JP Morgan Chase Bank Chase Bank intentionally manipulated bank deposits, resulting in overdrafts for their monetary gain. Clinton Township Michigan
I have suspected it for quite some time, but this month I was really paying close attention to my account. I have a business account with Chase for several years. I noticed that at the beginning of every month I began to have overdrafts happening when I knew the money should have been in my account. I have automatic ACH withdrawls at the beginning of every month.
When I close my batch at the end of a night it usually hits my bank within 2 business days, if the charges are Visa and M/C. (Discover and AmEx take 4-5 days, typically).
I closed my batch last Friday night, knowing that this batch would be included in the following Monday's business, which would then post to my account on Wednesday. Wednesday and Thursday all of my automatic charges were to come out of my account, and they did, as usual. But Chase held onto my deposit and it did not post to my account till Friday. Seven days after I closed my batch. This is what they have been doing to me for about a year now. To the tune of about $3,000.00 total in insufficient funds fees. Quite a little scam they have going.
I went on the internet and have found hundreds of complaints of the same kind. I believe that an investigation should be done into Chase Bank's unethical business practices. Surely this kind of thing is illegal.
Mjenkins
Macomb, Michigan
U.S.A.
3 Updates & Rebuttals
Nwbrian
Beaverton,Oregon,
U.S.A.
Experiencing Same Issues
#4Consumer Comment
Fri, June 12, 2009
I am a now former WAMU customer and had no issues with WAMU. I am having the same issues that you are having with Chase. I can't tell if I am dealing with a bank or a loan shark. Started experiencing this last sunday when I transferred funds from my savings to checking anticipating transactions/billls that would post soon. I understand that I am no longer dealing with WAMU and WAMU's instant posting of credits/most debits might not apply to Chase but it took 2 days for Chase to post the credits. Ran into same situation when I transferred funds again on Thursday evening around 6 pm PST. Those funds are still pending along with the credit Chase issued to me for their first round of overdraft fees after I complained about their delay in processing the transfer request I made on Sunday evening. So that is approximately $300 - $400 worth of credits that have been pending for 2 days and counting. Currently in the last 3 days I have acquired a total of over $400 in overdraft fees. I really don't appreciate the games. If I don't have the funds I understand and take responsibility but if I transfer funds or deposit funds I expect them to be posted immediately or in a timely manner. Timely manner does not mean days.
Now having issues with my paycheck automatic deposit. Normally my paycheck would be automatically deposited electronically by my employer around 11:59 pm (thursday evening) - 12:30am (friday) and post immediately with WAMU. Not with chase because it's currently pending. So currently I have a large amount of credits pending. When they will actually post to my account is anyone's guest. I don't like this uncertainty. Again feels like I'm dealing with a loan shark and they are making it extremely difficult to just deposit funds or transfer funds into my accounts to cover transactions. In this day and age is it really that difficult to post credits within a 24 hour time frame? WAMU was easily able to accomplish this task and post debits/credits instantly or within a timely manner.
My brother experienced an even stranger issue earlier this week. Chase made him wait 24 hours to gain access to funds when he deposited a money order. I can understand a personal check but why hold up access to funds for a deposit with a money order. He never had issues with this in the past. Also, it took him 30 mins - one hour to make this simple deposit while a line of other very unhappy people formed out the door. With WAMU simple deposits, etc.. at the local branch took a matter of minutes and even when the branch was busy. Customers were able to get their transactions with the teller completed in a matter of minutes.
Their tactics are clearly meant to overdraft customers which is in their best interest to increase their revenue. I will be closing out my accounts with chase in the next week and moving to a new bank. I don't have time to play these petty games.
Edgeman
Chico,California,
U.S.A.
How to start a class action lawsuit...
#4Consumer Comment
Sun, May 31, 2009
Hire an attorney.
Dede
Medford,Oregon,
U.S.A.
Same thing happened to me!
#4Consumer Comment
Sat, May 30, 2009
This same thing has happened to me with Chase Bank, after they took over WaMu. How can we get a class action law suit started to stop Chase from ripping us off?