Foo - Chase: The Bank that keeps on taking

I like banking with Chase. They offer me a lot of things. I have a very low interest credit card. Their point reward system is actually useful. Their ATM machines kick ass (new check/cash deposit feature? Brilliant.). But every once and a while they really rub my taint the wrong way.

I really only use the credit card to float purchases from paycheck to paycheck. It's almost always zeroed out at the end of the month. A few days ago I bought a new camera which is primarily going to be paid for by the sale of my other camera. Went on the CC. Two days ago, I bought a new phone as my old one broke. This was an unexpected expense that I hadn't planned on making until next month, but i couldn't be without a phone. On the CC.

This was an oversight on my part, my math was wrong as it was $10 over my credit limit. I have another card that I should have used as the limit on that card is much higher. As a result, the interest rate is too, so I rarely use it.

So, instead of Chase denying the purchase, they let it run through. Then they charge me $40 for going over my limit. What happened to denying credit cards? Am I missing something?

I'll pay the $40 because I ****ed up, but seriously...wtf man?

This is new standard practice since people aren't buying as much. They make their profits on fees instead. I think the new law will address some of this next year, but not sure of details.

Yes, the talk has been around for a while; they don't mind you going over the limit because there's money to be made on those fees.

Chase isn't the only one, if it's any help.

So, instead of Chase denying the purchase, they let it run through. Then they charge me $40 for going over my limit. What happened to denying credit cards? Am I missing something?

I'll pay the $40 because I ****ed up, but seriously...wtf man?

It's not the bank's job to balance your checkbook.

It's not the bank's job to balance your checkbook.

Read the thread.

We left Chase a couple of months ago. They started posting AUTOMATIC payroll deposits days after the deposit was made causing some of my bills, also automatic, to be paid from "insufficient" funds. Only insufficient due to Chase. Then they wanted to charge OD fees for something that was their fault. They also, for no reason, would put holds on my debit card. It's embarrassing to go out to eat or to some store and have your debit card declined when you have a plenty of money in your account.

Bye, Bye Chase

This is standard practice. They will say that they are trying to be nice to you and not limit a purchase.

My Citi Mastercard is actually no limit, as long as I pay off everything over the limit when the bill comes. Of course, my limits are so high now that I could buy a new car and still be below the limit.



Remember, with a no pre-set spending limit you MUST PAY IN FULL any charges over the revolving credit line indicated.

This is standard practice. They will say that they are trying to be nice to you and not limit a purchase.

My Citi Mastercard is actually no limit, as long as I pay off everything over the limit when the bill comes. Of course, my limits are so high now that I could buy a new car and still be below the limit.



That makes perfect sense. They charged me $40 for being $10 over. Standard practice since when? I don't doubt that to be the case but I was always under the assumption that your card would just be declined.

Why is your card all maxed out in the first place you spendthrift 20 something hoser?

Why is your card all maxed out in the first place you spendthrift 20 something hoser?

Read the thread old man. The card is getting paid off next Thursday. Your lawn is getting long. Take care of that.

I also hate Chase.

Join a Credit Union, Tim.

Overall, credit cards are federally approved extortion-racketeering.
Banks pay a lot of money to make sure students,
old people, unemployed, sick and other people in difficult situations
are pwnt by them for as long as they can be.
Anecdotally speaking, CHASE is the worst Ive ever dealt with.
From hitting us up with Bu$h era flood insurance give-a-way on
our last mortgage to a teller refusing to look up my balance on the car
I was trying to pay off, they are THE WORST. They are on my list
of companies I will never, ever patronize under any circumstance.
Wal*Mart, Chase, Microsoft.
:)

Good luck having anything positive come out of dealing with them

Their ATM machines kick ass The ATM advertisements are the thing that bother me about Chase. I only use them for checking though.

Read the thread old man. The card is getting paid off next Thursday. Your lawn is getting long. Take care of that.

Read the fine print.

Read the fine print.

Can you regurgitate your banking contracts?

Read the fine print.

Actually, that has nothing to do with anything. Even if I had known that they let you go over your balance and then charge you for it, I would have still made the math mistake.

The issue I have with it is that they knowingly let people go over that agreed upon amount because they can generate revenue through fee's. Furthermore, I would be willing to bet that most people who do end up doing this are in no position to pay the card off, and I bet there are new fee's applied for every day that the card remains over. It's malicious and irresponsible on their part. They could very easily not let overages occur. Instead they see it as an opportunity to make more money.

Actually, that has nothing to do with anything. Even if I had known that they let you go over your balance and then charge you for it, I would have still made the math mistake.

The issue I have with it is that they knowingly let people go over that agreed upon amount because they can generate revenue through fee's. Furthermore, I would be willing to bet that most people who do end up doing this are in no position to pay the card off, and I bet there are new fee's applied for every day that the card remains over. It's malicious and irresponsible on their part. They could very easily not let overages occur. Instead they see it as an opportunity to make more money.

Even up to the early 80's, a 12% card was illegal in some places.
It was considered 'Usury'

A study of how credit card companies have come to where they are now will make you nauseous.
Some genius found a loophole for banks located in South Dakota and Delaware or something
like that, and the situation digressed from there...here we are.

State sanctioned extortion and fraud.

Actually, that has nothing to do with anything. Even if I had known that they let you go over your balance and then charge you for it, I would have still made the math mistake.



Actually, it means that you very likely had agreed to this in advance. And then made your arithmetic error. And then cried about it on the internet. :thumb: And then were obnoxiously rude to folks who thought that maybe you should accept the mistake as your own.

On the other hand, if the agreement says nothing of the sort, refocus your guile on the card issuer.



The issue I have with it is that they knowingly let people go over that agreed upon amount because they can generate revenue through fee's. Furthermore, I would be willing to bet that most people who do end up doing this are in no position to pay the card off, and I bet there are new fee's applied for every day that the card remains over. It's malicious and irresponsible on their part. They could very easily not let overages occur. Instead they see it as an opportunity to make more money.


Malicious, no. Opportunistic, yes. Predatory? Perhaps. Hate them if you like.

And then were obnoxiously rude to folks who thought that maybe you should accept the mistake as your own.


What the hell are you talking about?

Malicious, no. Opportunistic, yes. Predatory? Perhaps.

pred⋅a⋅to⋅ry
  /ˈprɛdəˌtɔri, -ˌtoʊri/ Show Spelled Pronunciation [pred-uh-tawr-ee, -tohr-ee] Show IPA
Use predatory in a Sentence
See web results for predatory
See images of predatory
–adjective
1. Zoology. preying upon other organisms for food.
2. of, pertaining to, or characterized by plunder, pillage, robbery, or exploitation: predatory tactics.
3. engaging in or living by these activities: predatory bands of brigands.
4. excessive or exploitive in amount or cost, as out of greed or to take advantage of consumers or patrons: predatory pricing.
5. acting with or possessed by overbearing, rapacious, or selfish motives: He was cornered at the party by a predatory reporter.

ma⋅li⋅cious
  /məˈlɪʃəs/ Show Spelled Pronunciation [muh-lish-uhs] Show IPA
Use malicious in a Sentence
See web results for malicious
See images of malicious
–adjective
1. full of, characterized by, or showing malice; malevolent; spiteful: malicious gossip.
2. Law. vicious, wanton, or mischievous in motivation or purpose.

I'm not sure the two are all that dissimilar. They certainly aren't mutually exclusive.

Oh well. Life goes on.

Actually, that has nothing to do with anything. Even if I had known that they let you go over your balance and then charge you for it, I would have still made the math mistake.

The issue I have with it is that they knowingly let people go over that agreed upon amount because they can generate revenue through fee's. Furthermore, I would be willing to bet that most people who do end up doing this are in no position to pay the card off, and I bet there are new fee's applied for every day that the card remains over. It's malicious and irresponsible on their part. They could very easily not let overages occur. Instead they see it as an opportunity to make more money.

You are paying for them providing you the convenience of them paying for a purchase that was important to you, despite the fact that you can't do math or check your available credit online or by phone before doing so.

These folks are in business not only to make money by providing funds to you that you do not have whenever you want them...and also make money by taking advantage of your own stupidity and mistakes. You agreed to the terms, so why cry foul when you gotta pay the piper?

My best advice...learn how to live within your means and manage your cash flow...then you don't need to keep yourself going from paycheck to paycheck using someone else's money.

Our youngest son just learned this lesson the hard way (and the value of keeping up your checkbook register) after the bank constantly allowed him to make purchases with his debit card even though he was, or would be, overdrawn...to the tune of over a thousand dollars in overdraft fees by the time he quit being mad at us for nagging him about his checkbook and the light bulb went on in his head.

You are paying for them providing you the convenience of them paying for a purchase that was important to you, despite the fact that you can't do math or check your available credit online or by phone before doing so.

These folks are in business not only to make money by providing funds to you that you do not have whenever you want them...and also make money by taking advantage of your own stupidity and mistakes. You agreed to the terms, so why cry foul when you gotta pay the piper?

My best advice...learn how to live within your means and manage your cash flow...then you don't need to keep yourself going from paycheck to paycheck using someone else's money.

Our youngest son just learned this lesson the hard way (and the value of keeping up your checkbook register) after the bank constantly allowed him to make purchases with his debit card even though he was, or would be, overdrawn...to the tune of over a thousand dollars in overdraft fees by the time he quit being mad at us for nagging him about his checkbook and the light bulb went on in his head.


My finances are fine. This is a low interest low limit credit card. The fact that it's maxed how says little of the status of my finances.

I bought a $1000 camera and am selling the old one for near that. I broke a phone and need one for work, i didn't have the cash for that new phone yet and I wasn't going to waste my upgrade on a phone I don't want.

This thread isn't about whether or not I can't add. It's about one of the largest banks in America making money off of morons--likely poor morons.

Business is business, but just because a lawyer can make money by following ambulances doesn't make it right.

To me it's as if they learned nothing of the last 2 years. Why on EARTH would you allow someone to go beyond a max spending limit and then charge them fee's for that? That's irresponsible lending, and it's that type of **** that ****ed the banks in the first place.

I was an irresponsible borrower. That's on me. But I don't see how this practice is good business on their end. It just seems irresponsible.

What the hell are you talking about?

You're kidding, right?

I reccomend that you give these guys (http://www.hulu.com/watch/4258/saturday-night-live-first-citywide-change-bank-1) a look.

My finances are fine. This is a low interest low limit credit card. The fact that it's maxed how says little of the status of my finances.

I bought a $1000 camera and am selling the old one for near that. I broke a phone and need one for work, i didn't have the cash for that new phone yet and I wasn't going to waste my upgrade on a phone I don't want.

This thread isn't about whether or not I can't add. It's about one of the largest banks in America making money off of morons--likely poor morons.

Business is business, but just because a lawyer can make money by following ambulances doesn't make it right.

I never said it was right (or that you had maxed your credit card), just pointing out reality...which is that banks make money off us morans. You agreed to the terms, you used the card to satisfy your need, they charged you for doing so, end of story. They are a bank, not your mommy or daddy and somehow responsible for saving you from yourself.

You're kidding, right?

No. Let me hold your hand here.



I'll pay the $40 because I ****ed up

Thus,

It's not the bank's job to balance your checkbook.

is a moot and stupid response.

That makes perfect sense. They charged me $40 for being $10 over. Standard practice since when? I don't doubt that to be the case but I was always under the assumption that your card would just be declined.

That's how they've been doing it for quite some time now. :rolleyes:


What the hell are you talking about?

You whinging about a $40 credit limit fee after you fail to add up stuff correctly.


My finances are fine. This is a low interest low limit credit card. The fact that it's maxed how says little of the status of my finances.

I bought a $1000 camera and am selling the old one for near that. I broke a phone and need one for work, i didn't have the cash for that new phone yet and I wasn't going to waste my upgrade on a phone I don't want.

This thread isn't about whether or not I can't add. It's about one of the largest banks in America making money off of morons--likely poor morons.

Business is business, but just because a lawyer can make money by following ambulances doesn't make it right.

You're complaining about the bank reaming you while you're trying to sell a used 40D for near a grand? You HAVE to have something good to go with that...but that's neither here nor there.

Chase is one of the largest banks because they make money. Personally, I don't like how they practice business, which is why I don't bank with them. I doubt I ever will, and I will certainly never hold one of their credit cards. You did, you screwed up, so you have to suffer the consequences. It ends up being $40 for a lesson in learning to double check your math.

Honestly, that doesn't sound so bad to me.


To me it's as if they learned nothing of the last 2 years. Why on EARTH would you allow someone to go beyond a max spending limit and then charge them fee's for that? That's irresponsible lending, and it's that type of **** that ****ed the banks in the first place.

I was an irresponsible borrower. That's on me. But I don't see how this practice is good business on their end. It just seems irresponsible.

First paragraph: because you can. And that's not the sort of thing that sank the banks in the first place.

Second paragraph: you were. They are jerks, too. So I guess it goes all around.

Yup...Timmy's back.

If your interested in my 40D package...i'd be glad to send you details...it will cost less than a grand. Lighten up frances.

Some of you seem to be missing the point. This isn't about whether or not I owe this money...

Read the thread old man.

Get serious. I have my own whining to do here. I can't be bothered with yours.

But I sort of know how you must feel as a Cubs fan, considering the Mets' performance this year. Or I will know after another eighty years of this at any rate.

If your interested in my 40D package...i'd be glad to send you details...it will cost less than a grand. Lighten up frances.

You said it would be near a grand. And I've no interest in your camera -- that wasn't the point.

Plus, it looks like you're the one needing the lightening up...and, ferchrissakes, capitalize "Francis."


Some of you seem to be missing the point. This isn't about whether or not I owe this money...

But you made it that way.

No. Let me hold your hand here.



Thus,


is a moot and stupid response.

A swing and a miss.

If you don't know what I was referring to, don't guess, ask.

I'll check back in a year or so to see if you've grown up, but in the meantime, welcome "back".

<click>

But you made it that way.

Nope.

I really only use the credit card to float purchases from paycheck to paycheck.

Do you have a savings account / emergency fund?


It's almost always zeroed out at the end of the month.

Almost?....


A few days ago I bought a new camera which is primarily going to be paid for by the sale of my other camera. Went on the CC.

Why didn't you wait until the old one was sold before buying the new one?


Two days ago, I bought a new phone as my old one broke. This was an unexpected expense that I hadn't planned on making until next month, but i couldn't be without a phone. On the CC.

Again, savings or emergency fund?


So, instead of Chase denying the purchase, they let it run through. Then they charge me $40 for going over my limit. What happened to denying credit cards? Am I missing something?

I'll pay the $40 because I ****ed up, but seriously...wtf man?

I'm sure everyone here knows that banks are NOT non-profit.

BTW...Nikon>Canon :p

Almost?....

Yeah. Almost. I've been working for less than a year out of college.



Why didn't you wait until the old one was sold before buying the new one?

Because that would prevent me from making money. The camera is a tool, it is not a toy.



Again, savings or emergency fund?


Yes. Though it is small at this point.



I'm sure everyone here knows that banks are NOT non-profit.


Again, a lawyer can chase an ambulance, but that doesn't make it a good practice. I don't understand the logic behind charging an extra fee for someone who apparently has no money in the first place.

Hypothetical: Lets say I was an out of work father of four. I go over my max at the grocery store. Food is more important than a credit card statement. Chase charges me $40, and continues to charge me. Now that balance is going up, and up, and up.

What do you think the chances of that father saying F it and never paying that credit card off? Wouldn't you say it's more than had they just declined the charge in the first place?

Obviously they are making money, I just can't believe they allow you to spend money that isn't there. I'm sure they do this with a debit card too, which is even more asinine. A bounced check is one thing, because whomever received that check had no way of knowing if the money was there. But we are in an age where a credit/debit card can prevent this in the first place. I'm not suggesting that the responsibility of the consumer doesn't exist, I should have known that the camera purchase and the phone purchase was more than the max on that credit card. And I'm going to pay the fee (I already did, plus an additional $100 just to be safe).

Banks have apparently gotten to the point where they want you to **** up. That's the issue I have. It's like a cop wanting people to speed through speed traps.

Again, a lawyer can chase an ambulance, but that doesn't make it a good practice. I don't understand the logic behind charging an extra fee for someone who apparently has no money in the first place.

Hypothetical: Lets say I was an out of work father of four. I go over my max at the grocery store. Food is more important than a credit card statement. Chase charges me $40, and continues to charge me. Now that balance is going up, and up, and up.

What do you think the chances of that father saying F it and never paying that credit card off? Wouldn't you say it's more than had they just declined the charge in the first place?

Obviously they are making money, I just can't believe they allow you to spend money that isn't there. I'm sure they do this with a debit card too, which is even more asinine. A bounced check is one thing, because whomever received that check had no way of knowing if the money was there. But we are in an age where a credit/debit card can prevent this in the first place. I'm not suggesting that the responsibility of the consumer doesn't exist, I should have known that the camera purchase and the phone purchase was more than the max on that credit card. And I'm going to pay the fee (I already did, plus an additional $100 just to be safe).

Banks have apparently gotten to the point where they want you to **** up. That's the issue I have. It's like a cop wanting people to speed through speed traps.

Again, YOU agreed to these terms. They didn't twist your arm and make you take their credit card.
Agreeing to terms you think are stoopid is kinda...well...stoopid, dontcha think?
Or do you wish to use the "I don't read that stuff" defense?

Again, YOU agreed to these terms. They didn't twist your arm and make you take their credit card.
Agreeing to terms you think are stoopid is kinda...well...stoopid, dontcha think?
Or do you wish to use the "I don't read that stuff" defense?

I agreed to the terms when I was 18. So, yeah...I didn't read that stuff then. And that's a whole other issue. EULA's and contractual terms are written in a way that makes the majority of people avoid reading them. It seems the courts sort of agree (http://news.cnet.com/8301-13578_3-10313304-38.html).

Again though, that isn't really the point. I agreed to these terms, I paid the fee, I still think it's a bad business practice. Unfortunately, from what I'm being told, it's also common.

If I give you 40 bucks, can this thread die? jeebus.

If I give you 40 bucks, can this thread die? jeebus.

Certainly.

I agreed to the terms when I was 18. So, yeah...I didn't read that stuff then. And that's a whole other issue. EULA's and contractual terms are written in a way that makes the majority of people avoid reading them. It seems the courts sort of agree (http://news.cnet.com/8301-13578_3-10313304-38.html).

Again though, that isn't really the point. I agreed to these terms, I paid the fee, I still think it's a bad business practice. Unfortunately, from what I'm being told, it's also common.

Bad from a consumer perspective, good from a corporate scum profit perspective...and yes pretty common.

I don't care what the courts say or how old one is...if you wanna be an adult and do adult things like enter into contracts, take the time to read and understand what you are agreeing to...even if you gotta enlist someone else to explain it all to you. Just because I was not rocket scientist at 18 either doesn't mean I can't hope for better from those that follow and can learn from my mistakes...if they would only listen. (speaking more of my kids than of you, of course ;))

If I give you 40 bucks, can this thread die? jeebus.


Certainly.

Read your terms and conditions, Timmy...we mods will charge you a 10% premature thread termination fee. :D BAD JSHARR!

All I know is that it's Friday and I now have 40 less beer drinking dollars for the weekend.

BTW...Nikon>Canon :p

That's the sole thing Timmy and I agree on...Canon>Nikon.

It's in the sensors...

That's the sole thing Timmy and I agree on...Canon>Nikon.

It's in the sensors...

Sabre, I can't recount a single thing about you at this time.

Chase is teh suck.

Sabre, I can't recount a single thing about you at this time.

Not surprising, considering you can't even remember that you agreed to $40 over limit charges.

Not surprising, considering you can't even remember that you agreed to $40 over limit charges.

The two don't correlate. One, the bank fee, has a direct impact on my life. The other is as insignificant as an ant in my back yard.

im just here for another timmy ****storm. :)

in all seriousness i don't see what the problem is. They are lending you an agreed upon amount of money. If you go over, they charge you a fee to punish you. They are not going to go out of their way to help you out more than they do already by lending you money.

Every reason for this outcome was on you. How can you flat out blame chase for your stupidity and their goal of making money?