Even the WSJ thinks Chase’s overdraft protection sucks
Chase was criticized in the Wall Street Journal today for continuing to push its overdraft protection while other banks drop the program altogether.
Even some bankers cringe at the fees imposed on fleetingly overdrawn customers.
Bank of America CFO Charles Noski told The Wall Street Journal that his daughter, while at college, more than once ran up a $35 overdraft fee on a $3 cup of coffee. Her mother went crazy. “That does not engender the kind of constructive, trusting relationships we should be having with our customers,” he says.
BofA has decided it will simply decline such overdraft-prone debit-card transactions, and avoid those notorious $38 lattes. Citigroup’s stance is similar. Wells Fargo is still deciding. Chase is left looking like an outlier. The J.P. Morgan Chase bank has embarked on a blitz to persuade depositors to agree to overdraft charges ahead of a rule change on Aug. 15.
Rather than protecting its own income, perhaps it should chase something that really matters—to its customers, that is.
Bad bad Chase, Fees & charges | admin July 24, 2010
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Ian Conde – Chase Telephone Banking - i R fail . com — July 28, 2010 @ 5:01 pm
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By coakl, January 11, 2011 @ 3:57 pm
Interesting sequence of events:
1. daughter pays for $38 latte
2. daughter cries to mother
3. wife yells at BofA CFO husband
4. daughter yells at BofA CFO dad
5. son tells dad he paid fees six times last month due to RedBox.
6. CFO writes long e-mail to BofA CEO
7. Voila! Debit card overdraft kaput at BofA.
8. Chase CEO reads this blog, then links his Platinum VISA with $100,000 credit limit to daughter’s checking account for overdraft protection.