Chase banking glitch causes double charges on accounts
Another gift from the technically savvy people at Chase (article 1, article 2).
J.P. Morgan Chase & Co. (JPM) acknowledged Tuesday that it accidentally charged customers in some states twice for their debit-card transactions.On Tuesday afternoon, the bank fixed the glitch that had affected transactions between Friday and Monday, a spokesman said. J.P. Morgan will refund any fees tied to the double bookings.
Purchases were booked as a temporary charge, but when the transaction was actually processed, the temporary charge remained, which meant the customer was charged twice for that same purchase, customer accounts show.
By Tuesday afternoon, J.P. Morgan, the nation’s largest bank by assets, had credited customers for the errant charges. Account balances are corrected, a spokesman said. The original, duplicate and corrected transactions are still on the online account statements until those are synchronized overnight, at which point only one transaction will be shown.
Fraud is not the issue, the spokesman said. Rather, a technical glitch related to a recently changed computer program inside the bank occurred Monday, the first business day of the month. Since debit transactions made over the weekend are also processed Monday night, those were also impacted by the double booking.
Chase couldn’t say how many of its 25 million customers and transactions were impacted. But the glitch hit customers in the tri-state metropolitan region of New York, New Jersey and Connecticut.
Chase told customers in Twitter messages, “We do apologize for the error. We are working to get the charges reversed as quickly as possible. We appreciate your patience.”
“Chase bank gave me a heart attack,” one Twitter post said. “I was declined for a $2 coffee this AM, checked account… HUNDREDS of $ in duplicated charges.”
On March 26, J.P. Morgan Chase said its consumer-banking website experienced technical difficulties that slowed online banking for several hours and intermittently made access to the site unavailable, including through mobile devices. It resolved the issue the same day.
Ineptitude | admin April 4, 2012
By vlb, April 8, 2012 @ 7:16 pm
This note is in reference to the “double-postings” apology by Chase last Tuesday.
Doesn’t it seem impossible for such errors like this to occur-given today’s technology in computer software and programming? What government regulated bank risks customer safety and satisfaction by not ascertaining that such “gliches in their system” do not occur?
Is Chase simply stating that there was a gliche and using it as an excuse for different reasons they don’t want us to become aware of. Could they be “borrowing” our money for their own financial needs? Afterall, didn’t Chase just lose a major lawsuit and was then ordered to payback millions of dollars?
How can Chase assure its customers that the gliche was real and that they weren’t just making this up?
Either way you look at this. Chase owes us some sort of explanation. If a gliche in fact did occur, than why are bankers allowed to make these debit transactions vanish into thin air w/o the transactions actually showing up on customer statements? How is it even legal that Chase admits they made an error but is then still allowed to tie up our funds for two days?
Shouldn’t Chase at least give us some sort of explanation for the disappearance of transaction data to customer accounts. Why not show us the paperwork customers signed when we all opened our accounts that states proof that Chase can freeze access to our money and then be under no obligation to exhibit the time and date the money was debited and recredited back into our accounts?
What is Chase telling their customers by “hiding” this transaction information?
Isn’t borrowing money without asking (or
“debiting by error/gliche”) actually stealing? Additionally, why aren’t Chase’s customers awarded something for these inconveniences during the time period when the funds were inaccessible?
vlb
By Chase Humps Diversity, April 20, 2012 @ 5:44 am
Obviously not impossible. Main issue is too many “diversity” teams have their hands in production. Any given project will be handled by teams from the Americas, India and other countries …. and the deplorable level of communication and lack of inter-team trust adds up to failed projects such as you mentioned.