My debit card was stolen and over $850 was withdrawn from my account in several unauthorized transactions. I reported the fraudulent activity the next day after receiving a call from the "fraud prevention" department. I filed a claim a few days later after the charges cleared - the first person I spoke with at the claims department implied it would be a relatively simple process to have my claim processed and the money stolen from my account credited back. All I would need to do is sign an affidavit and return back to Chase stating I did not authorize the transactions.
I waited a few days and called back the "claims" department after receiving nothing. I was told by this representative that my claim would be handled in 24-48 hours, with the implication that I would receive back my stolen funds. After not hearing anything 5 days later, I called claims once again, only to be told my claim had been denied. I asked why and was told that since the disputed transactions occurred very soon after my last authorized transaction, and the correct PIN was used each time, that my claim had been denied because Chase believed the transactions MUST have been authorized. I was told I would need to provide proof that it was not me making the transactions. I asked if Chase could review the ATM videos, and the representative told me I should go to the corresponding banks to the ATMs where the theft occurred and ask to see the videos, and then have the banker there contact Chase Claims Dept and explain that it was not me who took the money out.
After a little investigation of the addresses of the ATMs, I found out one was actually at a CHASE ATM. Before I could call in again, I received two separate letters in the mail explaining that my claims had been denied (the claims were divided into two sections for some reason). A direct excerpt from the letter reads "You are welcome to view the research documents used in resolving your claim." I found out that is not the case at all. Upon calling in to the claims department, I first talked to a representative who could not answer my questions directly, such as "since the transaction occurred at a CHASE ATM, can't you just look at the video and see who it is making the transaction?" Since it was definitely not me making the transaction, it seems pretty straight-forward to me that it was not an authorized transaction, right? WRONG!
I was connected to the first representative's "supervisor", named Gary, who was to answer (or rather, avoid answering) my questions. I asked him why my claim was denied. He said it was because it met Chase's criteria for denial, which he repeatedly refused to divulge. I asked to see the research documents used in processing my claim, only to be told that THERE WERE NO RESEARCH DOCUMENTS FOR MY CASE! They simply denied it because it met Chases mysterious criteria for denial.in other words, they denied it because they felt like it and actually had no evidence whatsoever. Come to find out, they never even looked at the video. They simply took a quick look at the transactions on paper and denied it since the thief had my pin #.
I asked whether it would make a difference if I filed a police report and had the police dept. Directly request the video - and when it clearly was NOT ME making the withdrawal - if my claim would be approved. The answer is NO. It wouldn't even matter if someone else is in the video making the transaction, because, as Gary put it, I could have "compromised" my pin # to this person, and basically, they could have been withdrawing money on my behalf.
So basically what it comes down to is Chase does not believe you that fraudulent activity occurred. It was your fault, so too bad. I asked Gary if he had ever heard of the Electronic Funds Transfer Act - he said this didn't apply since it was not an electronic funds transfer. I said it does apply, and that since I notified Chase within two days of the fraudulent activity, that I should only be liable for $50 of the charges. He said it doesn't apply. I asked him what it DOES apply to then, but sadly, Gary did not know. It was "outside his area of expertise". Ok, well then whose area of expertise is it then, Gary? Not the people handling the claims, obviously.
I was told there was nothing I could do to have my claim approved. I concluded the call by kindly notifying Gary that Chase had just lost all of my business forever, which they have. What a joke of a company - blatantly crooked. Time to shift everything over to my trusty local bank where I know I'm a valued customer.
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