I have been banking with Chase and treat this as a warning note for not keeping an eye on over draft.
I wont give the exact specifics but here is the gist. I have set up alerts on my e-banking to notify me if my account goes over draft. I was using my debit card over the weekend and suddenly my account was hit with all the transactions on a wednesday. As I was travelling on a Friday, I didnot see that the account when over draft. I made small purchases of the order of 3-4$ and some bigger purchases. Never did Chase turn down the transaction. As it is a debit card, I was unaware that the account was overdrawn and it didnot send me an alert as the system had processed then.
By the time I was back home, there were 7 transactions that hit my account with over draft of around 300$ along with an excess fee for the account being in overdrawn stage for more than a specific period of time.
Later on, after 2 separate calls with Chase they waive off 70$ telling me that I should know what the status of my account is.
What I had expected was that my debit card doesnt work if I dont have the money. Had I known its upto Chase to rakeup the fee like this, I would have rather used my other Debit cards.
When I read through the offer document. It is documented well on the fee and the part that its upto the discretion of Chase to allow the transactions when my account is overdrawn.
Nice way to get hundreds of $ offering 50$ or 100$ incentive to join them.
Now I have no transactions on my account andhave taken off the direct deposit, now I m being charged 20$ for maintenance if there is no money flowing in.
What is this? I have to pay them to keep my money?
Anyway, I have learnt my lesson, I would rather keep my money with a smaller bank. They do have online facilities and maybe they dont have customer care till 9pm but I dont have to pay exorbitant fee to have my money deposited with them!
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