An open letter to Jamie Diamond, President and CEO of Chase Bank
89JOIN AMANDA'S MOVEMENT!
- What is the difference between a bank and a credit union?
Are you fed up with the banks? Do you long for an alternative? then maybe you need to think about joining a credit union....
Usury Laws and Conscience
Are you for or against Chase customers?
Jamie Dimon, President; Executive Office; 9900 Katy Fwy.; Houston, TX 77055
Dear Mr. Dimon, -- Is that pronounced demon or diamond?
We do all of our banking at Chase and have for years. The location of your bank is close to our grocery store and it's well, convenient. The employees all smile and help us out when they can. I've been told they have access to some figure that tells them just how much they can help us, based on how much money we have contributed to the bottom line of your bank. I guess this contribution determines how much they smile or whoosh me out the door.
I think usary is despicable, don't you? I guess charging huge fees for banking services isn't like credit card interest rates, but in the end, both hurt the consumer and create funds for executive compensation.
I understand that at a March speech to the US Chamber in Washington D.C. you said, "companies need to start doing the right thing before a crisis." Is this a promise to your customers that you will do the right thing by us? Because the middle class is beginning to crumble, attempting to bear the weight of all these economic policies. And your bank, Chase Bank, is not working on our behalf either.
It's always about the corporate bottom line, not about those of us at the bottom, attempting to maintain like Atlas.
I have weak upper body strength.
Sincerely,
Barbara Nobody
Podunk, CO
Restoring consumer confidence?
The future of America is very bright July, 2008
- Jamie Dimon on the Economy - CNBC - Truveo Video Search
JPMorgan Chase CEO discusses solutions for financial crisis at the FDIC mortgage lending conference. - CNBC
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Online letter from a former employee
This Hub began with a personal complaint, of course. Isn't this how all research begins? As a result of personal experience generating curiosity? I discovered, through much fault of my own, that Chase and other banks process the largest debit to come through a bank account FIRST. In my case, this meant I bounced four tiny debit charges under $10, which cost me $177. It ate up my household budget for two weeks generated by my husband's unemployment check.
Why would a bank pay the largest check first, I wondered? Especially considering the debit charges came through days before the check presented? There has to be a logical reason. Because from my perspective, it appears that paying the largest check last would have cleared the first four debits, resulting in my paying a $35 fee instead of a $140 fee.
Yes, I know I shouldn't have attempted to spend money I didn't have. This is a given. But there are times when such mistakes happen. What I am concerned with is the heavy penalty paid when such mistakes are made. Because I am not the only one who is living on an exceptionally tight budget these days. Recovery for the average and below average American will be never, if we cannot climb out of this deep hole together.
So, googling on it, I came upon a new concern. Read this letter from a former employee of Chase...
ant3982 said, in January 20th, 2009 at 2:31 pm at chase-sucks.com:
I had a customer come in that had $1,400... yes $1,400 in overdraft fees. Where as most banks have a cap on how much they can charge you... not Chase. Chase encourages us to encourage everyone to use their debit card until it's worn out. Yet, when you have no money left in your account, they still let you use it... The reason being, it's $35 each time you use money that's not in your account!!
I had a customer come in on the brink of tears. This wasn't the first time Chase charged him overdraft fees. Only this time it was $1,400. He wanted to close his account, and write a letter to the New York State Banking Commission (which is what I recommend everyone on this site does to their state banking commissions). Being the good employee I had always been told I was, and how "valuable" I was to my branch, I figured I'd do what they taught us in training and say "What can I do to help you, and prevent you from closing the account" The customer said he would keep the account open if I waived some of the fees associated with the account. His whole paycheck for 2 weeks was gone when they charged the fees, and he couldn't afford to pay his rent for the month. At that point, I refunded $200 worth of fees, while the bank YTD had charged him over $2,000.
Chase actually has it in the systems; a calculation showing how profitable the bank is over each particular customer and household. (I recommend any customers go into a branch and demand to see how much they've made off of you) We were definitely profitable with this one, so I had a "justified" reason to waive the fees.
Either way, my branch manager came over to me and asked me to explain the situation, and without hesitation decided to give me until 2PM to pack my desk up, and either resign or be terminated.
As a Chase customer, I can verify $35 per overdraft. If a person was unfortunate enough to write eleven checks in one day and have only the largest check clear the bank, it would be possible to bounce ten small checks for $350 in total fees, plus owe the bank $100 to cover what was purchased. A consumer who is already struggling or who has creditors delaying payment due to problems of their own winds up in a financial hole that could take weeks to straighten out. Maybe in the case of the very poor, months or worse.
Isn't this excessive in an economy where we are bailing out the big players? We give the executives who fired struggling employees compensation packages in the millions. This is certainly not ethical nor even logical.
What do you think?
Chase responds to customer complaints
According to the New York Times, "Chase plans to eliminate by the first quarter of next year a common industry practice that enraged many consumers. Instead of lumping a day’s worth of debit card and A.T.M. transactions together and then processing the highest amounts first — a practice that has caused large numbers of consumers to overdraw more quickly and pay more fees — it will credit the transactions chronologically. Chase also plans to allow customers to opt out of overdraft coverage."
The full article is linked below. Thank you, AEvans, for suggesting this follow up research. It is great to witness Chase responding to its customers. Certainly I would like to call attention to anything that speaks to improved customer relations!
Click on these links for more on Chase Bank
- Why I Hate Chase Bank
Why I Hate Chase Bank is one consumers story outlining his protest over abusive and deplorable practices by Chase Bank, Chase Auto Finance and many of it's representatives during a self-help repossession. - JPM News |JPMORGAN CHASE & CO. News | Comcast.net
Visit Comcast.net and read the latest news and headlines on JPMORGAN CHASE & CO.. - Chase and Bank of America Revise Policies on Overdraft Fees - NYTimes.com
Two banks are changing their debit card programs to end some charges that have enraged consumers.
Economics 101 simplified and good fun!
- Chase Foreclosure
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Does anyone who was born before the seventies lament the lack of customer service in the world today. I will pay extra for good customer service and it is truly a lost art. That is why, when I returned from... - JP Morgan Chase Bank Account Review: Online Mobile Banking
Chase Bank is part of JPMorgan Chase financial company. JPMorgan Chase (NYSE: JPM) is the largest banks or financial services company in the USA. Chase Bank offers various account such as credit cards, checking ... - Chase Mortgage Modification Loan - Chase Bank Home Loan Modification
The chase mortgage modification loan can help many qualified homeowners lower their monthly mortgage payments and stop home foreclosure. You can visit the many Chase modification loans websites and download the applications forms. When you lose you..
A good belly laugh adds days to your life!
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People, it doesn't matter where you do you're banking. I bank with three banks and I've never had an issue. It comes a time when you must assume responsibility for overdrawing your account and applying for credit cards with ridiculous rates. I can certainly understand that events happen but the reason why many can't sustain themselves during crisis is because they have not prepared themselves by saving.
Dear Peter Mosabi Kihingu from Kenya, I apologize for not approving your message. Although it is very compelling, I am uncertain as to its connection to Chase Bank, which is the focus of this hub. Please clarify the connection and I will approve your comment. Thank you!
Dear Katie, what a frustrating travesty. Thank you for venting.
[Misspellings corrected!]
We own a small business in Denver and are former WAMU customers. Chase took over and things have not always been pleasant. In a recent letter dated March 28, 2012 (just received this on April 5, 2012), we have been informed that our account number is changing (for electronic transactions) and the routing and transit number is changing for deposit slips. First of all, we did not receive any advance notice of this change (which, one customer service rep. told me, was due to the fact that they are nixing the WAMU routing numbers). I don't have any problem with that. But, when we are told to immediately: (1) order new checks (and here's a $150 credit to Deluxe); (2) order new deposit slips; (3) begin using new checks and deposit slips immediately and destroy all old; (4) payroll checks must be updated/upgraded, too, if using; (5) provide new ACH information to all vendors with whom we process electronic payments; and (6) update any automatic withdrawals, such as insurance company payments, utility payments, etc.), it's asking a bit much. We also utilize merchant processing (as a retail business) and this must be changed IMMEDIATELY, as well. Oh, the cust. svc. rep. says, yes. "There could be a disruption of processing and/or of payments going into our bank account. We're sorry for any inconvenience." I am trying to get contact information for Donna Vieira, Senior Vice President, Business Banking (who authored this unanticipated letter) and find out what the heck she was thinking by not giving us any advance notice that this change was going to take place. One rep. said that we could still use our old checks until they run out, but I don't believe anything coming out of their mouths. They do seem clueless. And this gorilla of a bank and highly-paid executives don't seem to care when they stick it to their customers. Not happy about this.
Dear Karen and Leon, what a travesty! I am stunned. I have heard many complaints but not of such obvious thievery!!! Lawyers are so dang expensive- I wonder if others have had similar experiences and you can band together for a class action suit?
I must say this one eats the cake!!!
Chase has been responsible for paying our home property taxes for the last two years through an escrow account set up when we purchased through FHA. Taxes were paid for 2010. However, the taxes for 2011 were not paid, instead Chase sent us the escrow funds in a check labeled surplus in Dec. 2011, and they told us that the taxes had been paid. We contacted P.G. County tax officials to inquire about our taxes because something did not seem right with the amount of the escrow check which was in the amount of $3,207. We ended up paying the taxes January 2012 along with penalties for late payment. Chase still has not reimbursed us for the penalty amount of $155.00. Chase not only failed us in upholding their responsibilities of paying our taxes with the funds that we faithfully sent in with our mortgage payment each month, but they (Chase) are giving us the run-around about reimbursing us for the penalty. Chase is without question the definition of a greedy bank that does not give a damm about its customers who work for a living, to them it's all about stealing every nickle and dime from hard working customers and paddiing the pockets of the banks executives and shareholders.
Mrs. HM, that does sound strange! And very, very inconvenient.
I went to my Chase bank and got a $50 certified check to send to my daughter in Florida. Two Chase banks in Florida would not cash it because "you need to have an acccount with us". When I contacted customer service the reply was "It is up to the descretion of the bank to cash a check". Is this stupid or what? This was a CC from Chase and she went to TWO Chase banks to cash it. She had to return the check and we had to go to her bank to deposit money. What is WRONG with these institution? I know my problem is small compared to others, but what nonsense.
Dear Mr. Frazier,
What a sorry state of affairs. I hope you have sent this letter to the President of Chase Bank and copied everyone you can think of so that your situation can be resolved! This site is a sounding board and I am pretty sure no one at Chase Bank itself ever accesses it. So all I can offer are my prayers and the prayers of any readers who pass through. Please update me on the events, if you have a chance.
Sincerely, Barbara Storytellersrus
Dear Mr. Jamie Dimon my wife and i was buying a house in San Pablo California. Our contract with Washington Mutual, however it was seen by that your company acquired the assets of Washington Mutual, and in doing so it has created a problem for my wife and I. Your'e company Chase has sold our house illegally, this illlegal sale of our property, as you know its not good for business, your'e company hired quality loans services who we did not have a contract with as a trustee, Chase has not did not inform us that a trustee was being changed. This letter is to inform you that we are prepared to take a legal action within 10 days of you getting this letter unless you can come up with proof of the legal right that you own 2778 Rollingwood Dr we would like for you to straighten this matter with Community Fund who bought this house illegal in an auction illegally. Sincerely, Esther Frazier
Kim, thanks for stopping by! I would love more context, but appreciate your comparison!
Jamie Diamond is nothing more than Mordecai Jones from the Flim-Flam Man, he has a masters in... Back Stabbing Cork Screwing and Dirty Dealing.
Richard, this can be unbelievably frustrating. I am so sorry this has happened to you and your wife at such a vulnerable time. Holidays should not be like this, in a perfect world! I look at the stars twinkling so brightly outside tonight and think there must be hope somewhere out there, for all of us long for it in the deepest places.
I am sorry if your post did not immediately show. I was not aware that it might be delayed. It had nothing to do with disallowing you from saying your piece! Some computer flicker or something, I suppose. Hugs.
where is my post?
They screwed me completely over and on thanksgiving over seven hundred in over draft fees and charges all because L&I closed my direct deposit and my wife used the debit card thinking my 28 hundred was available we had no prier problems tell this happened but they lie and say they reversed most of them when the funds appears gone they acted like they where doing me this special favor of letting me have 200 of my god given rights to my money banks are all nothing more than criminals who we allow to rob us blind! I will try writing the bank but just like all of you they lie and the bottom line is they are their to get rich of our money and it sucks! Why don't we force the federal reserve to issue a gold standard bill and close these criminals down for good!
Yes that is my real name I am not afraid! they are sending our youth in debt I am closing my account soon as this is all said and dune and keeping my money at home fk these fake liars who make us out to be crooks for little mistakes with our money they are the criminals not us!
Thanks Robert, for adding your request here. Others who are experiencing this issue may want to read up on how to get off junk mail lists starting with this site; https://www.privacyrights.org/fs/fs4-junk.htm#geto
To: Jamie Diamond President & CEO. I have talked to your personnel regarding removing my name from your credit card mailing list. The applications continue to be mailed to me. If I receive anymore I will consult with my lawyer and prefer charges against you personally.
Amanda, I Update the links occasionally but at this point I think this is a hub for venting more than information. I can tell you that when I am finally able to sell my Canadian stock I am opening an account at the Bellco credit union! Thanks so much for your visit and excellent hub!
Hi Barb, I finally got round to re-visiting this hub. I wonder how much, if anything, has changed since you wrote it? Reading back over the comments, I see that Ajcor mentions the Credit Unions. They are apparently really popular in Australia, and I'm hoping they will become stronger here in the UK as more and more people turn away from the existing banks. Slowly, slowly, things will change. There's always a tipping point.
Dear Donna, my sympathies. This sounds like a mess. All good wishes for a satisfying outcome. Please let me know how things resolve.
Jamie...My husband & me has a loan back in 1996 that was paid off when we refinanced with national city. Bank one at that time closed our loan but di not send correct paper work to our city county department. We didn't know this until NOW!!! trying to get a home equity. Your bank is telling us now if we can't supply the loan #, they can't help us.. All your records from that far back have been perged but your bank info says we owe NOTHING!!!! We don't have our loan # because we also perged our records up to 2002 2 years ago. Never thinking we would have to prove to someone that we paid our depts..Even your records show we owe nothing-none of your people will help us in signing off on this nightmare.. For 3 weeks of being passed from person to person & talking with at least 8 people aday, we are still at ground 0!!!! We are tired of this.. When you bought Bank One -you bought good with the bad...So you need to fix this problem. We are trying to get our dream retirment place.& we don't plan on losing our chance.. We have worked hard to get it..If this is not taken care of, we will go for legal action...Please help us resolve this problem. We have paid our dept. We want this lean taken off imediately. Please reply.. thank you. My home e-mail is stettler202@comcast.net. thank you..Donna Stettler..we also have checking & savings with you from 1971.. a long time with you guys!!!!!
mary, I hope you get this straightened out. How far up the Chase chain did you go? Sometimes it takes going to the top to get anything done. Good luck and thank you for sharing your story.
All banks are fee happy but Chase ia the only bank that I would never again have any thing to do with. The customer service reps are so ill informed and unconcerned not one knows what is going on and no one has ever returned a call.From day one I new I had made a mistake.I refinanced again last month with Met Life. The day of the closing, 7/6/1011 Chase informed the closing attorney that they had taken $2250.00 from my escrow for flood ins.,which I already had and that this had to be paid befor I could close.To make things wosrt they took out another montly payment out of my checking account. Well to make a very long story short after more than a month and endless hours spent on hold with CS reps. I still do not have my money back. What kind of a bank is this!!!
JustSimple, that is very strange! Thank you for this reality check.
You know whats funny...... This happen locally here where I live...
http://blog.seattlepi.com/seattle911/2011/07/08/ch
Chase had a man arrested for trying to cash a check they provided to him and he was cashing it at a chase bank.
I would like to speak to or write a personal letter to the President regarding a teller and I am so thinking about getting legal help regarding this and I feel Its really not needed If they would to help me a little better.
Dear Donna O Crabb and Pennie Bell, I am not including your comments because of the personal information contained within. I do not think it is a good idea to publish your phone numbers on this site, Pennie. And Donna, I await further information before publishing your comments. Thank you!
(I apologize for any confusion generated by this hub. I am not Chase Bank and cannot solve your problems.)
I found this hub during a search I was doing on Chase and this and a few others came up. The only reason I commented was because I read about that one rep. I think all banks have good and bad faults.
I have 3 accounts with Chase...my car loan, and my 1st & 2nd mortgage. I got 10 days behind on one of my loans. I then put it in the mail with the late fees included. I get called 3x's a day, starting at 6 am from Taiwan from people who don't even speak understandable English. Since my unlisted phone number has gone out of the country, I am now on phone list of scammers (who also can't speak understandable English) calling me a 6:30 in the morning telling me I have won 3.3 million dollars.. I hang up on them, and they too continue to call me back and harass me. They know my address,name, and age. I believe it is Chase who is to blame for all this information being abroad, and for all this unnecessary harassment. I have always been good with our credit...until I fell 10 days late.
Chase has turned me down on two ocassions for a loan modification, I guess than rather than helping someone they would like another empty home. As I write this I am listening to Jamie Diamonds comments about the mortgage crisis in our country. Wheres the help for the people that need help
Chase misappropriated funds for "escrow shortage" which I paid in full at the branch and they are now charging me again for the fee by adding it to my mortgage. They are thieves. The branch mangers (they have several) never return phone calls. I've spent hours at the branch and all they say is "we can't do anything." I think they are robots dressed up as humans. I advise anyone to avoid Chase at all costs at all times.
Can I sue Chase bank for not training people? I got charged for depositing a bad check and one of the managers said if I would have brought the check to her this wouldn't have happened. Is it my fault or Chase's..I think Chase should train and we would all be better.
Dear Person called Myself, who is not me. Glad to hear you had a good experience.
(How ever did you find this hub? So serendipitous...)
Mr. Ben Brown in Harker Heights, Tx is a very good Chase rep. He was there for me during a trying time with my finances. He answered every question, and went out of his way to make certain that all my needs were met with my finances. It literally took months to work out all my financial issues, and he helped me get on a solid track and never did he steer me wrong, so in his defense, he is very helpful to clients. Sorry to hear about others having a hard time. And from what I learned, they shred all papers(info) they do not need that same day. Cut Mr. Brown some slack, he was just doing his job, and I have heard a lot of other banks ask the same question, so maybe someone just did not like what he said but that does not make him bad at what he does. As for the other guy, I have seen him there, yet I have not been his client, so I cannot speak for him. Thank you for your time.
I hear that the banking system is dragging its feet on enacting the government programs established to enable homeowners in tough positions to refinance. I will know more soon, as we are attempting to do just that.
Do you think bankers might be trying to influence the election by creating the impression that the bail out didn't really help them? I wonder. Certainly the power remains in their hands and not in the hands of we serfs who bailed them out!
Have you ever tried to deal with the mortgage department of Chase. of course my mortgage was sold to Freddy Mac. The Chase system is crazy. All calls are routed to a call center. This call center is in south Carolina. i frankly feel sorry for anyone who's only job option is to work in this sweat shop. I am thankful thogh that the call center is not in India.Depending on who answers the phone you will get different information. I am trying like many to get a loan modification. You will never in this system talk to the person acutally responsible for reviewing the modification as that office is in Colorado. If your modification is denied or the process stopped for some reason you likely will not be notified. If they need additional documents you may not be notified. This is how the system works. In this way you may easily end up in foreclosure. Chase needs to have a better system. You'd think with all the bail out money they could take time away from the JP Morgan trading desk and stop manipulating the stock market to redesign this terrible system. Jamie Diamond maybe it would be good to consider the customers rather than your bottom line. We are suffeing in the inept moustrap of a system you have created a monster.
i had a forclosure in 2006 with wamu wich is now chase and chase is inaccurately reporting to the credit bereau that my forclosure was done in 2008 wich is now keeping me from buying a house ive faxed them proof gave them 30 days and still no answer what kind of customer service is that good luck
great hub
I was called by Chase to verify a credit card trasaction that I made in Istanbul. When I called, I could not understand the operator and politely asked where am I calling. The man said the Philippines and to callo back at 9PM as all sysetems are down. I called the next day and asked where am I calling and was told I am calling India. If i call tomorrow will it be Pakistan or China. How can Chase not hire all those Americans who are unemployed here in the US. Wasn't it US taxpayers who helped keep banks afloat and Chase was one of them. How dare their CEO do this. It is hypocrisy and we must demand an end to it. I plan to send my chase credit card back today to them. Shame , shame on us for allowing this to happen. Tom Bragen Bayonne, New Jersey
I heard a very depressing interview today on public radio. Evidently nothing has really changed here. I wonder what it will really take; the taxpayers are footing the whole bill.
I have a friend who is a bank manager here in the UK. I remember him once explaining that it was bank policy to encourage debt. Debt makes money for the banks. It's how they fund their bonuses. I'm glad to hear that Chase is cleaning up their act. The more people call the banks out, plus the more people opt out of the system altogether, the sooner the banks will begin to reform.
Thank you, J&D Sims, for sharing yet another example of inhumanity... and I was about to delete this hub!
Dear Mr. Diamond, this letter comes as a concern and a regret for ever going into your branch in Harker Heights, Texas... My husband and I went in to open up a savings account with your bank...The represenative Ben Brown & manger, William D. Ownbey have the whole customer service element wrong. Everyone that brings a check into your bank is not a theft or trying to defraud the system.
I understand that sometimes checks have to be held, but when Ben Brown stated, " How do I know if this check is real" You want us to take a chance on you and this amount of money....hum, what do you mean, take a chance on us and is this check real? What in insult...There are three things that my husband and I pride ourselves on honesty, intergrity and serving others. I contacted your executive office and spoke with someone regarding this matter. I was told that they would call the branch and speak with them but that I would not receive any follow-up nor, would I be informed about whatever actions... Mr. Diamond, I was not requeting neither one, I wanted you to know how this branch treated a potenial customers.
William Ownby the manager, did'nt make matters any better..We questioned, what would happen to our information that was given...he stated" you gave the information to us and it is ours...I stated, but if we are not customers, why would you need this information.
He continued to state, that our information belong to Chase Bank now.... We are not your customers, we never got to complete the account.. Wow, what a sad situation that a branch manager could not handle this situation better then this.
I was told by Diana Hernendez that information is purged.
If she knows this, why did William Ownbey didn't know this. He could have assured us that this information would be purged and we could have avoided this conversation....He left us thinking that we didn't have a choice about Chase having our information. This was the second thing that went wrong by coming into that branch.
Jerome & Diane Sims
loriamoore, I did not know there was a difference until my sister shared how she and her husband's van broke down on vacation and their banker approved a loan over the phone! Small town banks are wonderful. Thanks for the comment.
I definitely prefer the smaller hometown banks.
With the slump in the economy and the bailout by the government banks have started looking at their customers in a better way. Its much easier these days to get a solution for your problem by just talking to the customer care reps over the phone or a brief visit to the branch. Only complex matters are being escalated to the next layer of management.
Sorry guys, I have been out of commission due to our Baba's death and subsequent busyness. Your experiences make me so sad. 35%, truly? What a disheartening bit of news Pegasus.
Heather, I begin my complaining online in my site at Customer Service. But there are other routes:
http://www.federalreserveconsumerhelp.gov/ Federal Reserve complaints can be managed here if: You can file a complaint if you think a bank has been unfair or misleading, discriminated against you in lending, or violated a law or regulation. We investigate complaints related to federal consumer protection laws, such as the Equal Credit Opportunity Act, Fair Credit Reporting Act, and the Truth in Lending Act.
http://www.consumersunion.org/pdf/bankcomplaint.pd Here is a list of helpful agencies. Try them out and report back! Thanks!
Having a problem with a Chase Bank in Calif regarding CD's. Where would I begin to write a letter-address/email/phone - to get a complaint process started?
Chase holds our credit cards even thou some were with other banks.. chase took those banks over. even our home mortgage company was bought by chase. all cards intrest rates went directly to 35% for no reason. and the loan modification was a joke so we are no going to have to short sale. the ban could care less.
Hey no doc, thanks for suggesting this might help others! That is the goal, isn't it?!
Duke, thanks for your research into this phenomenon. What DO they say, by the way?
I challenge you all to find a band that doesn't stack their daily debits in order of largest to smallest. I firmly believe that it is a despicable practice, but I also believe that all banks do it because they consider the fees from such a standard source of revenue and part of their routine business. I called many banks in my area and couldn't find a single one that didn't engage in this practice. You know what they say about bankers and layers...
Lots of sources here to help some one that is in need of advice, the kind of information a lot of people are looking for thank you. Some times it hard to ask for help, but with this kind of information it all becomes easier.
AEvans THANK YOU for encouraging me to review Chase's response to this matter. I found a relevant NY Times article from September that outlines some of the changes Chase and Bank of America are implementing in response to customer complaints. I cited and linked this article above. I am all for applauding these positive steps!!!
All banks to me are corrupt and vile I believe that the overdraft fees are ridiculous and while they enjoy our money by preying on us we the American middle class struggle everyday to survive. I believe since this hub was written somethings have recently changed but I am not certain. :)
YES GURU! I couldn't help copy a large portion of the article you cited. THANKS!!! OMGosh!!!
"Banks and credit unions have become so sophisticated in driving up overdrafts that Americans now pay more in overdraft fees every year than they do for books, cereal or fresh vegetables," Leslie Parrish, the center’s senior researcher, said in a news release.
The study, which is based on data from the Federal Deposit Insurance Corp., estimated that 51 million Americans paid overdraft fees in the past 12 months.
It is now standard practice for most banks and credit unions to automatically enroll customers in their most expensive overdraft loan program – generally at a cost of $34 per overdraft, according to the study.
And, while banks say the overdraft protection program is designed to help customers from bouncing checks, the nonprofit research group found that such fees generally are not caused by checks, but by debit card transactions and ATM withdrawals, which could simply be denied with no fee charged.
Yep. Between Chase and Goldman Sachs, they are ALREADY more powerful than most governments. They run the country and own the politicians. Don't know if you saw this article
http://nashville.bizjournals.com/nashville/stories
In the past year $24 BILLION in OVERDRAFT fees. Wow! Where's the outrage? Where's the media?
In his pocket of course.
Thanks for the correction, ajcor, and for the comment period. Sounds like a good direction to go as far as banking.
sorry storytellersrus - left out a part of the phrase "Not like the greedy banks which gain expontentially in every which way to Christmas - via the ripping off of the bank depositors with their personal green-back skimming income-grabbing mitts!.....cheers
great hub Storytellersrus -I belong to a community owned banking institution - a member owned credit union in fact - where the people come first not the money nor the bottom line - they have helped me out a few times over the years and i am happy with them - unfortunately they too charge the $35 for going over the fund limit but if they are in the wrong you can talk to them and they will refund. They actually do what the banks should do -operate to help people, Not like the greedy banks which gain expontentially in every to Christmas via the ripping off of the bank depositors with their personal green-back skimming income-grabbing mitts!.....cheers
Jjustice, I would like to read your articles. If they are not on the Hubpages, please let us all know where to find them. Thanks!
Thus the reason that I am currently writing a series of articles on banking practices based on when I was a banking center manager for 5 years. I am fed up with the system too!
I wish you all- and me- luck!!! Thanks for your comments. Keep in touch.
Tom, you truly made me LAUGH!!!!!! Sorry if it was at your son's expense.
Lots of love to you all.
Mighty Mom, we think alike. As I was reading all of this I was thinking it sure looks like it's time to switch to cash in the mattress. A friend of mine told me they also run all the checks through at her bank before the deposits. She also said the checks are run as a total. If the total doesn't clear, they bounce them all. That isn't right!
I'm totally with ya. This is just despicable. And honestly, how ridiculous to think that someone who overdraws their account can turn around and afford fees 10x more than the overdraft? I'm no economist, but that just does not compute for me.
The mattress is looking safer and saner by the minute!
Hope you find some good Money Is Love alternatives. And share them with us! MM
My son had overdrawn $1.70. He moved a couple of times and had no idea that he was overdrawn at his bank. They called one day and said that he owed them $740.00. This had been about three years ago. Since then, they sent letters, made calls and finally turned it over to a collection agency. My son refused to pay such a rediculous amount.
They don't call anymore. He never paid it and never will. If they ever, ever pull that crap on me....I will pay them in live chickens who have just been fed ex-lax. Just venting. Thanks...great hub! :)
I am working on a new perspective regarding money, summed up in my new hub "Money is Love." I am shifting my focus away from banks and towards alternative ways of working with money. I have asked all my helper bees both physical and metaphysical to come to my aide. Wish me luck, lol.
My sentiments exactly! I'm tired of banks and credit card companies encouraging us to spend and then charging us fees and penalties for doing it. Why don't they just put a hold on the account when it is out of money? Because that wouldn't be as profitable. Also, there's no incentive to cut fat executive pay and bonuses when government bailouts are always waiting to help them out.
Cute Ralph! I will go for it.
One more bunch of banksters! Keep after 'em!
Hey, I keep getting this broken link message. If any of you have problems with the last link titled, "Banks cash fat checks first" please let me know. The link reads okay when I click on it under the edit mode. thanks!
Disgusted, your experience tells me buckets. That is so, so sad! I was told that fidelity banks were more customer friendly. Have you any experience with these institutions? Thanks so much for sharing this tale of woe. I am shocked, frankly. Sometimes I write Hubs hoping I am the anomaly. Wishing someone would write and say, NO! You are wrong!
I used to like Chase. They were the one financial institute I never had issues with for years....until they bought Washington Mutual. I was elated Chase bought WAMU as I was at the point of wanting to close out my credit card accounts and had already closed banking accounts with WAMU.
To my surprise Chase took on the WAMU attitude and began the same sneaky fee tactics and increase in rates. I wrote several letters to Chase regarding this issue without a response and have since closed all my accounts with them.
The banking industry is at war with their customers and will continue until the new credit card bill goes into effect. Until then...they will show no mercy.
Thanks for your comments Blake and Paper Moon. I spoke with my sister who lives in a small town. She once bought a car in Minneapolis by calling her bank in Missouri and asking if they'd cover a check she wrote, paying off the new Ford van in full. They said, "Sure! We'll deal with it when you return home." Perhaps moving to a small town where the banker's kids frequent your library and his wife buys gas from your husband isn't a bad idea after all. I've heard fidelity banks are more user friendly. I plan to check into it. If I discover anything, you can bet I will share on HubPages! Thanks again for stopping by and sharing your humor and insight.
This also is a regular occurrence at Bank of America. They would also occasionally show on statements a higher "available balance" along with every transaction cleared. One thing they did not mention was that a few of those transactions had not been taken off of the available balance. That is until months later when this money was dipped into, then they would also use the largest debit first. When cornered they would eventually admit that it was some "error" as to why the money was not taken out of the available balance, but refused to waive the extra fees. We went elsewhere. We are happy with out small bank, but it will get bought out by some large predator.
Luckily I have avoided the overdraft fees. I do believe that Chase is going to eventually take over the world. I can't believe how many branches there are. It's just a matter of time until they are stronger than the world governments, and then we will all become slaves. But hey, at least we'll have free direct deposit checking and online bill pay. Who could ask for anything more. They'll probably take away the $100 for switching from another bank when there aren't any other banks. Even the oil guys will be paying overdraft fees, which might make us feel good at first. I guess eventually we will all have to go to Boston harbor and throw our check books into the ocean and declare our "Freedom." After all isn't that their slogan?
Storytellersrus Hub Author 11 days ago
JZ, lol! Did you read that a majority of Americans have no budgeting or money management skills? Perhaps you could help remedy this situation by offering to share your skills! For Mothers day I gave each of my kids a book titled, How to be richer, smarter and better looking than your parents. I hope it helps do exactly that.