My experience with Chase - formerly Wamu - is similar to so many other peoples experiences. I recently opened a "free" checking account with Chase because I got the "free" extra $100 to do so. That alone makes me an idiot. I was all set to switch over from PNC - direct deposit and all, but because of the stories I had heard, I decided to just try them for a month or 2 first.
Thank God I did that. I also have a Wamu/Chase credit card. When the takeover occurred, Chase wiped out my online link to PNC bank - I always payed my card that way. So, since it was already set up with my new Chase checking account, I just went ahead and transfered money into the checking account to pay the bill. The Chase Checking account told me the money from that transfer would not be available (posted) until 3 days later. No problem. I set up my online payment for the day after the funds were to be available. (Mind you - I pay the bill the day the statement becomes available.)
Needless to say my payment was returned for NSF. I called the bank, as I saw that online, the money I had transfered to pay the bill was still marked as "pending". I figured it was just an error. It was then I was informed that because the account was too new, that my funds could be held for an additional 5 days. ARE YOU KIDDING ME??? I would have just taken cash out of PNC and put cash into my Chase account if I had known that. The worst part was that the customer service rep really didn't care about any of it. She treated me more like an idiot who should have known better.
Now in addition to the late fee from the bank of $34. (which they did later return to me). I get smacked with a $39 late fee and returned payment fee from the credit card company as well as a 7% rate hike on my APR - never a late payment or even a minimum payment in the history of the card. So I called the card company. They didn't want to hear it - I faxed all my bank documentation to them. No luck. I also demanded to have my "late fee" credited back to my account. I reissued payment 2 days after I learned about the problem. The rep rudely tells me "It's late - any returned payment is considered late."
Again - ARE YOU KIDDING ME??? How is paying 2 weeks early paying late. She repeated the same statement again. And how exactly does that justify the increase in APR? The reply - "You were late." I asked her if she understood how ridiculous that sounded when the definition of "late" in my mind was paying after the due date. She gave me some lame address. I asked to speak with a supervisor. She said there was no one to help me - now would I like that address. I asked how exactly it was possible that she had no supervisor, if she in no way, shape or form was capable of helping me, and could not make any decisions without a supervisor's approval. The response - "Ma'am - would you like the address" I hung up.
So essentially my "free" $100 in my checking account amounts to me owing more money in the long run if I decide to ever use their credit card again. I do not plan to. I also plan on closing the checking account as soon as it is legally possible.
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