This makes perfect sense: Chase is giving away $20 for people that sign up for automatic payments with their debit card. According to the Center for Responsible Lending’s Debit Card Danger document, banks steer customers to use debit cards because all new accounts are signed up for automatic overdraft protection, which leads to huge amounts of overdraft fees, primarily from debit card use. Using debit cards for automatic payments will just create more overdrafts and thus more fees.
But then again, perhaps there is a silver lining. A blogger over at About.com claims that if you have one of those Chase overdraft days, where you use your debit card at 5 or 6 different places and each one gets you an overdraft charge (called a rolling overdraft), Chase will often reverse all but the the first overdraft. Worth a try.
A source who regularly attends foreclosure auctions, the ones held on the courthosue steps when a property is first foreclosed upon, says that WaMu/Chase are among the banks that are dumping properties at these auctions at below market value just to get rid of them. Not very positive indicator of their desire to mitigate foreclosures.
Chase is just determined to prove it can do whatever it wants. After getting a change in rate notice, this guy decided to opt out of the change and close his account. They changed the rate anyways on his balance as he paid it down.
Here is a story about a guy who got caught by Chase’s famously long deposit hold policy but managed to get all overdraft fees reversed by talking to Chase executive customer service (see phone numbers listed under our front page, other information).
Why is Chase targeting people searching for WaMu overdraft information on Google AdSense? Seems like the least likely audience to me. (article)
If you take a check you’ve received that is drawn on WaMu/Chase to a WaMu/Chase branch to cash it, and don’t have an account with them, they will charge you a $6 fee. (story)
A lawsuit has been filed against Chase for violating Federal lending laws in their use of automated and inaccurate valuation methods when they cut peoples home equity lines. The suit is seeking class action status. If you’ve had your equity line cut by Chase, you may want to try and get on board. (article)
Uncategorized | admin August 26, 2009 | 
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