Chase iPhone apps crazy deposit limits
A reader writes:
Chase Bank has been advertising it’s iPhone App all over TV. What a wonderful thing technology is. However, they have restrictions on the app that are not disclosed to customers… or even written down anywhere. Their policy for making deposits using the application (“QuickDeposit” sm) is you can deposit $2000 per day per account and up to $5000 per month per account.” It seems silly to limit deposits but that’s not the issue. The issue is they set these limits “per MONTH.” A person of reasonable intelligence might believe this might mean March 1-31, for example. But no. Chase doesn’t mean this. You might think this means your statement cycle date, i.e. 2/14 – 3/14. But no they don’t mean this either. Seems Chase has made up some “arbitrary” 30-day period based on when you might have last used their application. This is not disclosed ANYWHERE. It is not on their website, not in an info packet in any branch and not even in the service agreement or terms of use for the application.
They just made it up. It is extremely misleading for consumers and I would think that a financial institution regulated by the federal government would be a lot more keen on disclosures to customers. Who would remember the “last date” they used the application and whether or not any previous deposit amounts might have been at or near the arbitrary $5000 deposit limit?
Is chase doing this to outsmart potential crook without considering its ability to frustrate customers?
Ineptitude | admin March 16, 2012
By coakl, March 27, 2012 @ 2:39 pm
If you send a bad image through your phone and the destination bank rejects it, Chase will charge you a $12 returned deposited item fee.
By Moof, May 13, 2012 @ 11:00 am
The thirty day period you describe is not arbitrary. These limits are put in place to prevent money laundering, much in the same way there are limits on gift card purchase, money orders, wiring money, and pre-pay cards, etc.
The thirty day periods that you describe as logical would allow for someone to deposit up to the limit and then come back and do the same again as soon as the new month begins or the billing cycle begins.