- Report: #1227724
Complaint Review: Chase Bank - Nationwide
-
Author Confirmed
Why?
Chase Bank
Nationwide, USA
Phone:
1-800-257-6006
Web:
https://www.chase.com/
Categories:
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Chase Bank Chase Credit Card Processing credit card, charge back, fraud, public deception Nationwide
We have a small auction company in Colorado. Much of our business is done online and people call us to pay with a credit card, paypal, etc..
We recently had a person purchase a generator. They called immediatly and paid with a credit card, they had the card number, the security code and the zip code. The card was approved and we held the item for several days as we always do to make sure the funds batched into our acct.
Everything seemed fine so we shipped the item. As it was getting ready to be delivered a representitive from Chase bank contacted us and asked questions about the purchase, she called back later and asked us to refund the card.
We were able to stop the delivery and have the item shipped back to us but this is how it breaks down;
we sold an item for $350.00 plus $45.00 in tax and fees
we collected that amount plus $296.00 for shipping
Total of $691.00
Chase will pull $691.00 from our acct.
In the meantime we still have to pay the $296.00 for shipping plus another $175.00 for return shipping (the shipper gave us a break on return shipping), plus we have paid our customer for the sale of his generator $280.00 ($350.00 minus 20%).
Total of $796.00 that we have invested into a $350.00 product.
Now here is my complaint. As merchants, we are led to believe that if we we receive all of the corresponding info on a credit card purchase and it is approved we are protected when in fact there is no protection. After talking to Chase I was told there is no way to know if the card will be honored until it is too late.
The banks and card companies lead us to believe that the reason they have to charge such high prices for processing and interest is because of all of the fraud that they absorb when in fact they apparently do not absorb any of it! I don't know of anything short of not accepting credit cards to protect ourselves. What happens when the item is $10 or $20 thousand dollars?
Chase Bank might as well move their operations to Nigeria to be closer to the scammers they are joining forces with.
3 Updates & Rebuttals
coast
Florida,USA
It’s your risk
#2Consumer Comment
Wed, May 13, 2015
Merchants are protected when they obtain an authorization number and a matching signature. You want to whine, stomp your feet and cry about deception after you chose to do business outside of the parameters of protection. It’s your risk.
Bank deception
#3Author of original report
Mon, May 11, 2015
“As merchants, we are led to believe that if we we receive all of the corresponding info on a credit card purchase and it is approved we are protected”
I still stand by the above statement.
"You failed to mention that the corresponding info includes a signature that matches the signature on the credit card. That is a risk incurred by online and mail order merchants."
There are millions of online or phone transactions every day in this country with a growing amount of it being fraud. I think most of the merchants accepting credit cards feel they are protected (and I imagine if they were Walmart or Amazon this would be a different story).
But the truth is the banks and card processors offer us zero protection.
"The cardholder has up to 90-days to dispute the charge. Merchants are protected if the dispute is declined."
So are you telling me I should hold the item for 90 days before shipping to be sure it is not fraud? I know that if my Bank sees a charge from another state on my card the fraud protection division is on the phone to me in minutes asking if I made that charge.
"Chase Bank did not deceive you. Their policy is the same as all other credit/debit card issuers."
They all deceive us with propaganda that we are protected, merchant agreements that are the size of novels, merchant statements that cannot be deciphered, customer service that requires literally hours spent on hold, and the statements rationalizing 20-30% interest rates and high processing fees because of all the fraud (not) that they have to absorb.
I call Bull Pinooky!
coast
Florida,USA
Matching signature required
#4Consumer Comment
Sat, May 09, 2015
“As merchants, we are led to believe that if we we receive all of the corresponding info on a credit card purchase and it is approved we are protected”
You failed to mention that the corresponding info includes a signature that matches the signature on the credit card. That is a risk incurred by online and mail order merchants.
“After talking to Chase I was told there is no way to know if the card will be honored until it is too late.”
The cardholder has up to 90-days to dispute the charge. Merchants are protected if the dispute is declined.
“What happens when the item is $10 or $20 thousand dollars?”
You can invoke a policy that requires customers utilize wire transfer for purchases over a specified amount.
“Chase Bank Chase Credit Card Processing credit card, charge back, fraud, public deception”
Chase Bank did not deceive you. Their policy is the same as all other credit/debit card issuers.
