Chase can’t read, post number 172
It is a known fact that Chase runs daily account holder debits and credits to maximize fee revenue. Running larger checks first results in many more smaller bounces if an account becomes overdrawn.
Have they extended this practice to accepting post-dated checks before they are supposed to, or do they just now know how to read?
I have used bill pay for two years to pay the rent to a new yorker. The check from my branch in virginia was dated Jan 5.2012. It was deposited into his account on Jan.3,2012. So then it was marked insufficient funds and returned to my bank. Why are checks dated. They charged him funds for a returned check. He in turn is trying to charge me funds for giving him an electronic fund transfer to get the money back to him quickly. Late fees of $100, 12.50 insufficient funds and $15.00 wire transfer when I already paid my bank $20 to transfer him the money. Is this how chase makes its money. I see why he banks there. They are out to get whatever they can.
Bad bad Chase, Ineptitude | admin January 11, 2012
By ed, January 15, 2012 @ 9:06 pm
Chase will also assess a late fee for an account that was not paid late. Then they reverse it but only after the statement date. You have then been charged interest on the late fee. Do that 10’s of thousands of times. $$$
By ed, January 15, 2012 @ 9:14 pm
A year or more ago Chase had the big push to use your debit card as credit by using your pin.
What that does is authorize Chase to hit the merchant with credit card merchant fees. You have then just authorized Chase to charge yet another fee with No Good Reason other than Corporate Greed.
Those fees like all costs to do business will be passed on to the consumer. And the masses complied just for being asked to. Chase is laughing all the way to the bank.
Cryin shame we teach kids to dissect frogs in school but nothing on real finance education.
By Gail, January 16, 2012 @ 5:50 pm
That’s find for Chase to charge it’s members all those bogus fees. But I’m not one of their members and I’m fighting back. That’s why they have Federal laws for banks. The people who are members need to find themselves a new bank. Forget those crooks.
By coakl, January 16, 2012 @ 9:01 pm
Post-dating checks does not work and isn’t legal either. Most checks are processed without a human eye examining them.
If you’re expecting some person to carefully examine each and every part of your check before it is posted, you are dreaming. With hundreds of thousands of checks processed every day just by one large bank, it’s impossible to do that.
If you give someone a check, it is an unconditional promise to pay…not that the money will be available on a certain day. The date is simply for your records, nothing more.
By admin, January 17, 2012 @ 6:01 am
Actually, I believe you are incorrect about that. From Wikipedia (http://en.wikipedia.org/wiki/Post-dated_check):
In banking, postdated refers to checks which have been written by the drawer for a date in the future. In the United States, postdated items are described in Article 3, Section 113 of the Uniform Commercial Code.
That part of the UCC (http://www.law.cornell.edu/ucc/3/article3.htm#s3-113) says:
§ 3-113. DATE OF INSTRUMENT.
(a) An instrument may be antedated or postdated. The date stated determines the time of payment if the instrument is payable at a fixed period after date. Except as provided in Section 4-401(c), an instrument payable on demand is not payable before the date of the instrument.
By Gail, January 17, 2012 @ 5:28 pm
First of all it was not posted. Get the facts right. When you use bill pay, you click on the date that you would like for the biller to receive the check. Then the bank mails the check out with that date as the pay date. What country are you from? Perhaps you bank with the terrorist.
By coakl, January 22, 2012 @ 9:28 pm
If you still believe in the fantasy of post-dating checks, understand that the landlord is the one who’s responsible for the mess. That bill payment check was mailed to him. He’s the one who ignored your post-dating of the rent check and he is the one who decided to deposit it at Chase.
Chase’s automated check scanners don’t care what date you put on a check. An ATM certainly wouldn’t. And it’s not likely a teller would notice either; their job is to check that the payee name matches the name on the account being deposited into and to quickly look at the endorsements. If tellers carefully examined everything of every check, the line would be out the door. You’d spend an hour in line if the tellers were that thorough.
By Gail, January 24, 2012 @ 3:37 pm
To coakl,
The credit union sends the check directly to chase to deposit into the landlords account. But never the less I will be sure to comment and let you know what happens when the investigation is over from the FRC.