Chase fraud protection – now you see it, now you don’t
This story pretty much confirms what we’ve seen though other reports, that Chase has little to no interest in helping you avoid fraud on your debit card or in limiting your loss after the fact. In many cases they seem to blame fraud on the customer for not protecting their card well enough or simply accusing the customer of having performed the fraudulent transactions themselves.
In short, when they are truly on the hook because the law says so (with credit cards) their fraud protection seems to do the job, but when the law doesn’t force them to be responsible (with debit cards) they seem to skirt responsibility whenever possible.
My wife and I formed and S corporation as we are both independent contractors. Me in the environmental industry, she in Property Management. We opened a business account with Chase bank. One of the alluring aspects was their highly touted “Fraud Protection”. Since we already use a Visa Card issued from Chase and they call us with any suspicious activity on the card, it seemed like we would be protected. Sometimes in fact, they do not push through a Visa charge because it’s not consistent with our purchasing patterns. While annoying this was also reassuring as regards FRAUD PROTECTION.
I can tell you that when Chase is “on the hook” for Visa charges to a credit card, their FRAUD Protection is top drawer. On the other hand, when the money is stolen from an individuals account via ATM or Debit card, Chase Bank sings another tune. They just DO NOT care. Essentially…the money is not theirs, why should they?
Our story continues:
Well, starting in April someone must have skimmed my wife’s debit card numbers or something, because money started disappearing from the account. Neither of us were missing a card, and these were debit card charges WITHOUT the use of the pin number, so “Credit charges to our Debit card…I guess? I don’t know, I’m not a banker.
Bad bad Chase, Fraud | admin November 7, 2010
4 Comments
Other Links to this Post
RSS feed for comments on this post. TrackBack URI
By angelica, November 7, 2010 @ 8:12 pm
There may be more to the story, but just off of what I read, I’d have to side with the bank on this, but I understand. While I’m a chase customer and i hate them most of the time, this can happen at any bank. For one, as a customer we are responsible for what’s in our account. It’s our responsibility to make sure that what’s in our account, going in and out, are transactions that we know about and are authorizing. Not having access to a computer for whatever time really isn’t an excuse because there are several ways that you can access the transactions on your account (phone, bank statements, atm statements, a trip to the bank etc.). And I’m sure that’s why chase is sending you a letter stating they’re not responsible for the rest of the money that you lost.
Maybe one of your account holders used an atm that may have had the card slot tampered with. They dont need the card to steal your money. They hook up a device and a camera and record your pin number. One of the more sophisticated methods dont need a camera when you swipe your card. When you swipe it in the compromised atm, those card numbers are automatically recorded and download to another location. They make their own plastic cards with a strip on it with your account numbers. They go to a gas stations and other locations where people dont id for credit cards and use it like “credit”. (We’ve been a victim of debit card fraud as well, except in this case we had our new card and pin sent to a old address, the suspects who lived at our old address went across the street to Walmart and tried buying hundreds of dollars in electronics because they dont ID for credit cards- stupid move. we knew exactly who they were and police took care of them) But we caught it right away and was reimbursed in full because we check our accounts everyday ritually.
There are many other ways your information could have been stolen, but even so that’s a problem with any banking customer, no matter what bank they bank at. Banks usually have a given limited amt of time for you to report fraud. That includes for credit cards as well.
I’m glad you got back at least SOME of your money, because times are hard and that added stress isn’t good, but you have to be constantly on top of it. And I’m sure that the bank would have loved to NOT give you anything at all! I know there aren’t any helpful words I or anyone else can say that can bring back your money. Only your persistance with communicating with Chase. You never know, you might get someone who can help your case at Chase, or even if the person who took your money is available, you might get closer to getting Chase to give you back all of your money + more. I wish you luck.
By william rose, June 19, 2012 @ 4:37 pm
I have been a Chase customer for about six years and commend them on their fraud division. I only have a debit card with them and their service has been awesome. Anytime a strange purchase shows up they call me to verify if I made the purchase. Their overdraft is a bit on the slow side to show up on the account, but they have been merciful at times. This is from a typical factory worker, so I know I’m not one to receive any special “millionaire” treatment from them.
By TC, July 7, 2012 @ 8:56 am
Chase is HORRIBLE!!! This bank not only blatantly allowed fraud to occur when a distant family member stole my banking info, they themselves did EVERYTHING possible to keep me bouncing into overdraft due to what was started with the fraudulent access. I reported it over and over and over. Finally, the only ONLY thing I could do was close the account and move to a bank with non-deceptive practices.
Oh and this isn’t all, either Chase owns my mortgage – not by my choice at all. The loan was sold to them after it was held by another lender for a year. I cringed when it was sold to Chase because I KNEW of their deceptive and fraudulent practices. Well, long story short, I had to utilize the FEDERAL COURTS to stop them with their fraud by attaching extra charges to my fixed rate loan, sending people to my home at all hours of the day and night and LITERALLY stalking my house by posting people to park outside my house and watch it.
THESE PEOPLE are the LOWEST of the LOW. And now we see Jaime Dimon in trouble for manipulating the electricty markets. Being investigated by the UK and the US for fraud… happened just this week. This bank has a core value of FRAUD and deception.
By Another Victim of Chase Fraud, September 14, 2013 @ 11:21 pm
I advise you to pull your funds OUT of Chase at once and tell everyone you know exactly why. this company has a solid foundation only in COMMITTING FRAUD and that’s the story.