Chase Bank has a confusing policy on check holds that has cost me about $1,500. When you deposit a check of significant amount (over $500), Chase issues a Deposit Hold letter which states "... As long as the deposit is paid, we will be happy to refund any NSF charges." Bold letters.
I received this letter and was charged for four NSF charges. I went to the bank to see how "happy" they would be to credit these NSF charges. The branch manager said, "the letters says 'any' not 'all' and we, at the branch level, have the right to pick and choose which charges, if any, to refund. And we only choose to refund you two of your charges. We feel you should be more responsible!" Although the letter from HQ states that THEY would be happy to refund those charges, the truth is you have to plead your case with the branch manager every time.
I went back through my account and found many instances where NSF charges we made while they held a deposit, over $1,500 worth over 4 years. I am now planning to sue Chase in small claims. Turns out that ambiuguity in contracts goes against the maker of the contract - in this instance Chase. I would love to start a class action, but don't know how many others are out there.
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