Chase’s $10,000,000 overdraft solution

Making an account overdrawn by $10 million to restrict access to an account sure makes it sound like Chase doesn’t really know what they are doing.

I opened a joint account and I’ve been a loyal customer of Chase for about 12 years. I have great credit history. I deposited several hundred dollars when I opened an additional checking account online last weekend. Then, when the business week started, I got a series of 4 text messages telling me my account was overdrawn by $9,999,135.00  and did I want to cover that overdraft with a transfer from my other accounts. Ha. Like that would be possible.  I didn’t get a call from a Chase person–just the shocking texts. And then when I called, they said “Oh. Yes. That’s our way of locking down your account in case there has been fraud.” Sure, because a sudden $9,999,135.00 withdrawal doesn’t freak me out as much as real fraud. If they want to do that, I at least deserve a personal phone call to explain. instead, they’d rather give you a heart attack by sending you a phantom text message with an almost $10 million dollar apparent w/d. That is beyond stupid.

Then they said there was a problem with my SSN and I had to go to the SSA to get a piece of paper verifying I am me and then make more time to go in to a Chase branch. Seriously? Who has time for that? And I’ve been a verified customer for YEARS. Then I got smart and told them it prob wasn’t my SSN with a problem; it might be the joint account holder. They said “Let me look. …oh….hm…Oh you’re right.” What I don’t understand is, why does Chase even “open” an account that isn’t verified? I cannot access the initial deposit until this mess is resolved. Chase should simply deny the application instead of taking my money and then locking it up. They should approve me but not the other holder, whom I have known for years and saw the SSN card myself in order to enter the info online for the application. They should let ME access my money. Why they would ‘approve’ an account only to promptly close it is RIDICULOUS. they are not protecting me from fraud–they are removing my own access to my own money. Right now, fraudsters are more likely to get my money than I am. I cannot believe Chase’s policies are so ridiculous. JUST DENY THE APPLICATION. Don’t accept it, immediately restrict it, and then keep my money. When I get this mess resolved, by re-opening the account that I JUST opened 7 days ago, I will be sure to close it for good. I am not doing anymore business with Chase. I will open this account at Wells Fargo or Some local credit union instead of dealing with Chase’ stupid policies and very very impersonal banking. I even requested a manager contact me, and they wrote me back saying, sorry. You have to call us again. We can’t tell you anything.

1 Comment

  • By Tim Pena, July 20, 2011 @ 10:04 am

    I had opened an account with Chase and when a quick pay was made, Chase blocked it, shut down the account, seized the funds, and never contacted me. This happened on 6/16 and still haven’t received the funds from the account.

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