Complaint Review: JPMorgan And Chase Bank - Louisville Kentucky

The anonymous person above who said you two should have separate accounts was right on. It would be a beautiful thing if all couples talked things over so well that they could manage a joint account without slipping up, but that is not always the case, and certainly harder to do when they are separated by distance. If you have the right bank and you have direct deposit you can have several checking accounts with them and each with their own debit cards, and not be charged a monthly fee on them. One such is the one with the stage coach. If I mention their name this site will just censor it. This is not to say this particular bank won't slip you the whammy on OD fees. They will. But for example I wanted to have an account separate from the main management acount just for online purchases. The gal on the phone said, "Hey! That's a good idea! I'm gonna do that too!" LOL Once you have one or more accounts set up with your bank you can easily get online and transfer monies from one account to another. (I actually have three checking accounts now and one savings account with this particular outfit and do not get charged any monthly maintenance fees. That reminds me. The savings account with automatic $25.00 monthly transfer to it was a prerequisite here. But that is no problem, really. Once the automatic transfer takes place you can go online and move it right back to your management account if so needed. One caveat here. When I first opened my "Online account" as I nicknamed it, it operated as I wanted it to. If the money had not been transfered there prior to me making an online transaction the debit would not be allowed. This was to keep some unscrupulous outfit getting my credit card info and later taking money out without authorization. The trouble is that eventually the bank goes over new accounts and when they decide that the owner of the account would probably be good for it if they allowed overdrafts, they fix it so the account can go negative. Whether this is done by automatic software programming or by someone actually sitting down and cynically making the decision, the end result is the same: They come to the point where they decide to allow you to exceed what you have in your account so they can make their big bucks on the overdrafts. Call customer service and ask that the account be set up to not be allowed to go negative and they will tell you it's not possible to do so. Yeah, right. :P The only sure way to beat the system is to keep up with your outgo and not fail to deduct from your register any and all purchases as soon as they are made. Depending on your bank you may be OK when the deposit still shows as pending, or maybe you should wait until the "pending" notation goes away. I can't speak for Chase as I have only recently opened an account with them because of their offer to start me off with $100 incentive bonus if if open an acount for a minimum of $100. Later I asked for clarification on this point via email in the account access page and got an answer seeming to say that I needed to wait until the money was there for good (no longer "pending". I wrote back to re-ask the question if it was OK to make debits when it showed a deposit was still pending but was included in the "available balance", and got no answer. People being cagey, I wonder? Anyway, seems to me that the answer is for you two to have separate accounts with the same bank and only make transfers from one account to another when you have talked it over first. And then keep up-to-date registers, verifying each charge online every day before midnight bank time.

Check floating is gone. If you write a check on Tuesday, you have to expect that it will be cashed on Wednesday. All of the major banks have switched over to Check 21, so all of the checks are scanned and then digitally sent to the bank that it was written on, so it happens overnight vs. several days like it was in the past. As for the transaction clearing times - once you swipe a debit card someplace, you have to assume that the money is gone. Not just pending, but gone. If you go by the pending account balance v. actual, you'll think that you have more money in the account than what you actually have. Largest items first: Again, this is something that changed back in the early 90s if I recall based on consumer requests so that the important items would be paid first. With this scenario, if they paid from lowest to highest, or even "as received", your check for the heating oil would have bounced. I'm not sure how much over your account was with the check included, but let's say that they decided not to pay it. You'll get a fee for them not paying it, and then the heating oil company will probably demand cash within xx days or perhaps send your check ahead to the DA for prosecution under theft by check or something like that - because writing a check when funds are not available to clear it when written is a crime.

I know it may seem unfair and that too much money has come out of the account, but if you don't have money in the bank to pay your bills it isn't the banks responsibility to pay them for you. Generally when banks loan money to people who need they are charge an interest rate and get more money back than what the person borrowed. I would very the overdraft fees as a high-percentage interest payment. If they were to set a limit of how many overdraft fees you were charged per year, then what would keep people for purposely writing bad checks because they knew they had already met their limit and wouldn't be charged for it. If they were to set a limit a couple would result, first what I just mentioned. Second, they would simply close your bank account when you had met that limit. Third, they would send back all of the checks or payments that would cause the items to overdraft and then you would have to the people you wrote the checks too banging down your door. What would happen is the check or payment would not go through and your utilities would get cut off AND you would have to pay THEIR returned check fees which range for $10-$50 or more and that would cost you MORE than what the bank would charge. I know that with your husband being out of town it is hard to keep up with transactions, especially if you aren't good at writing everything down. My husband and I are bad at them ourselves. Neither one of us ever write things down though I almost always have a really good idea with what I have in my account. My suggestion would to get separate checking accounts. You can still make it to where you both have access to the other accounts but then that was his every day expenses don't interfere with your ability to pay the bills.

I appreciate the responses so far, and I am actually in the process of looking for another bank. I also am in complete agreement with the budgeting of the money. I am also in the process of educating myself and my husband on the importance of a budget and managing our money better, getting on the D. Ramsey train. I will also point out that when my husband works, he's out of town and it is really hard to follow all his transactions, which we are also going to remedy by taking out an allotted amount of cash each week for his expenses. If there is anyone that can help with any of the above please contact me, I am open to any education and assistance. But, I think that I wasn't clear in my report. I commented in my first report that I understand a bank taking out fees from someone who has overdrawn their account. But in my situation I feel that the fee's are excessive and believe that their should be a set limit on the amount of money they can take from you. Whether it be a set amount per year, per month, per day, whatever. In my case they keep taking and taking money and it's obvious that we don't have the money or we wouldn't keep overdrawning our checking account. If I made lots of money this obviously wouldn't be a proplem, but I believe that the people who are hurt the most are the ones that need the money the most. I'm not trying to make this into a sob story, but it's the truth.

MEANS NOT SPENDING MORE THEN YOU HAVE AVAILABLE. I know you don't want to hear that - but that is what it all comes down to YOU ARE RESPONSIBLE FOR YOUR OWN ACCOUNT - That means keeping an accurate check register and not spending more than you have available. I suggest that enter round down deposits and round up checks. Example deposit $150.50 - enter deposit as $150 only Checks for $25.25 - enter into register as $26.00 If you cannot keep track of expenses with a debit card - STOP USING IT! use cash or checks only You are overdrawing your account and that is resulting in more fees.

Desley, I can sympathize with your frustration. Thousands of dollars in overdraft fees is an outrageous amount to pay. In these economic times, I am certain that you have better uses for that money. Allow me to address some of your points. It is my hope that you will take this advice in the spirit it was intended and use it to manage your finances and put an end to these fees. >>I don't see how a bank can continue to take and take money from you without your permission.>I can understand a bank taking fees for overdrawing your checking account but I believe there should be some limit on it because the cycle just continues.>With the econonmy the way it is, it is hard enough to make ends meet without a bank just taking money from me whenever the have the urge.>What I've noticed is that I will have several pending items for days. Then they all come out at once with the largest item being taken out first, which is the item that most of the time will cause my account to be overdrawn, and then in turn all the smaller items, which are usually under $20.00, get charged $35 each for being overdrawn. I put money in to try and cover the charges and then I'm left with nothing or an account that is still overdrawn after my deposit. In turn causing more items to be charged. I just can't get ahead. Everytime I think that I'm getting it taken care of, wouldn't you know, there's another charge.>The $500 check had already posted along with all of the items that were pending the day before. So I was charged $210.00 in overdraft fees. Please tell me how a check that I wrote the day before could post before the 6 items that had been pending in my account for days.<< The merchants submitted their charges later than you might have thought and came in on the same day as the check. Bottom line, your current system of managing your finances is clearly not working. Do not attempt to float transactions and do not make multiple transactions when your account balance is low. Keep a written ledger or check register and make sure you use it. Do not authorize transactions against funds that are not available and once you authorize a debit, assume that the money is gone. Best of luck to you.

Desley, I can sympathize with your frustration. Thousands of dollars in overdraft fees is an outrageous amount to pay. In these economic times, I am certain that you have better uses for that money. Allow me to address some of your points. It is my hope that you will take this advice in the spirit it was intended and use it to manage your finances and put an end to these fees. >>I don't see how a bank can continue to take and take money from you without your permission.>I can understand a bank taking fees for overdrawing your checking account but I believe there should be some limit on it because the cycle just continues.>With the econonmy the way it is, it is hard enough to make ends meet without a bank just taking money from me whenever the have the urge.>What I've noticed is that I will have several pending items for days. Then they all come out at once with the largest item being taken out first, which is the item that most of the time will cause my account to be overdrawn, and then in turn all the smaller items, which are usually under $20.00, get charged $35 each for being overdrawn. I put money in to try and cover the charges and then I'm left with nothing or an account that is still overdrawn after my deposit. In turn causing more items to be charged. I just can't get ahead. Everytime I think that I'm getting it taken care of, wouldn't you know, there's another charge.>The $500 check had already posted along with all of the items that were pending the day before. So I was charged $210.00 in overdraft fees. Please tell me how a check that I wrote the day before could post before the 6 items that had been pending in my account for days.<< The merchants submitted their charges later than you might have thought and came in on the same day as the check. Bottom line, your current system of managing your finances is clearly not working. Do not attempt to float transactions and do not make multiple transactions when your account balance is low. Keep a written ledger or check register and make sure you use it. Do not authorize transactions against funds that are not available and once you authorize a debit, assume that the money is gone. Best of luck to you.

Desley, I can sympathize with your frustration. Thousands of dollars in overdraft fees is an outrageous amount to pay. In these economic times, I am certain that you have better uses for that money. Allow me to address some of your points. It is my hope that you will take this advice in the spirit it was intended and use it to manage your finances and put an end to these fees. >>I don't see how a bank can continue to take and take money from you without your permission.>I can understand a bank taking fees for overdrawing your checking account but I believe there should be some limit on it because the cycle just continues.>With the econonmy the way it is, it is hard enough to make ends meet without a bank just taking money from me whenever the have the urge.>What I've noticed is that I will have several pending items for days. Then they all come out at once with the largest item being taken out first, which is the item that most of the time will cause my account to be overdrawn, and then in turn all the smaller items, which are usually under $20.00, get charged $35 each for being overdrawn. I put money in to try and cover the charges and then I'm left with nothing or an account that is still overdrawn after my deposit. In turn causing more items to be charged. I just can't get ahead. Everytime I think that I'm getting it taken care of, wouldn't you know, there's another charge.>The $500 check had already posted along with all of the items that were pending the day before. So I was charged $210.00 in overdraft fees. Please tell me how a check that I wrote the day before could post before the 6 items that had been pending in my account for days.<< The merchants submitted their charges later than you might have thought and came in on the same day as the check. Bottom line, your current system of managing your finances is clearly not working. Do not attempt to float transactions and do not make multiple transactions when your account balance is low. Keep a written ledger or check register and make sure you use it. Do not authorize transactions against funds that are not available and once you authorize a debit, assume that the money is gone. Best of luck to you.

Desley, I can sympathize with your frustration. Thousands of dollars in overdraft fees is an outrageous amount to pay. In these economic times, I am certain that you have better uses for that money. Allow me to address some of your points. It is my hope that you will take this advice in the spirit it was intended and use it to manage your finances and put an end to these fees. >>I don't see how a bank can continue to take and take money from you without your permission.>I can understand a bank taking fees for overdrawing your checking account but I believe there should be some limit on it because the cycle just continues.>With the econonmy the way it is, it is hard enough to make ends meet without a bank just taking money from me whenever the have the urge.>What I've noticed is that I will have several pending items for days. Then they all come out at once with the largest item being taken out first, which is the item that most of the time will cause my account to be overdrawn, and then in turn all the smaller items, which are usually under $20.00, get charged $35 each for being overdrawn. I put money in to try and cover the charges and then I'm left with nothing or an account that is still overdrawn after my deposit. In turn causing more items to be charged. I just can't get ahead. Everytime I think that I'm getting it taken care of, wouldn't you know, there's another charge.>The $500 check had already posted along with all of the items that were pending the day before. So I was charged $210.00 in overdraft fees. Please tell me how a check that I wrote the day before could post before the 6 items that had been pending in my account for days.<< The merchants submitted their charges later than you might have thought and came in on the same day as the check. Bottom line, your current system of managing your finances is clearly not working. Do not attempt to float transactions and do not make multiple transactions when your account balance is low. Keep a written ledger or check register and make sure you use it. Do not authorize transactions against funds that are not available and once you authorize a debit, assume that the money is gone. Best of luck to you.

I too have had disdain for JP Morgan Chase. I closed my account with them years ago after they lost two of my deposits. They were found and credited to the account, but not to have funds for days at a time is ridiculous. First, I am really sorry this has happened to you. The banking industry has its own rules and guidelines and as consumers many times we don't do our homework. Chase is not the only bank that posts the largest transactions first, I believe all banks do. Some claim a study was once done that people said they preferred it that way. It is probably because banks can generate the most fees that way, but you have to know that going into it. I myself have paid way too much money to Chase this year. Mine was because of an outright lie by a Chase employee, but no one seems to have the authority to refund the resulting overdraft fees. (As mentioned before I closed out my Chase account, however, my husband still banks there.) What I think is ludicrous is the fact that your account can be overdrawn but they will continue to allow you to make debit transactions. When you think the money is there they don't keep you from spending. It is very frustrating and I have found in personal experience that Chase is the worst. Seriously, if you are having such a problem with Chase then I would suggest closing out your account and banking elsewhere. Look at different banks and their overdraft fees (for instance Chase is $35/ea where as my hometown bank is $25/ea). I would suggest going to a hometown bank that may only have a few locations. It might not be as convenient and might not come with as many perks, but the customer service tends to be a lot better. Sorry you experienced this. :( (Also, in future explain the situation to the gas company and ask if they will accept a post dated check. They either took the check directly to the bank and cashed it or they also bank at Chase or else your check would not have posted in such a short time).