transactions from highest to lowest.

"Now agreed, one or two of the answers may be in the terms..but it still doesn't make the terms fair."

That's up to the OP. If the OP agreed to abide by those terms and conditions then they were fair enough at the time. If somebody doesn't think that the terms for any legally binding agreement are fair, then that person should not sign off on that agreement. It's that simple.

"it just means the OP didn't read or understand it."

There is absolutely no reason to sign a legally binding agreement without understanding or reading it first. That goes beyond checking account agreements. Never sign anything like a lease, car loan documents, liability waivers, releases or a contract without reading and understanding it. That defense won't hold up when the document has this just above or below the signature:

"I have read and understand the terms of this agreement"

"If the OP signed to terms they are not happy with, it simply means permission was given to the bank for the right to screw the customer over. Hopefully enough complaints will stop the banks from doing this so we can eventually trust the banks and not have to fear what we are signing up for when we enroll."

Nobody is forced to sign an agreement that they are not happy with. In fact, the OP or anyone else can even go back and close the account if they later see something in the terms that they don't like. There is no reason for fear. If you don't like an agreement, simply move on and find another place or a product that has terms that are more to your liking.

As far as trusting banks, you should see some of the ideas that they are currently considering. There are some real doozies out there and I think that we are going to see some interesting reports here at ROR if any of these ideas are actually implemented.

"Fairness is a product or service delivered and paid for where both parties benefit."

Fairness is not a product nor is it a service. Fairness is a principle.

"It is not about expecting a financial institution to use policies designed for large check transactions to be applied to a debit card used to buy a sandwich if a customer inadvertently uses the card for that when the account does not have the funds and the bank covers it in the guise of a "courtesy"."

One should expect the bank to use policies in accordance with the current terms and conditions. If those terms say that the bank will process from highest-to-lowest, then one should expect the bank to process transactions in that order. If one does not wish to use a bank that processes in that order, then that person should not sign those terms and conditions.

"I agree the customer is the one who used the card when the account could not cover it and should have been more careful..but to imply the bank is not deceptive, manipulative and charging excessively for this unnecessary "service" is hogwash plain and simple."

I agree that overdraft fees are excessive, that's why I feel that people shouldn't be paying them. The core of that is responsibly managing one's finances. I do disagree that the banks are being deceptive or manipulative. Every bank that I've dealt with has plainly stated that the bank will process transactions in any order or from highest-to-lowest. It's right there in plain English. As somebody who chooses not to pay overdraft fees, I assume that the banks will process transactions in that order. Given the fact that the vast majority of account holders do not pay overdraft fees, I'd say that most people understand this as well.

"As I have stated before, lets see how this holds up in court this time..the future holds the true answers, not you, I or the terms booklet."

I'd say that the point is moot. The banks are coming up with some very creative new fees and I think that at some point they will experiment with overdraft fees again. Remember this - the bank forms a relationship with you for one reason... Profit.

....will be answered by a terms pamphlet since the questions were not addressed to a terms pamphlet....the questions are for the OP to answer.

Now agreed, one or two of the answers may be in the terms..but it still doesn't make the terms fair..it just means the OP didn't read or understand it. If the OP signed to terms they are not happy with, it simply means permission was given to the bank for the right to screw the customer over. Hopefully enough complaints will stop the banks from doing this so we can eventually trust the banks and not have to fear what we are signing up for when we enroll.

Fairness is a product or service delivered and paid for where both parties benefit. It is not about expecting a financial institution to use policies designed for large check transactions to be applied to a debit card used to buy a sandwich if a customer inadvertently uses the card for that when the account does not have the funds and the bank covers it in the guise of a "courtesy".

I agree the customer is the one who used the card when the account could not cover it and should have been more careful..but to imply the bank is not deceptive, manipulative and charging excessively for this unnecessary "service" is hogwash plain and simple. As I have stated before, lets see how this holds up in court this time..the future holds the true answers, not you, I or the terms booklet.

'Googled', entitled- BANK EXECUTIVES PROFITING ON THE DEATH OF EMPLOYEES, correct?

Can be answered by reading the account agreement.

...After I responded to this one. And I responded there as well.

I still see no reason for the rudeness and insolence. Why so bitter Susan? Did this customer do anything to hurt you? Or do you simply feel that since you are so perfect that no one has a right to complain or be upset if they were charged excessive fees by a bank after being subjected to unnecessary outdated policies and tactics??

Were you ever a bank officer? You seem to come from the same school..the school of "the bank can do no wrong..and the customer is never right".

At least you didn't call the customer a crackhead and other horrible insults a few bank defenders resort to..but still...can you not rebut or debate without being mean and condescending? It does not do your side any good to make people despise you..well other then the bank defenders..but these reports are not for them..they just feel it is noble to defend banks..go figure..

I don't understand Susan..did this poster overdraft you? If not, why the bitterness?

Anyhow on this report there is not much info to go on, but regardless no reason to get personal..just the facts.

Problem is, we do not have many facts..so I ask to the original poster...

Seems you do not have a habit of overdrafting your checking account as you state you have been happy with this bank for many years..so how did the overdraft occur?

Apparently you have overdraft protection..is this something you wanted?...or did the bank just sign you up for it automatically? Were you aware that the account could still be used if funds were unavailable?

Was the overdraft caused by a check..or a debit card transaction? I am assuming a debit card since a check issue is usually an NSF but either way..it is an overdraft.

If it was from debit card use..would you have preferred a transaction simply be declined if it were to inadvertently cause the account to run into overdraft?

You stated you only went over by a few dollars. I believe Chase charges 35.00 per overdraft. Did the bank manipulate any other transactions that did have the funds clear at the time of the transactions in order to compound fees and financially pillage you?

Didn't like the responses to your other messages? 

As everyone told you, if you dont want bounce fees, balance your account. Know the balance, and don't spend more than the balance.