JP Morgan Chase / WAMU Rip off checking account Palatine Illinois
Chase recently bought out Washington Mutual. A year ago I had a credit card account go to collections because Chase refused to make payment arrangements with me. I have a checking and savings account with WAMU and today they levied my funds. I had not received any notice or warning that this was going to happen. Just out of the blue, all my money is gone. (I found this out while trying to buy groceries for me and my kids.)
They have left me with absolutely no money! When I called to inquire about it, I was told that I had to pay my entire balance in order to get my funds released. Because the balance is large, I asked to make payment arrangements and they refused.
I can't imagine that this is legal, but am sure that Chase is using some loop hole in order to get away with it.
Sandiegomel
San Diego, California
U.S.A.
5 Updates & Rebuttals
Nikki
Coconut Creek,Florida,
U.S.A.
They can take your money.
#6Consumer Comment
Wed, October 29, 2008
If you have a bank account at the same institution that you owe the credit card money to, they can take the money out of your bank account when you are delinquent. It's called right to offset. They don't notify you first because then you would withdraw all your money.
If your bank account was with a different institution, then they would need the court order to take the money.
Nikki
Coconut Creek,Florida,
U.S.A.
They can take your money.
#6Consumer Comment
Wed, October 29, 2008
If you have a bank account at the same institution that you owe the credit card money to, they can take the money out of your bank account when you are delinquent. It's called right to offset. They don't notify you first because then you would withdraw all your money.
If your bank account was with a different institution, then they would need the court order to take the money.
Nikki
Coconut Creek,Florida,
U.S.A.
They can take your money.
#6Consumer Comment
Wed, October 29, 2008
If you have a bank account at the same institution that you owe the credit card money to, they can take the money out of your bank account when you are delinquent. It's called right to offset. They don't notify you first because then you would withdraw all your money.
If your bank account was with a different institution, then they would need the court order to take the money.
Nikki
Coconut Creek,Florida,
U.S.A.
They can take your money.
#6Consumer Comment
Wed, October 29, 2008
If you have a bank account at the same institution that you owe the credit card money to, they can take the money out of your bank account when you are delinquent. It's called right to offset. They don't notify you first because then you would withdraw all your money.
If your bank account was with a different institution, then they would need the court order to take the money.
Mark T.
Bridgeport,Connecticut,
U.S.A.
Levies are filed through Court systems, has nothing to do with the buyout.
#6Consumer Comment
Tue, October 28, 2008
I work at a bank and I know how the levy process works. Banks do not have the right to just go into an account and take money. Moslty because credit cards are unsecured, Chase had been in a process to place a levy to get the money you owed them legally for probally a long time, after the levy is approved by a Judge the court then files it with any bank where you have accounts in your name and WaMu has to honor it because it is not Chase asking, it is the courts. This has nothing to do with the Buyout/merger that happened.