This LA Times article provides yet more evidence that Chase continues to maximize overdraft revenue by rearranging the order debits and deposits are recorded to be as favorable as possible to the bank. Chase claims that next year with its new overdraft policy it will start applying transactions in chronological order (except for checks, which will be biggest first), but for now, they are still up to the same old shenanigans.
Buried deep in this man’s rant about Chase Bank is the real reason Chase has been increasing everyone’s interest rates: simply to make more money. It has nothing to do with an individuals risk profile.
In the Center for Responsible Lending’s study on abuse by credit card companies, one example is of Chase claiming a payment is late by one day because the due date was on a Sunday and the payment wasn’t posted until the following Monday.
Chase has apparently slipped a little change into September checking account statements for former WaMu customers: In addition to what the out-of-network ATM bank charges you, Chase now charges you $2 for using an out of network ATM. What?
Chase is playing sneaky with fees with customers trying to refinance or applying for a loan. This story is a great example. If you were charged $750 for an aborted refinance or mortgage application, don’t stop until you get your money back.
This great article from the WSJ talks about the slowing growth in bank overdraft fees and how that is not enough to keep legislation at bay. Good! The best quote from the article is from Congressman Carolyn Maloney who said “… most banks still manipulate the posting order of transactions to maximize fee income.” WOW! Given that most big banks would be breaking their own posted rules by doing this, it is HUGE that at least some of our elected leaders are on this.
This NPR Marketplace story tells us what the readers of this site already know: Banks are sneaky little tricksters. Chase is one of the sneakiest.
A Chase credit card call center employee admits that they are never allowed to reverse late charges, even if it is their fault. (story)
Fees & charges | admin December 20, 2009 | 
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